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Old 11-22-2004, 07:29 PM
Laurent
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Posts: n/a
Default Re: Budget, Credit Card Payments and Debt Reduction Planner

Thanks Dick! It sounds exactly like it's going to do it.
I will try that tonight.

Thanks again,

Laurent.

"Dick Watson" wrote:

- quote -

> I just thought of another choice of workaround that might get the effect you
> are looking for:
> - Schedule bill series(es) with specific occurrence(s) edited as required to
> match your homemade DRP. Set the category for these expenses to something
> like "Bills:My Homemade DRP"
> - When you make the payments, skip these and use the Transfer (or Credit
> Card Payment, if you prefer) instead.
> - Take these accounts out of the DRP to avoid any overlap.
> - Don't try to budget the interest expense for these accounts--the above
> step will keep DRP from trying to. That expense must be implicitly included
> in the homemade DRP values. If you want to see this, split the scheduled
> entries into both components.
> Beware that BP probably doesn't do entirely sane things with variant
> scheduled entries. I haven't tested this, but since BP doesn't even work
> begin and end dates for scheduled entries, it seems hard to imagine that it
> would work edited specific occurrences.
> "Laurent" <Laurent[at]discussions.microsoft.com> wrote in message
> news:4AAB5E54-2E5A-4B1C-83C0-D9629306D0AE[at]microsoft.com...
> > Looks like I can't find a solution to my problem.
> > I'm using Money 2005.
> > > I have three credit cards whose balances I want to pay off *independently*

> > on a certain schedule (that I have determined). I am not purchasing
> > anything
> > with those cards (I have got them to buy a few expensive items with a 0%
> > interest over 1 or 2 years depending on the card).
> > So far so good.
> > > The payments for those cards, I have scheduled them in "Bills and

> > Deposits"
> > Still fine.
> > > In Money, each of these payments has for category "Credit Card Payment :

> > -credit card-
> > Perfect.
> > > Now, I want those payments to appear in the budget (if possible under the

> > category "debt").
> > But this doesn't work because the budget planner doesn't pick up the
> > "credit
> > card payments".
> > > OK, I do understand that originally, a budget is not supposed to track the

> > credit card payments, only the charges that you put on your cards. This
> > makes
> > sense.
> > But this is not how I want to track things.
> > > I don't want to know that I have used this credit card to buy a $1000 TV

> > in
> > August and a $500 fridge in September, especially if I have started using
> > Money in November. All I am left with now are balances I want to pay off.
> > And
> > I want the payments to appear in the budget because those payments are
> > really
> > expenses that I will make each month.
> > > I have tried to use the debt reduction planner, but it doesn't work well

> > enough:
> > It can't work separately on cards. It deals with all at once. You can't
> > force it to pay that amount on a credit card for 1 year, and this other
> > amount for another credit card for 2 years.
> > Of course, if you are able to plan this, why do you need a debt planner?
> > Well, the interest of the debt planner was that it would add a line "debt
> > reduction" in the budget.
> > However, this is not fine tuned enough to solve my problem.
> > > Does anybody have an idea about what I should do?

  #1  
Old 11-22-2004, 01:11 PM
Dick Watson
Guest
 
Posts: n/a
Default Re: Budget, Credit Card Payments and Debt Reduction Planner

I just thought of another choice of workaround that might get the effect you
are looking for:

- Schedule bill series(es) with specific occurrence(s) edited as required to
match your homemade DRP. Set the category for these expenses to something
like "Bills:My Homemade DRP"
- When you make the payments, skip these and use the Transfer (or Credit
Card Payment, if you prefer) instead.
- Take these accounts out of the DRP to avoid any overlap.
- Don't try to budget the interest expense for these accounts--the above
step will keep DRP from trying to. That expense must be implicitly included
in the homemade DRP values. If you want to see this, split the scheduled
entries into both components.

Beware that BP probably doesn't do entirely sane things with variant
scheduled entries. I haven't tested this, but since BP doesn't even work
begin and end dates for scheduled entries, it seems hard to imagine that it
would work edited specific occurrences.

"Laurent" <Laurent[at]discussions.microsoft.com> wrote in message
news:4AAB5E54-2E5A-4B1C-83C0-D9629306D0AE[at]microsoft.com...
- quote -

> Looks like I can't find a solution to my problem.
> I'm using Money 2005.
> I have three credit cards whose balances I want to pay off *independently*
> on a certain schedule (that I have determined). I am not purchasing
> anything
> with those cards (I have got them to buy a few expensive items with a 0%
> interest over 1 or 2 years depending on the card).
> So far so good.
> The payments for those cards, I have scheduled them in "Bills and
> Deposits"
> Still fine.
> In Money, each of these payments has for category "Credit Card Payment :
> -credit card-
> Perfect.
> Now, I want those payments to appear in the budget (if possible under the
> category "debt").
> But this doesn't work because the budget planner doesn't pick up the
> "credit
> card payments".
> OK, I do understand that originally, a budget is not supposed to track the
> credit card payments, only the charges that you put on your cards. This
> makes
> sense.
> But this is not how I want to track things.
> I don't want to know that I have used this credit card to buy a $1000 TV
> in
> August and a $500 fridge in September, especially if I have started using
> Money in November. All I am left with now are balances I want to pay off.
> And
> I want the payments to appear in the budget because those payments are
> really
> expenses that I will make each month.
> I have tried to use the debt reduction planner, but it doesn't work well
> enough:
> It can't work separately on cards. It deals with all at once. You can't
> force it to pay that amount on a credit card for 1 year, and this other
> amount for another credit card for 2 years.
> Of course, if you are able to plan this, why do you need a debt planner?
> Well, the interest of the debt planner was that it would add a line "debt
> reduction" in the budget.
> However, this is not fine tuned enough to solve my problem.
> Does anybody have an idea about what I should do?



 
Old 11-22-2004, 12:22 PM
Dick Watson
Guest
 
Posts: n/a
Default Re: Budget, Credit Card Payments and Debt Reduction Planner

Your only choice if you don't want to use the product as designed it to:
- convert the Transfer (Credit Card Payments, if you will) to some expense
category like Bills:Legacy Credit Card or similar
- skip having these cards as Money Accounts or pay them off with just some
Income category that isn't in the budget or leave the payments in the credit
card register unassigned.

I suppose you could also convert the credit card balances to some kind of
Loan Account if you want it to show up in the debt section in BP.

Budget Planner is designed to help you live within your means going forward,
not find the cash to cover legacy obligations.

"Laurent" <Laurent[at]discussions.microsoft.com> wrote in message
news:4AAB5E54-2E5A-4B1C-83C0-D9629306D0AE[at]microsoft.com...
- quote -

> Hi,
> Looks like I can't find a solution to my problem.
> I'm using Money 2005.
> I have three credit cards whose balances I want to pay off *independently*
> on a certain schedule (that I have determined). I am not purchasing
> anything
> with those cards (I have got them to buy a few expensive items with a 0%
> interest over 1 or 2 years depending on the card).
> So far so good.
> The payments for those cards, I have scheduled them in "Bills and
> Deposits"
> Still fine.
> In Money, each of these payments has for category "Credit Card Payment :
> -credit card-
> Perfect.
> Now, I want those payments to appear in the budget (if possible under the
> category "debt").
> But this doesn't work because the budget planner doesn't pick up the
> "credit
> card payments".
> OK, I do understand that originally, a budget is not supposed to track the
> credit card payments, only the charges that you put on your cards. This
> makes
> sense.
> But this is not how I want to track things.
> I don't want to know that I have used this credit card to buy a $1000 TV
> in
> August and a $500 fridge in September, especially if I have started using
> Money in November. All I am left with now are balances I want to pay off.
> And
> I want the payments to appear in the budget because those payments are
> really
> expenses that I will make each month.
> I have tried to use the debt reduction planner, but it doesn't work well
> enough:
> It can't work separately on cards. It deals with all at once. You can't
> force it to pay that amount on a credit card for 1 year, and this other
> amount for another credit card for 2 years.
> Of course, if you are able to plan this, why do you need a debt planner?
> Well, the interest of the debt planner was that it would add a line "debt
> reduction" in the budget.
> However, this is not fine tuned enough to solve my problem.
> Does anybody have an idea about what I should do?
> Thanks,
> Laurent.



  #-1  
Old 11-22-2004, 05:29 AM
Laurent
Guest
 
Posts: n/a
Default Budget, Credit Card Payments and Debt Reduction Planner

Hi,

Looks like I can't find a solution to my problem.
I'm using Money 2005.

I have three credit cards whose balances I want to pay off *independently*
on a certain schedule (that I have determined). I am not purchasing anything
with those cards (I have got them to buy a few expensive items with a 0%
interest over 1 or 2 years depending on the card).
So far so good.

The payments for those cards, I have scheduled them in "Bills and Deposits"
Still fine.

In Money, each of these payments has for category "Credit Card Payment :
-credit card-
Perfect.

Now, I want those payments to appear in the budget (if possible under the
category "debt").
But this doesn't work because the budget planner doesn't pick up the "credit
card payments".

OK, I do understand that originally, a budget is not supposed to track the
credit card payments, only the charges that you put on your cards. This makes
sense.
But this is not how I want to track things.

I don't want to know that I have used this credit card to buy a $1000 TV in
August and a $500 fridge in September, especially if I have started using
Money in November. All I am left with now are balances I want to pay off. And
I want the payments to appear in the budget because those payments are really
expenses that I will make each month.

I have tried to use the debt reduction planner, but it doesn't work well
enough:
It can't work separately on cards. It deals with all at once. You can't
force it to pay that amount on a credit card for 1 year, and this other
amount for another credit card for 2 years.
Of course, if you are able to plan this, why do you need a debt planner?
Well, the interest of the debt planner was that it would add a line "debt
reduction" in the budget.
However, this is not fine tuned enough to solve my problem.

Does anybody have an idea about what I should do?

Thanks,

Laurent.
 

Tags
budget, card, credit, debt, payments, planner, reduction
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