How do _you_ use GNUCash for personal finances?

[m shires]

I am new to gnucash, have some accounting (more than bookkeeping, less than
an accountant) experience, and have used several accounting software
packages in business.  In personal use I have used a few budget based
programs.  I wanted to know more about where my money was going, to track
it better, and to be able to generate reports or statements with a few
clicks of the keyboard.  The budget programs just don't do that.  I was
also looking for something that I could use to pull together a lot of other
related or miscellaneous information that would be available to me.

For example, I wanted to track other personal items (think 'assets') as
part of my whole "personal worth" picture, but more specifically for
planning insurance coverage, future expenditure planning, etc.  Thinks like
furniture, appliances, lawn machines, tools, roofing, water heaters,
furnaces, jewelry, clothing, etc  However, unlike business, personal assets
like "furniture" depreciation expenses are not allowed by the IRS.  Too
bad.  But my insurance is "new replacement cost", not "current value".  I
know my 5 year old O'sullivan computer desk is not worth $349.99, and my 2
year old Stearns and Foster mattress is not worth $1,200 --- but they are
if my house burns down.  I hope that by listing some detail in personal
items as assets, I can keep track of replacement costs if my house burns
down, better assess the amount of insurance I need, and present a nice
"personal worth" statement, to boot!  (of course, on any personal statement
like a balance sheet, I would need to factor in a depreciation).

Recently as a part of a retirement planning meeting with a CPA, we did an
extraordinary amount of timely piece-meal research, review, and paperwork.
What do we have, what is it worth, what will we need to purchase short
term, long term (water heater, roofing, automobile, etc).  What were our
assets, expenses, and expectations.  After a while it became a bit of an
exasperating exercise, and certainly not the kind of information found in a
"budget" and I thought to myself "this should all be available at my
fingertips".  I also didn't want to create several spreadsheet files for
various aspects that all tied into our bottom line.   After searching
around, I liked the "business-like" double entry accrual accounting
approach of gnucash, and am learning the program.  I think it has
tremendous potential for more than just preparing your taxes, balancing
your checkbook, or budgeting your money....but I still have a lot to learn.

If I am able to master it, I may create a template for my kids or other
family members.

Mill

On Fri, Jan 2, 2015 at 6:12 PM, Patrick Doyle <wpdster at gmail.com> wrote:

> Thanks to all who have patiently and gently tried to educate me over
> the past couple of days.  This has led me to ask myself the very
> fundamental question, "What do I want my financial management software
> to do for me?"  And I've realized that I don't really know the answer
> to that question.
>
> So I thought I would turn the question around:
>
> How do _you_ use GNUCash to manage your personal finances?
>
> Did you write a blog about it?
> -- Lance Edgar pointed me at these three educational links:
> http://allmybrain.com/2008/12/15/better-budgeting-with-gnucash/
> http://allmybrain.com/2009/04/08/gnucash-budget-followup/
> http://allmybrain.com/2011/01/26/simplified-envelope-budgeting-for-gnucash/
>
> Did you describe it on this list?
> -- feel free to point at your post in the archives.
>
> If there is enough of a response, I would be happy to summarize the
> responses on the Wiki.
>
> --wpd
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