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Question by gabrielbowers: What is the best financial tracking software to use to get out of debt?
I have been using MS Money on and off for the past two years. I’ve found it difficult and doesn’t help as much to track debt and debt payments. It looks like it would work well for tracking investments.
Has anyone else used other software such as Quicken when their net worth is in the negative?
Best answer:
Answer by Doug M
To get out of debt, all you need is a spreadsheet. Heck, you just need a piece of paper and a pencil.
Track your expenses for each month — your fixed expenses like rent/mortgage, insurance, and fixed bills, your variable expenses like utilities (gas and electric), food, gasoline, etc., your discretionary expenses (dinner at restaurants, movies and other entertainment, Starbucks coffee — anything above and beyond what’s needed to live life), and your emergency expenses (things you didn’t see coming, like a flat tire or a broken window).
Understand your expenses. Understand your take-home income. Then make sure that the first thing is 90% of the second thing, and the debt will dissolve.
Short of that, no software can help you get out of debt. It’s the change to your lifestyle that’s required.
Good luck,
Doug
Know better? Leave your own answer in the comments!
