You might want to consider a couple of paraphrased points that Kevin has made (my words): • MoneyWell is not quicken • MoneyWell is designed to control spending • You need to forget a large portion of the quicken method • if you realy realy want to do things the quicken way you may not want to use moneywell.
I struggled with the same things you are. I simply decided that I needed to quit worrying about them and opted to look at it Kevin's way. As an alternative consider looking at your loan like a CC account. Make an "interest" charge against the loan and reconcile it. A little more work, but I think it will get what you want. If you really want to stick to the quicken methods consider iBank. It was the alternative I was looking at, but the buckets idea gives me a lot of hope for finally sticking to a real budget (look at my "epiphany" thread, it might help). Jaysen On Dec 21, 8:01 pm, "mhadja...@gmail.com" <mhadja...@gmail.com> wrote: > Maybe i'm missing something, but my interest goes down each payment as > I'm paying more towards principle. It also changes depending on how > many days sooner my payment clears. The reason for tracking is to see > how much money is leaving my checking account each month, as well as > the remaining principle left to pay my auto loan. > > When I receive my statement, it tells me the prior months interest > payment, which I tack on to the remaining auto loan balance. So the > actual amount owed for my vehicle isn't exact, but its within 100 > bucks typically. > > I'm trying to learn this program and use it to my advantage, but I > feel like i'm struggling more to figure this out and having to hold > back from a lot of the 2.0 features. > > On Dec 20, 11:54 pm, Kevin Hoctor <ke...@nothirst.com> wrote: > > > On Dec 19, 2008, at 7:27 PM, mhadja...@gmail.com wrote: > > > > What if you do not know your total amount left (with interest). I also > > > do principle reductions. That was the reason why I wanted to split up > > > both principle payments and interest payments. > > > Mark, > > > You should be able to get a current balance for your loan from either > > the latest statement or the bank's website. > > > > By having the principle starting balance, then adding interest each > > > month, as well as subtracting the monthly payments, that'll show that > > > i'm paying the loan down. If I don't create an 'Interest' bucket, i'm > > > not sure how that will affect my cash flow reporting. Are the buckets > > > needed for reporting? > > > They are needed for reporting but the interest isn't something you can > > pay less or more of so it doesn't directly affect your cash flow. If > > you want to break up your payment into principal and interest with a > > split, that will work. It just may be unnecessary since the bank > > reports total interest paid on loans. > > > Peace, > > > Kevin Hoctor > > ke...@nothirst.com > > No Thirst Software LLChttp://nothirst.comhttp://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 no-thirst-software+unsubscr...@googlegroups.com For more options, visit this group at http://groups.google.com/group/no-thirst-software?hl=en -~----------~----~----~----~------~----~------~--~---
