Microsoft to Shelve Money

Microsoft (Redmond, Wash.) announced it will discontinue sales of its Money Plus personal finance software.

According to a statement on its website, the company cited increasing competition from banks and others as the reason for retiring the nearly 20-year-old software.

"With banks, brokerage firms and Web sites now providing a range of options for managing personal finances, the consumer need for Microsoft Money Plus has changed."

It will cease sales of Money Plus on June 30 and will no longer provide online updates after January 2011. However, users will still be able to use the software independent of the web updates. They will still be capable of downloading statements from their banks and can update stock quotes manually. Microsoft will, however, continue to maintain the MSN Money website where users can obtain personal finance information, advice, market news and quotes.