Saturday, August 21, 2010

What is the best method for organizing financial data?

I'm looking for a good way to organize and keep up to date a list of bank accounts, etc, in case something ever happened to me and my wife (who doesn't do a lot of the finances) would know how to handle things.





Does anyone have any ideas (other than a piece of paper and pen) on the best way to SAFELY keep that data all in one place?What is the best method for organizing financial data?
I suggest you include your wife on this discussion. If she's computer savvy, then using something like Quicken or Microsoft Money could be helpful. Just make sure that you back up your data frequently, and always keep a fresh backup outside your home (like in your shared lockbox or online, where your wife knows how to access it) in case something happens to your computer or home.





If your wife isn't into computers, then try a notebook or expandable file, that would include a list of account numbers and contact information, plus things like copies of your insurance policies, will, etc.What is the best method for organizing financial data?
Buy QUICKEN 2007. Just get the ';basic'; program. Cheap and it'll do what you want until you wish to become more sophisticated in your personal financial control. Then, you purchase the newest edition of Quicken and away you go! Very easy to use.
Quicken, Quickbooks, or Microsoft Money are all good choices.





**Also, as the person below stated, using Excel is an excellent choice. You can obtain free budget/finance template from Microsoft Office Online too!
If you want a cheap and easy to use program then yes I'll agree with the above answer of quicken. However, if you are better than average with Microsoft excel (or another spreadsheet of your choice) I would suggest using it to create your own budgets, income statements and other financial statements. Most people already have some sort of spreadsheet with their computer so it's likely you wouldn't have to purchase anything, plus you get the chance to setup/design it yourself so it should be easy for you to use, get you the information you need and easy to understand.

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