I use Microsoft Money to track our personal finances — everything from income and spending to tracking our portfolios. Money has its quirks but I’ve been using it for years and it gets the job done. Unfortunately, facing competition from free online money management tools such as Wesabe and Mint, Microsoft has decided to shutter the Money product line. While a current copy of Money Plus can be used indefinitely, online updates will expire two years after initial activation or Jan. 31, 2011, whichever is earlier.

Microsoft Money’s online updates allows users to (1) download transaction data from credit cards, bank accounts and brokerage accounts and (2) download stock prices, currency exchange rates. I don’t use (1) but will miss (2) when the online updates of my current copy expires. Fortunately, I own just around 10 securities and updating security prices manually once every month or so would be tedious but not too onerous. Currency rates can also be manually updated in Microsoft Money.

To update stock prices manually, go to Money’s Portfolio Manager. Click on “Update prices” under “Common tasks” on the left and select “Update prices manually…”. Just pick a stock and update its price in the following window.

Updating stock price manually in Microsoft Money

I had to dig around to find a way to update currency rates. Click on Tools->Program Settings->Update Currencies and update the exchange rate in this window.

Updating stock price manually in Microsoft Money

This article has 23 comments

  1. Hi, are you saying that the quote/rate updates will no longer work once product support is dropped? My guess is that the lookup calls are generic enough that they will continue to operate just fine. I am still using M$ Money 2000 and use automatic updates for stocks, mutual funds & exchange rates at the end of every business day. I have never bothered with the bank downloads either as I prefer to track them as they occur. Cheers!

  2. Mint looks quite interesting, but I understand that it doesn’t currently work with Canadian financial institutions. I’ve heard they’re planning a roll out in Canada in either late 2009 or early 2010.

  3. Updates will stop functioning. I have Money 2003, and the updates have not worked in several years. I manually update stock prices once a week, which is a bit of a pain, but only takes me about 5-10 minutes. I have tried to find a suitable replacement product, but none of the free ones do everything I was looking for. I haven’t tried Quicken yet, but I’ve come to the realization that my current system works fine, and unless something amazing comes out, I see no reason to undergo the hassle of changing over to a new product.

  4. @Beach Bum: Yes, updates will stop working. I had to pony up for the latest Money Plus simply for the updates.

    @Sean: I’m very paranoid about putting my personal information online. I don’t even use web-based tax software for this reason. It would be interesting to see Mint launch in Canada.

    @Xenko: I tried to migrate existing data to GnuCash but it simply isn’t worth the trouble. If Money gets so bad that it is unusable, I will simply start fresh with some other software.

    While Googling this morning, I found a home brew hack to automatically update stock prices:

    http://thefinancebuff.com/2009/09/security-quote-script-for-microsoft-money.html

    If you try it out let me know how it works out.

  5. Many thanks CC for this update on MS Money.
    I returned Quicken because it wouldn’t show the increased value of GICs monthly. I would have loved that feature during the meltdown last Fall.!

  6. I presently use MS Money.

  7. Mint is where it’s at…but like already stated, not available in Canada. They have been promising for 2 years that it’s coming, so i’m not holding my breath. I would move to it in a heartbeat…auto-syncing all accounts, detailed reports, NICE INTERFACE (hear that banking sites!).

  8. Pingback: A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com

  9. Pingback: Canadian Personal Finance Blog » Blog Archive » Random Thoughts: Remembering 9/11

  10. Pingback: Weekly Review | Financial Highway

  11. Pingback: First Home, Budget Spreadsheets, Gold and More | Million Dollar Journey

  12. Pingback: First Home, Budget Spreadsheets, Gold and More | Financial Freedom

  13. Pingback: Top 5 | Realizing Retirement

  14. Re: Beach bum – by not updating past 2000, you’ve probably won yourself a loophole. Both MS Money and Quicken realised at one point that by setting up online updates to expire after a few years, they will increase sales of their newer product line. Good for business, bad for customers.

    I’ve always been a Quicken user, but we’ll see what the future holds. Intuit has already rolled out a free online competitor to Mint in the states, they may well end up discontinuing their traditional product line. There’s some things I’m happier keeping offline, and a consolidated record of my finances is one of them.

  15. Another free site that is from Canada is listed below. It does a nice job and works well.

    http://www.spendingprofile.com/index.php

  16. Do Wesabe and Mint really work for Canadian finances? Anybody big believers or disbelievers?

  17. Duh. Sorry should have read the Mint feedback before posting. Wesabe?

  18. Pingback: Comment on What should Microsoft Money users do? by Jeff earn money

  19. I have played with Wesabe and it works fine for Canadians. The major issue is that they went through a big upgrade a while back and a lot of things still don’t work. I find that while its great for tracking all your transactions in one place, it is not really helpful for tracking a budget and I got tired of waiting for everything to be fixed. I ended up spending money and buying YNAB Pro (http://www.YouNeedABudget.com). It is the best budgeting software that I have found. There is lots of helpful info on their website as well. They have a free trial if you want to try it out.

  20. The link above seems to be messed up, so here it is again.
    http://www.youneedabudget.com

  21. Pingback: Get Your Free Credit Report Now. » Blog Archive » Weekly Review

  22. I have used Microsoft Money 2000 standard edition (Canadian) recently to update my prices for my Canadian stocks automatically and it seems to work fine. However, I guess since the TSE got changed to TSX years ago, there is no way to change it in the software because it is hardcoded somewhere? Everytime it does an update, it says it cannot be found. I have tried to see if there is a patch or a way to change or update from TSE to TSX but have not found anything. Any clues or ideas how to change this or will this be a minor issue that I will have to leave it as is?

  23. Well, 31 Jan 2011 has just come around and they have true to form stopped working! Why Microsoft ? Why ?

    Anyway, thanks for the tips on how to do this manually, it’s a pain but it’s more painful to completely change the software after relying on it for so many years …

Leave a comment

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>