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Adding spending accounts, such as checking, credit card, savings, and cash accounts, is crucial for gaining financial clarity, effective budgeting, accurate expense tracking, and planning for both short-term and long-term financial goals. It provides a comprehensive understanding of your finances, empowers you to make informed decisions, and ultimately helps you achieve your financial goals.
Which spending accounts should I add?
| Quicken account | Real-world account |
|---|---|
Checking(Tell me how) | CheckingStart Begin with your primary checking account. This is the account where you deposit your paycheck and pay your bills from. |
Credit Card(Tell me how) | Credit cardStart with the card you use most often, and decide how you want to track your credit card in Quicken.Line of creditUse a credit card account to track a line of credit that isn't a home equity line of credit. (Use a Home Equity Line (HELOC) account instead.) |
Savings(Tell me how) | SavingsAdd your savings accounts, especially if they represent a significant part of your net worth or emergency reserves. You can also use this account type to track any CDs (certificates of deposit) or money market accounts that you hold. |
Cash(Tell me how) | Cash expenditures or petty cashIf you want to know where absolutely all your money goes, or if you need to track petty cash for your business, add a Quicken cash account. (If you do, you can save time by tracking cash expenses only to the nearest dollar.) |
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