How to Set Up a Family Budget on Quicken

Setting up a family budget in Quicken gives you a place to establish financial goals and track spending. Quicken was designed to assist in forming a family budget quickly and easily. It presents a variety of categories to choose from that can be used to follow all monetary transactions. It will take you additional time, however, to generate your initial family budget. You will have to input amounts for each and every one of your expenditures and earnings. Once it's set up, a family budget can be customized when needed.

Difficulty: Moderate

Instructions

1. Open Quicken. Locate "Budget" under "Planning" on the menu bar. The "Setup" tab should be shown. If not, click on "Manual" to enter your own figures. Click the "Create budget..." button to move on to your "Income" tab.

2. Decide on categories to use for your family earnings. When asked, name your family budget whatever you choose. You can also use the "My Budget" default name. Click "OK." Click "Choose categories." This shows a complete listing of your specific income categories. Either choose "Mark all" to use all categories or single out any particular ones applicable to your family budget. Pick all of the necessary categories by highlighting each. Click on "OK" to place these categories into your income.

3. Insert the earnings particulars for your family budget. Single out one listed income category. Decide how you wish to compute your budget. The choices include precise numbers for monthly or quarterly earnings or average sums. Provide the "Amount" figures in the field. Click "Apply" to add it your family income tab. Duplicate this process for every category or account shown in the "Income" tab. Approximate these figures, if you do not have exact amounts. You can make changes to them at any time in the future.

4. Provide other particulars and check your family budget. Repeat this course of action for the tabs marked "Expense" and "Savings." Verify the completed family budget by clicking the "Summary" tab. A summary of your family finances is shown. Use the Quicken links and help options provided to gain additional knowledge on creating family budgets.

Tips & Warnings

• Quicken will use previously input amounts and categories to assist in formulating a family budget. Click on "Automatic" instead of "Manual" to use this feature. Any information you add can be changed or deleted if it is not needed. Quicken will find average figures for your family budget if you have already supplied the required information. Click on your selected method (monthly, quarterly or average). Click "Analyze" to view the average sum you have actually spent.

Resources

• Quicken Budget Software