I met Andrew Hallam by accident in my email’s spam folder. It’s a bad day when a notable financial writer (and a super nice guy) gets banned from my inbox along with thousands of cheap Viagra offerings.

I have nothing against Viagra ads. Every month I spend a whack of time sifting through dubious drug company prices in the hopes I’ll find the golden email that got away.

In Hallam’s case, I found three. THREE REAL EMAILS! That’s like a million spams to one Andrew Hallam. The odds were against him.

Now, you wouldn’t think that Hallam, a high school English teacher, would take a lot of stock in playing the odds. It’s the math teachers, after all, who spend their days calculating Calculus formulas, integrating integer ratios, studying statistics, and perhaps dabbling in a little bit of probability theory.

But Hallam isn’t your average 40-something English teacher. He’s a millionaire. And he became a member of this elusive club by being a bit of a numbers guy.

“I didn’t take exceptional risks with my money and I didn’t inherit a penny from anyone,” he writes in his book. “When I went to college, I paid the entire bill myself. How did I pay for my own schooling and amass more than a million debt-free dollars before my fortieth birthday?”

Hallam poses good questions. After reading Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School I now know the answers.

Raise your hand for a little money help.

Money is a taboo subject, and schools haven’t done much to untabooify (new financial word) the wacky world of personal finance. Heck, many high school teachers wouldn’t know where to start! That’s why a bunch of them banded together and asked Hallam for money help. The teachers wanted to know how best to save, invest, and prosper like the millionaire English teacher.

Hallam, being a generous kind of guy, started clubs and taught his fellow teachers his money ways. Being a finalist in the National Publishing Awards for financial writing, he is known for his penny-wise prowess.

It was within these clubs Hallam learned first hand how the majority of money books fail to connect with real people — you know, human beings. Written by economists and other super-smart people, too many investing tomes use jargon and financial language that barely skims the minds of well-meaning folks.

So with the help of over 100 colleagues and friends, Andrew Hallam went on a mission to bring his money lessons and rules to the masses. Jargon-free, fun to read, and easy to follow, Millionaire Teacher is the tome that could take you to the head of the class and add a few zeros to your portfolio.

The ‘Nine Rules’ you didn’t learn in school. Sorry.

Andrew Hallam lays out his nine rules of wealth in under 180 pages. I don’t know how he packed so much good stuff into so few digestible sheets of paper. Others agree — Millionaire Teacher has graced the Top 10 and Top 100 lists on Amazon.ca and Amazon.com for months. Yeah, MONTHS!

You won’t find any ‘get rich quick’ schemes here. Hallam is a practical fellow who believes in hard work. He advocates a sensible savings strategy, steers clear of the financial service industry (many advisers charge hidden fees), and invests in low cost index funds to grow his modest income into unimaginable wealth. He shows you how to do it.

The ruling lessons I love

I won’t review every single rule in Millionaire Teacher — I don’t think I could do each chapter justice. But the rules that resonate strongest with me are as follows:

Rule 1: Spend like You Want To Grow Rich

Readers of Squawkfox will love the first chapter, since Hallam outlines how to be frugal without becoming a miserable miser. Hallam has a witty sense of humor about choosing to live on less, and shows you how to live life to the fullest while not spending buckets of money.

Rule 5: Build Mountains of Money with a Responsible Portfolio

I’ve always been great at saving money. But after paying off my student debt, I had little clue how to invest. Enter chapter five, where both newbie and intermediate investors can benefit from Hallam’s down-to-earth explanations of stocks, bonds, and those newsworthy market movements.

He shows how you can build wealth over time by investing in low cost index funds and building a ‘Couch Potato Portfolio’. And yes, most everyone can do this.

Rule 6: Sample a ‘Round-the-World’ Ticket to Indexing

Rule six makes this book worthy of the international audience who reads this blog. Whether you live in the U.S., Canada, Australia, or Singapore — or any other English-speaking country — you’ll find huge value in this chapter since Hallam outlines possible funds to invest in.

Read this chapter at least five times. You’ll learn investing lessons from the American section even if you are a Canadian. If you hail from Australia, the Canuck section is eye-opening. Even the personal stories Hallam shares throughout the Singaporean indexing part are enlightening to an international readership. Really!

Who should read Millionaire Teacher?

I needed to read Millionaire Teacher. Even though I already invest in a ‘Couch Potato Portfolio’ of index funds and I’m great at saving moolah, I learned a lot from Andrew Hallam’s nine money rules.

I love Hallam’s style. Not only is he fun to read, but he explains challenging financial concepts (well, challenging for me) in an understandable way that’s rare in personal finance books.

Where to buy the book:

• Millionaire Teacher (Amazon)
• Millionaire Teacher (Amazon Canada)

Whether you’re a newbie saver or an advanced investor, this is a great investment book for all levels, ages, and incomes. No wonder Millionaire Teacher is topping the Amazon charts around the world. It’s that good. Heck, I may just send a few copies to those spammers who fill my inbox with marketing drivel — saving smartly and investing wisely are by far the best ways to make it to a million.

Happy investing!
Love, Kerry

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Leeds, the New York Times Best Selling author of One Year to an Organized Life (also available in Canada), knows a thing or two about organizing a successful life and career — and too many cups of coffee don’t cut it.

In chapter one of One Year To An Organized Financial Life, Leeds advises us to cut back on soda and coffee and replace these beverages with calorie and caffeine-free water. Sounds good to me. After all, too much of the sugary stuff can ramp up a financially disorganized person, leaving them in a fit of chaotic paperwork everywhere. I’m all for financial calm.

In my personal bid for less chaos and more financial organization, I grabbed my copy of the book and amassed 10 three-ring binders, a label maker, some folders, a hole punch, a stapler, a paper shredder, a Sharpie, a weary husband, and my dog.

Truth be told, I’ve always been an organized gal. But no one is perfect, and given the opportunity to read this step-by-step guide I thought even this financially-savvy clutter-busting gal could learn a trick or two. Boy did I ever!

Leeds neatly lays out One Year To An Organized Financial Life by month, with each month containing four weeks of financial activities, lessons, and stellar money tips. Throughout the book Leeds shares personal stories of her own money battles and gives the reader insight into how her clients have dealt with their own financial chaos. With help from her co-author, NAPFA certified financial advisor Russell Wild, Leeds sorts through financial jargon in a readable and easy to understand way.

Leeds’s writing style is warm and approachable. I was surprised reading about her battle with cancer and how she dealt with the costs of a serious illness. If you ever deal with medical costs in the United States, Leeds’s advice could help you manage the bills.

Leeds also writes candidly about the lack of financial education in her upbringing. Her parents generously provided for everything, leaving her with little understanding of how money works. In a phone interview, Leeds said:

Money was something that magically appeared. People would just pat me on the head and say don’t worry about it Regina.

For this reason, Leeds dedicates a full month (September) to teaching children about the value of money. In her book, she writes that as parents you should “be conscious of the fiscal example you set for your children.” This chapter details how to involve kids with cash in a responsible and fun way.

Here is a brief overview of the 12 monthly chapters in the book:

• January: Take Control Uncover your relationship with money, clean out your purse or wallet, and streamline your office space.
• February: Assess Your Finances Get a system for paying bills on time, tally your income, and learn about your fixed and variable expenses.
• March: Get Ready for Taxes Save the right documents, topple your stacks of paper, and prepare your tax return.
• April: Spend Less, Save More A fun chapter explaining how to reduce your spending, master your budget, and banking — you may just fire your bank after reading this chapter.
• May: Borrow Smart Get a grip on credit card spending, lower your credit costs, and protect yourself from identity theft.
• June: Build a Nest Egg Review or start your retirement plan, calculate how much you really need, and find the type of investments that work best for you.
• July: Make Long-Range Financial Plans Learn how to hire a financial advisor, build a balanced portfolio, and write or update your will.
• August: Refinance or Downsize Options Determine if a smaller home makes financial sense, rethink your transportation costs, find your hidden cash by selling clutter, how to hold a yard sale, and learn about refinancing options.
• September: Children and Money Learn how to teach your kids about money in a fun and frugal way and discover some tips for your child’s education.
• October: Protect Your Assets Get yourself covered with the right medical insurance, insure your belongings with renter’s or homeowners policies, and build a home inventory (free download).
• November: Season for Sane Spending Plan your holiday budget, gift-giving ideas, and holiday packing and travel.
• December: Year-End Money Moves Tax strategies, charitable giving, and fine tune your financial files.

Final Thoughts

Overall I learned a lot from One Year To An Organized Financial Life, especially in the sections on wills and beneficiaries. I’m working on updating my will, and I’ve recently changed the beneficiary on my various investments and retirement accounts. It’s easy to lose track of beneficiary details if you’ve recently married or contributed to a multitude of retirement accounts over the years.

Americans can benefit the most from the financially-focused chapters in this book since Leeds and Wild discuss IRAs, 401(k)s, college savings plans, Uncle Sam and taxes, US banking and credit.

Even if you’re Canadian (like me), then you can still become financially organized using the guide, but you won’t learn the nitty gritty details on Canuck Bucks, including: RRSPs, RESPs, CDIC, or CRA tax rules.

Oh, and about that cup of coffee! After speaking with Regina Leeds on the phone I learned that she drinks two cups a day. So raise a mug (or two) of your favorite brew while filing away your money mess. The job of becoming financially organized just got easier. Thanks Regina!

Your Two Cents: Are your finances organized? Do you have a helpful system you’d like to share?

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A highly successful businessman, marketing guru, and blogger, Godin knows a thing or two about success. Personal success, financial success, and business success. Godin also knows a few things about failure and how to avoid the pitfalls.

His concise read The Dip ($12.95 at Amazon) is about knowing when to quit and when to stick with it. It sounds so simple. But it’s not. Reading the book caused me various levels of anxiety. I had to take a long walk by page 35. By the end of book, page 76, I had revisited every job, career, and relationship decision I’ve ever made. Should I have quit? Should I have stuck it out? What were my personal dips in life? Am I successful?

Throughout this tiny little book, Godin’s message is clear:

Winners quit all the time. They just quit the right stuff at the right time.

The trick to quitting is knowing the signs. It’s knowing when.

What’s “The Dip” anyways?

This is the dip.

The Dip is:

• The point between starting something and excelling at it.
• The low after the excitement, when something new wears off.
• The realization that it takes time, effort, and skill to get better.
• Mile 20 in a marathon, or mile 13 in an Ironman Triathlon.
• The stretch from beginner to expert.
• Years 2-3 in a four year degree.
• The point where you dig deeper.
• The place where many quit.
• A pause point, a battle cry.
• The dip is the work.

Before reaching the dreaded dip Godin wants us to examine if we should face the dip, or quit. He calls the no win, dead end situations in life “Cul-de-Sacs” and “Cliffs” of failure.

Should You Get Dipped?

Yes. You must get dipped. Seriously.

In all honestly, I didn’t expect a little 76-page book to blow my brain. These pages are not even full sized. Godin’s dip measures just 5X7. That’s a little package with a lot of brain blowing wallop. I got dipped at the library for free, but now I’ve ordered my own copy of The Dip through Amazon (12.95). Seriously, awesome book.

Love the blog? Get the book: 397 Ways to Save Money

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• How to make a budget (series with downloads)
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• Download your free 92-page eBook: The Insider’s Guide To Frugal Food & Fitness

Over the last while I have been getting financially fancy footed using a software package called Moneydance. Moneydance, published by Reilly Technologies, is a personal finance management package for Windows, Mac OS X, and Linux. All three platforms will set you back a mere $39.99 USD, a demo version is available to get your feet wet.

Product:	Moneydance 2008
Rating:
Pros:	Multiple currency support, cross platform capability, customizable homepage, import banking data, synchronize investment data, no “retiring” of online transaction capability, no ads, extendable features.
Cons:	Reporting and graphing features not robust. User interface feels unfinished. Only USA investment options.
Company:	Reilly Technologies
Cost:	$39.99 USD
OS Capability:	Mac OS X, Windows, Linux.
Processors:	Universal

Replacing Intuit Quicken:

I’ve been on the lookout to replace my version of Intuit Quicken 2005 since last month Intuit decided to retire online services for older versions of Quicken. This means I can no longer: pay bills online, download financial data from my bank, synchronize investment data (stocks, mutual funds), and interact with Quicken’s portfolio uploading tools. I can still run a budget though. So basically, despite paying full price for this software, I can no longer use the package effectively. This is akin to buying a toaster in 2005 and suddenly no longer allowed to plug it in. Indeed, I am not impressed.

Downloading Moneydance

It only takes a click to download Moneydance for your preferred platform (Windows, Mac OS X, Linux). I use a Mac and found it flawlessly simple to get my trial install. I didn’t have to enter any personal data or offer my first born for the privilege of trying before buying. I think more companies should stop insisting on email addresses and personal information as this hinders me from downloading the demo. I really only want to get personal with a software company if i choose to BUY the package.

Importing Quicken data into Moneydance:

Importing Quicken data into Moneydance is neither overly complicated nor simply seamless. You first need to create a .QIF file from Quicken, and then use Moneydance’s import function. My Quicken categories were automatically imported. I did get a few duplicate transactions from transfers between accounts, which was a little discouraging at first. Albeit, this is a one-time pain-point and I didn’t expect perfection given the years of data I have collected.

Highlights:

Moneydance performs many of the features offered in Quicken. The most important features to me are:

• Download bank transactions from several institutions.
• Update portfolio details for stock and mutual fund prices.
• Run on Mac OS X or Linux (I don’t have a Windows machine).
• Support multiple currencies (I am Canadian ehh!)
• Be free from endless “upgrade ads” (I bought the program already).
• Run beyond a “specified period of time” without disabling, retiring, or sunsetting widely needed features.

Moneydance 2008 performs all of these features well. Additional highlights include:
memorized transactions, split transactions, and categories (which Moneydance calls “accounts”. I really like the Moneydance homepage or dashboard view. I was nicely surprised to see a customizable view of all my financials in one easy-to-see place. I spent about 15 minutes fully optimizing my homepage to display my net worth (for what it’s worth), my loan balances, my credit card data, and my investments.

Reilly Technologies offers their more technical users (programmers) the option to “extend” the application. By using the Moneydance Core API, software developers can download the kit, use the API libraries, and compile Moneydance extensions. Several of these extensions are available for download from within Moneydance. Kinda cool.

Lowlights:

Being completely blunt, the Moneydance user interface is pretty darn ugly. Financial software users are a fairly educated bunch, and can easily recognize how visually behind Moneydance is from their competitors, Microsoft Money and Intuit Quicken. Moneydance lacks the professional polish of these competitor products, and would be wise to hire some experts in this area.

Users moving from Quicken may be disappointed in the reporting capability in Moneydance. The graphs remind me of “stick figures” and lack the professionalism and polish I expect from financial software.

Another issue I have with Moneydance is with the product documentation. The trial version I downloaded doesn’t seem to have any. I see links to “Online Help”, but I get zero help files when attempting to launch the docs. I am hoping the “paid for” version comes with enough documentation to help me better use and configure the product.

A final quibble I have with Moneydance is the product slogan, “The Most Intuitive Personal Finance Application.” I disagree. I need product documentation to help me despite being a somewhat educated user. Also, all financial products I have encountered have a slight learning curve before feeling comfortable with the software. I find Moneydance no more “intuitive” than Quicken.

Should I Buy?

Overall I rate Moneydance four squawks out of five (). The application is not stunning to stare at, but does exactly as required. The price point is stellar when compared against the costs of Intuit Quicken or Microsoft Money. The financial software users best served by Moneydance are those who:

• Must download bank transactions from several institutions.
• Require synchronization for investment portfolios (stock and mutual fund prices).
• Require non-Windows support (Mac OS X or Linux).
• Require support for multiple currencies.
• Not opposed to paying $40USD for a well-supported application.
• Fed up with disabled or retired financial software packages.

Are you a Moneydance user? Do you use any other money management software?

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• How to make a budget (series with downloads)
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• Download your free 92-page eBook: The Insider’s Guide To Frugal Food & Fitness

PearBudget is a simple to use application for tracking monthly expenses, even those irregular costs that can bite you in the butt. It takes under 15 minutes to setup a new budget plan using the easy-to-follow wizard. Budgeting categories are highly customizable to help determine if your income meets your expenditures.

PearBudget is not trying to be the next Quicken, Microsoft Money, or Moneydance by offering lots of complex features. Rather, the goal of PearBudget is to offer users a simple way to “pare-down” the complexities of other budgetary tools. With PearBudget you no longer need to go bananas tracking the cost of apples and oranges. But, if you’re looking for a way to integrate your online banking and budgeting with a single solution, Pear Budget may not be enough to meet your needs.

Product:	PearBudget Beta
Rating:
Pros:	Simple, stunning design. Easy and fun to use. Can try without creating a darn account. Exceptional documentation.
Cons:	Does not import transactions. Downloading data is cumbersome.
Company:	www.PearBudget.com
Cost:	Beta is free! $3 per month after Beta
Browsers:	Firefox, Opera, Safari, Internet Explorer
Processors:	Universal

PearBudget Beta is free to use but will cost $3 per month when fully released. The application runs smoothly on Firefox, Opera, Safari, and Internet Explorer (but not IE6).

Highlights:

PearBudget is a stunning piece of ripe fruit. The user interface is clean and delicious. The husband and wife team (Charlie and Sarah Park) behind this slick application really know a thing or two about designing smart user interfaces. The setup of my own budget plan was easy given the straightforward wizard and the awesome documentation. Too many times a product is released with rotten user instructions and FAQs. This is not the case with PearBudget as the product documentation is wickedly awesome.

Other tasty bits include:

• Create a budget plan without registering for an account.
• Elegantly simple. No extra fluffy features to boggle your brain.
• Gives you budgetary results quickly.
• Security is not a concern since personal banking data is not collected.
• Download budget data into a spreadsheet.

Lowlights:

PearBudget does not support the import of transactions from a bank account. So those who dislike data entry will not be thrilled with entering all receipts by hand. This is a minor quibble as I prefer entering this data myself and have been doing this in Quicken for years. I simply don’t trust an outside application with my personal banking information. Besides, entering my own data takes minutes a week and keeps me honest with how much I’ve spent.

Another minor quibble with PearBudget is I find using the application to download budget information into a spreadsheet cumbersome and confusing. The documentation outlines the steps well, however, clicking my email address to either download my data or delete my account is a little scary. I could see a case where a user accidentally deletes their account in the attempt to download budget data. Perhaps PearBudget could use a dashboard to contain and separate various “account management” features such as file download, settings, and account deletion.

Should I Buy?

Overall I rate PearBudget an outstanding four squawks out of five (). The application does what it sets out to do by providing a streamlined and simple way to manage a household budget. I figure the tasty user interface and witty instructions are an added bonus.

You may like PearBudget if you don’t mind data entry, want a very detailed budget plan and record, and don’t require more complex financial software features (like tracking mutual funds or stock prices).

Love the blog? Get the book: 397 Ways to Save Money

Top Squawks

• How to make a budget (series with downloads)
• How to write a resume (series with downloads)
• Frugalicious Recipes
• 50 Ways to Save $1,000 a Year
• Credit Card Calculator
• Download your free 92-page eBook: The Insider’s Guide To Frugal Food & Fitness

I’m over it. I’ve owned various editions of Personal Finance for Dummies (including the Canadian version) since 2001, and have always been grateful to the authors Eric Tyson and Tony Martin. When I first bought this book I was in deep student debt, to the tune of 17K. I was about to start a new job with a decent salary and needed help figuring out how to retire my debt, save for my retirement, save for a house, buy insurance, and learn financial responsibility. The putrid yellow book had all the answers I needed then, and continues to guide me today.

So here’s a breakdown on what to expect from Personal Finance for Dummies:

Goal Setting:

Personal Finance for Dummies offers several chapters to help you figure out where you stand. Basically, if you don’t know where you are financially today, it’s hard to get where you want to be tomorrow. The chapters on Overcoming Obstacles and Establishing Goals are sound reading for anyone in any financial situation. I often re-read these chapters just to evaluate my financial path.

Debt:

The debt chapters cover credit cards, student debt, tracking debt, and getting your credit report. When I had student debt, I felt good about reading the debt chapters. The authors didn’t preach to me about the errors of my ways. Rather, they offered tangible solutions and ways to attack the debt. I haven’t needed these chapters for a few years now, but the tidbits on how to choose a credit card are golden. To this day, I still use a no-fee credit card and pay the sucker off each and every month without fail. I really liked this book’s approach to debt.

Spending and Saving:

Several chapters cover spending and saving habits. The authors discuss how to track your money and offer arguments why you should save some each pay. They also give many frugal suggestions on how to save money. One tip (page 114) suggests we cut our own hair using a “home electric shaving kit.” Now I don’t know about you, but the last thing I need is a home-style bowl cut. Cause then I would really look like a dummy.

Taxes:

I find the chapters on taxes calming and soothing. I can’t help but feel a little taxed whenever I sit down to file. I’ve always appreciated the advice on how to find an accountant, how to prepare for an audit, and how to better understand the different kinds of tax deductions.

Investing:

The chapters on investing blew my mind and changed my life. When I first learned I was invested in mutual funds boasting bloated back-end loads, high management expense ratios, and terrible trailer fees I nearly fainted. The book discusses how to read a mutual fund prospectus, and how to decipher “financial speak” to better understand how these fees work. The authors really saved my bacon by introducing me to index funds and exchange traded funds. I not only learned how to construct a proper portfolio, but I learned how to invest for myself, by myself. The chapter on discount brokers is awesome. I learned what to look for, how to move my money from my mutual fund company, and how to open a new account. Thanks to Dummies, I now DIY like a smartie.

The chapters on retirement saving and planning are also sound and very very helpful, to both American and Canadian audiences.

Real Estate:

Both authors advocate home ownership. On this point I disagree. Albeit, their details on mortgages and advice on buying a home are stellar. After going through their buyer beware lists, I decided buying a home was not a financially responsible move for me at the time. For this I will always be grateful. Ohh, their tips on choosing a real estate agent are kinda fun. Snicker.

Insurance Basics:

When I first got this book I needed a real crash course on how to buy all types of insurance. I needed renters insurance, my “better half” needed life insurance, I wondered about disability insurance, and stuff insurance and so on. I really love how they go through and outline which life insurance products are suspect (Whole Life) and why other policies are worth the money (Term Life). It is also suggested where to find a good insurance policy for a fair rate. These chapters saved my butt!

Hiring Help:

Throughout the book the authors suggest what to look for when hiring financial help – be it though insurance brokers, real estate agents, accountants, or financial advisors. These tidbits are the most valuable unbiased words you could ever hope for in a financial book. As soon as I read how most “financial advisors” got paid I flipped. I immediately learned my super friendly “financial advisor” was really a sales person, who sold me very expensive to own mutual funds. The list of criteria to consider when hiring a financial planner is essential reading for everyone not DIYing.

Should I Buy?

Over the last 8 years, I have owned three editions of this book. I’ve bought it for friends and family members as well. I think those new to personal finance and those more seasoned veterans can learn significantly from Personal Finance for Dummies. The format is super accessible and readable. Authors Eric Tyson and Tony Martin do an exceptional job of taking complex terms and making sense of the nonsensical. I often re-read chapters just for a financial refresher. Since this book has been around for several years, consider borrowing it from your local library. It’s also available used at Amazon for less than new. Now that’s good financial sense for not a lot of dollars. Snicker.

Love the blog? Get the book: 397 Ways to Save Money

Top Squawks

• How to make a budget (series with downloads)
• How to write a resume (series with downloads)
• Frugalicious Recipes
• 50 Ways to Save $1,000 a Year
• Credit Card Calculator
• Download your free 92-page eBook: The Insider’s Guide To Frugal Food & Fitness

StudioTax Details:

• Windows-based
• Fully Bilingual
• Available free of charge (they accept contributions!)
• Personal use only
  
• Offers a maximum of 20 returns (this is a CRA requirement to limit 20 returns)
• Created for Canadians by Canadians
• Very likely to be NetFile certified

Getting Started

My first impression of StudioTax came from their website. To be honest, some of the advertisements look kinda spammy. A spammy website doesn’t really instill confidence in a product, especially one I am trusting to do my tax return. But hey, everyone needs to get paid, so I continued onwards (psychic advertisement aside).

Download and Installation

Downloading and installing StudioTax is a breeze. The software does not require a license key or code so a quick double-click on the program executable is all that is needed. I should note that StudioTax requires the Microsoft .NET Framework Version 2.0 to operate. The installer provided a nice link, so the .NET installation was painless.Once the program launched, I was greeted with a very pleasant (and attractive) setup wizard.

Dashing Dashboard

Once installed, StudioTax displays a very easy-to-use dashboard window.

• Opening an existing return
• Create a new return
• View a list of recent returns
• Check for updates
• Get help
• PLUS: a handy toolbar (across the top of the window) is available for quick access to the wizard, validation tools, and forms. YAY!

Creating a New Return

After marveling over the dashboard I clicked Create a new return and began my 2007 taxes. StudioTax provides a straightforward wizard to help the user enter basic CRA tax information. From what I can tell, it seems StudioTax cannot import user data from other tax software (QuickTax, UFile, etc.) and only supports their own .stx file format. This means I had to enter all my personal information (name, residence, SIN number, etc.). This is a minor quibble, but it would be nice to not have to re-enter all my infos.

Entering Taxing Numbers

Moving through the StudioTax wizard is fast, easy, and painless. I actually had fun entering my T4, T5, and RRSP contribution numbers. When it came to enter my medical expenses I was resigned to entering a single number into one box. This is a bit of a pain for me since I have carry forward medical expenses from 2006 and I need to calculate the best 12-month period ending in 2007. Neither UFile nor StudioTax handle this calculation. Since I am dead against paying $40 bucks for QuickTax to perform this new math, I decided to just enter everything into an Excel Spreadsheet, and find the best (most expensive) 12-month period by hand.

Validated with the Tax Explorer

When the wizard is done, QuickTax brings the user to a review screen where all T-Slips are accessible and can be easily navigated or reviewed. My favourite part of this screen is the Tax Explorer pane (left hand side), where I can review all my entered amounts and see if I have a refund or a balance. I used fictitious numbers in this example.

Conclusion

I must admit to be surprisingly impressed with StudioTax. The software is easy-to-use, attractive, fun, and affordable! Yes, I said StudioTax is fun! The user interface is simple to follow, easy-to-navigate, and the Online Help is written concisely. StudioTax offers simplicity with an easy-to-follow wizard, which basically holds the user’s hand and gets the job done. Certainly my return is pretty straight-forward as I’m a single foxy gal, with no dependants, some RRSP contributions, many medical expenses, modest interest income, and some capital gains. But getting my taxes done was seamless.

I will definitely follow StudioTax to see when/if they get NetFile certified. Since learning of StudioTax a few weeks ago, I have highly recommended it to my family and friends. A few of my colleagues at work are smitten with it. None of us can believe it was developed by two guys (or gals?) from Ottawa.

fox

Love the blog? Get the book: 397 Ways to Save Money

Top Squawks

• How to make a budget (series with downloads)
• How to write a resume (series with downloads)
• Frugalicious Recipes
• 50 Ways to Save $1,000 a Year
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Since I have carry forward medical expenses from 2006, I need to calculate the best 12 month period ending in 2007. UFile just doesn’t handle this calculation! YIKES. My other half has offered to create an Excel spreadsheet for this calculation…but I feel strongly that my tax software should be able to handle this otherwise mind numbing activity.

I’ve decided to give StudioTax a try.

Just a note to prospective StudioTax users:

• StudioTax requires the Microsoft .NET 2.0 Framework (25 megs) to run.
• The StudioTax wizard will prompt you to install .NET if it is not already installed on your computer.

fox

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UFile Standard 2007 is not a slick user-friendly product. Actually, UFile is far from slick … it is a mess. Yes, UFile does get the job done. I successfully imported past QuickTax information, I successfully entered current tax information, and I found out I’m owed a small refund from the govvies. But here are some of the issues I faced along the way:

Getting Updates

Most tax software requires an update before starting a return. In fact, most tax software automagically starts looking for updates after it is successfully installed and registered. UFile is not very smart. After I installed and registered UFile, I followed the interview wizard screens and started my 2007 return.

When I tried to import my personal information from QuickTax using the UFile “CarryForward” feature, I was faced with a series of error messages stating I needed to download product updates. This was terribly annoying, as I was not offered an opportunity to update before the interview process began. I had to quit the UFile application twice to figure out how to update the software. After I was updated, I had no issue with importing my QuickTax info.

Terrible User Interface

UFile’s user interface is poorly conceived. The interface is difficult to navigate, non-linear, cartoonish, does not employ many Windows standards, and is generally unattractive to view.

Unusual Icons

I actually got stumped several times just trying to perform simple Windows functions, like deleting an extra T4 slip by right-clicking it in the menu. Right-clicking does not work to delete in UFile. To delete the T4, I had to read the Online Help to find the special UFile delete icon. This drove me nuts, as deletion is a pretty standard Windows process. A simple X would have nicely identified a delete icon. Albeit, UFile went against standard Window’s icons in most of their functions … why I have no idea. Delete Icon is below:

Terrible Translation?

The user interface and Online Help is poorly written and very verbose. It feels like UFile was written in another language, and then poorly translated into English. I struggled trying to find a sensible procedure on how to get something done. Everything is written in long paragraph form which prevents the user from quickly scanning the help and tip files, reading a listed procedure, and getting done with it. I honestly found it annoying to read endless poorly written interface instructions, tips, and help. Please UFile, hire a technical writer in 2008 and get some instructive help!

Click Here Must Die!

Another minor quibble I have with UFile’s interface is the abundance of “Click Here”. Just hyperlink to the noun you want the user to click!

Medical Expense Entry

If you are like me and have a series of similar medical expenses to enter, you won’t like UFile’s medical expense interface. UFile groups dates and expense types into one box, forcing the user to perform mindless data entry without an auto-fill function. Auto-fill is pretty standard in Quicken and QuickTax. Furthermore, even after entering numerous dates and medical expense types, UFile still queried me for the date of my last medical expense. Why? Couldn’t the program do a check on my entered data and then verify this with me? Annoying, non?

Don’t Enter Zero?

While entering my T4 information, I couldn’t help but notice the number of times I was informed to not enter Zero. I recall being able to enter Zero numerous times in QuickTax without issue. In fact, a Zero can be a pretty darn standard entry in many people’s tax returns. I was intrigued with UFile’s inability to handle Zero and read the Online Help. Apparently, the smart analysts and programmers who designed UFile decided to use zero logic by allowing the program to calculate a Zero as anything other than nothing. BRILLIANT. There’s nothing like entering Zero in your return and having the whole thing miscalculate your taxes. This is abysmal and should be fixed. I shouldn’t have to understand the program’s suspect logic when doing my taxes. Entering a Zero should just work and calculate nothing, rather than “effectively telling the program that all EI premiums paid are overpayments that should be refunded to you.” Scary, non?

Conclusion

I wanted to love UFile. More importantly, I wanted to not miss QuickTax. This didn’t happen. Sure, UFile gets the job done. But I did not trust or enjoy the experience. O well. At least thanks to UFile, I know I’ll get about $250 bucks back from the govvies.

fox

Love the blog? Get the book: 397 Ways to Save Money

Top Squawks

• How to make a budget (series with downloads)
• How to write a resume (series with downloads)
• Frugalicious Recipes
• 50 Ways to Save $1,000 a Year
• Credit Card Calculator
• Download your free 92-page eBook: The Insider’s Guide To Frugal Food & Fitness