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Step 1.
Internet and Passport
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On the sign-in pages, you are asked about your Internet connection. While you donÆt have to be connected to the Internet to use Money successfully, you can automate and simplify much of your financial management if you do. You can also create a Money sign-in name and password, which will help keep your file secure. If you have a Microsoft Passport account, you can use that as your Money sign-in name, which helps when you use MSN Money on the Web as well.
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Step 2. Personal Information
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On this page, you enter your name (and your spouse or partnerÆs name if appropriate) and the currency you use. This helps personalize your Money file.
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Step 3. Priorities
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On the Priorities page, you can identify the main objectives you want to achieve with Money. When you select your priorities, Money can help you work on your financial goals by giving you relevant to-do lists reminders, and guidance. Priorities are arranged in categories for accounts and bills, investing, planning, and taxes.
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Step 4. Accounts
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Here you tell Money about your bank and brokerage accounts. Enter details of the financial institution, account name, and the starting balance. This is where itÆs helpful to have your statements handy, although you can enter estimates and change the amounts later if necessary. You can set up checking, savings, credit card, retirement, investment, and money market accounts here. You can set up other types of accounts in Money as well, but these are the types that will get you started effectively. You can always add more later.
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Step 5.
Online
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Set up the accounts at your financial institutions for online financial services. Once they are set up, you can download account transactions and statements, check balances, and pay bills online. If you donÆt already have logon information for working online with your bank or broker, Money will walk you through the steps to obtain it.
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Step 6.
Bills and Paycheck
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Tell Money about your paycheck. Indicate who pays you, how much, and when (see Figure 1-6). If you donÆt get a regular paycheck or your paycheck amounts vary, enter an estimate. Then select the regular bills you pay, who you pay them to, how much, and when. You can enter estimates here as well. Money will remind you when your bills are coming due. Tracking your paycheck and regular bills in Money will help you forecast cash flow and plan your budget.
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