Use Microsoft Money? Now What?

Microsoft just announced that they will discontinue their popular Microsoft Money software application for PCs on June 30, 2009.  While the announcement is not a complete surprise, it does leave some in quandary of what to do since they are already users of the financial software.

Export and Import data.  You can use Intuit’s Quicken Data converter will take your Money data and bring it into Quicken.  If you are using Money, you will be surprised at how quickly you will pick up on Quicken.  Many features are the same and the interface in Quicken is easy to get around in and become comfortable with.

Start over.  Set up a cut-off date and stop using Microsoft Money and begin using a new product.  Keep the overlap at about a month, though until you are sure everything is working fine in your new software.  Then, keep Money around only for reference purposes (remember your taxes next spring will require you to access your Money program to bring out taxable data in order to place into your taxes.

Look at online applications.  One option for keeping your finances is to choose an online program.  Quicken is now offered as an online application and there are others, too.  Just keep in mind that you will want to create a password that is very, very hard to crack so that you are not subjected to someone getting into your account and really messing things up financially for you.  There are many online applications out there.  Check them out and find one that fits you and your circumstances. Read reviews on the top ones to help you make the right choice.

Keep using it.  You can still use Microsoft Money. Just because it is being discontinued does not mean that it will cease to work properly.  But, keep in mind that program enhancements and fixes will no longer be forthcoming.  At some point, you will want to get off of Money and onto something else.

It is not often that we see Microsoft exiting a market that they have had a presence in for so long, but Money has always been second to Quicken and probably its fate had been determined a long time ago simply because it could not overtake its rival.  Gone will be that rival that forced the makers of Quicken to stay on their toes and keep their own software functionality performing at a high level.  On the other hand, both applications had become bloated with too many features that most users find useless.  Maybe now Quicken will stop that and focus on the things that people really need and want.

Whatever twists and turns come up in the future for personal finance software, there will always be a method available for you to keep your checkbook online.