How to Create a Budget in Microsoft Money

Microsoft Money is one of the best financial programs for budget planning and execution. Easier to use than other programs, it also includes some unique features that can't be found anywhere else. The budget tool in Microsoft Money comes with a series of default categories that make it an optimal choice for a beginner.

Instructions

Difficulty: Moderately Easy

Things You’ll Need:

• Microsoft Money

Create a Budget in Microsoft Money

1. Get familiar with Microsoft Money before you attempt to create a budget. The software has many small subdivisions that can be quite complicated to handle if you don't know how to use them. Most of the sections come with their own help features.
2. Choose the "Microsoft Money Essential Budget" if you want a basic form. With the essential option, you can create a budget that covers basic-cost categories, such as mortgage or rent, utilities, taxes and household expenses. You can also track gross and net income, although you are somewhat limited in how to divide the categories.
3. Choose the "Microsoft Money Advanced Budget" option if you know Microsoft Money and can handle the complexities of an advanced system. The advanced option will help you add infrequent expenses and track down your money in detail.
4. Choose the "Savings and Spending Budget" option if you are working with a 2007 or later version and want to save for a specific goal. This allows you to track how close you are getting to your goal. It also gives suggestions on how to improve your chances of reaching your goal in a timely manner.
5. Open a new file by going to the "Planner" menu and selecting the "Budget" option. Once you click on it, you will be guided through a series of steps to decide which type of budget is the right one for you.
6. Select the type of budget you would like to set up and follow the on-screen directions to enter your information. At this point, you can also choose to have charts created to help you visualize your budget.

Tips & Warnings

• If you have trouble understanding how to create a budget in Microsoft Money, the software offers you a chance to watch an instructional video showing how to do it. You will see the video option when you go into the "Planner" menu.
• Pay special attention when entering occasional expenses into your budget. They need to be categorized properly, so that they don't automatically show up in the following month.

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