On Oct 26, 2008, at 3:53 PM, mjcloud wrote: > I am testing out Moneywell and love the bucket approach -- been > looking for something like that for a while. I find that financial > software tend to either do a good job of tracking one's finances > (backward looking) or planning (forward looking) one's finances. Of > course, it would be nice if one did both. > > I am playing around with loan payments from my checking account to the > loan account I created. The problem is that the entire payment is > applied to the balance - without accounting for interest. My monthly > loan payment is drafted automatically so I don't know how much -- or > how to go about -- distinguishing between principle applied to the > balance and the loan payment made (principle and interest). > > I have used MS Money for several years (does a good job of tracking, > horrible job of helping plan). It auto-figures for monthly interest > based on loan term entered when you create your loan account. > > Trying to make Moneywell work for me.
Mark summarized the MoneyWell philosophy well so I won't repeat the "less is more" advice. Instead I'll let you know that the 2.x releases of MoneyWell will incorporate more tracking of loan and credit card debt (borrowing a bit from our other product, Debt Quencher). The goal with MoneyWell is to help you manage your cash flow so that's why we don't push tracking all the details of interest or tax on entries but it is important to optimize your cash flow and one way to do that is to pay down debt early. In your case above, if you are just paying your normal loan payments, tracking your interest won't help you much but if you were paying down a credit card, knowing how much money you could save in interest by paying a bit more each month would be helpful. Peace, Kevin Hoctor [EMAIL PROTECTED] No Thirst Software LLC http://nothirst.com http://kevinhoctor.blogspot.com --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "No Thirst Software User Forum" group. To post to this group, send email to no-thirst-software@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/no-thirst-software?hl=en -~----------~----~----~----~------~----~------~--~---
