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Old 07-24-2003, 07:21 PM
Dick Watson
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Default Re: Credit Cards, bills, and Budgets

DRP assumes that once it's paid down you won't keep "running up debt." DRP,
as noted previously, does not deal well with the case of us non-interest
payers who use the cards for convenience and just want DRP to set the
payments in the future to values that make the cash flow work out. All of
this is why I recommended abandoning DRP and setting the scheduled transfer
to some amount you predict.

"Chris Martin" <cmartin[at]bitwise.com> wrote in message
news:00d201c35216$c7334510$a601280a[at]phx.gbl...
- quote -

> I looked at all the cash flow settings and I looked at
> just that account. I understand why it has a steady
> decrease in amount due to the recurring bills. What I
> don't understand is why it's not forcastig the bill
> payment each month. I have the credit card set up to pay
> in bills and payments section through debt reduction
> planner. So I currently have a scheduled bill to be paid
> from my checking account to my credit card for $2000 due
> 8/15/2002. That payment doesn't show up in the cash flow
> forcast. What I would like cash flow forcast to due is to
> forcast what my credit card payments should be each month
> assuming I pay them off every month. So the forcast
> should look more like an upside-down mountain range with
> peaks and valleys.


  #-1  
Old 07-23-2003, 11:06 PM
Dick Watson
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Posts: n/a
Default Re: Credit Cards, bills, and Budgets

What you describe sounds exactly like a bill setup to be managed by the DRP.
Why, again, isn't this working for you?

You need both accounts (the one you pay the credit card bill from and the
credit card bill) to be designated as in the budget in their account
details. Then the DRP planned transfer should be a no-op to the budget.

I've found that trying to get DRP to do this is imprecise since, for
instance, it want to pay today's balance not the balance from two weeks ago
when the statement was printed. It also insists on throwing on an interest
estimate even if you aren't going to pay any. I just set the bill amount to
the last twelve month's average +/- my guesstimate of what's changed since
then. If you aren't trying to minimize total interest paid on a bunch of
accounts carrying a balance, DRP is a pretty crude tool. M04 changed so
little that I doubt it would work any better for you in this regard.

"Chris Martin" <cmartin97[at]hotmail.com> wrote in message
news:01d501c3515d$f6d52cc0$a501280a[at]phx.gbl...
- quote -

> Money 2003 Deluxe
> I have set up an account for each credit card I have. I
> track all the individual expenses in those accounts then
> when I make a payment, I transfer money from my checking
> account to my credit card.
> I also pay off each credit card every month so there is no
> revolving balance.
> Here is what I would like to happen:
> I would like there to be an entry in the bills and
> deposits section corresponding to each credit cards
> current balance and due date. I would like this balance
> to be "linked" with the current balance in the credit card
> account. I do not want the bill notification to show up
> in my budget as it is already accounted for in the
> individual categories for the charges on the credit card.
> I have tried numerous attempts to set this up using the
> debt reduction planner. I can't seem to get it to work
> correctly without effecting the budget and have up-to-date
> balance information.
> Also would this be sometthing that would be easier to do
> in Money 2004?


 

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bills, budgets, cards, credit
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