Starting on the 1st I am going to track all the money we spend and categorize it. I'm sure I'll discover a lot of useful and interesting things, maybe even stuff I don't really want to admit lol.
I don't use excel or any fancy programs, I'm just going to open a new word document and start "jotting" stuff down under categories that make sense. Once I have some data compiled, I will share it in this thread.
Who wants to join me?
I'm in for this. I keep all my bills and checks recorded in Quick Books, I love it! My problem is when I spend cash. I really want to keep track of the cash I spend and where it goes. I'm going to keep an envelope for receipts in my wallet and any time I spend cash I'm going to get a receipt. I'll record it in QuickBooks as well, it will be interestiing to see where all of that cash goes.
My problem is when I spend cash. I really want to keep track of the cash I spend and where it goes. I'm going to keep an envelope for receipts in my wallet and any time I spend cash I'm going to get a receipt. I'll record it in QuickBooks as well, it will be interestiing to see where all of that cash goes.
I tried this for a while too. My problem with that was, if you are being honest, we spend cash without receipts a lot.
Ex.
quarters to buy the Sunday paper
soda at the hospital ER (unplanned trip-no snacks packed)
loose change the kids take
loose change in the offering plate at church
husband/wife getting a little money from you without you knowing
These are areas I have had problems with in the past. If you are being extra frugal or watching really closely these things can add up!
I'd like to join this one, love the accountability challenge. And yup, it will be done with paper and pencil. Was glad to see I'm not the only one who still operates this way
I did this for the last two years. I just kept track of everything spent that was not a bill. All food, gifts, gas, etc go into the month and I have a running total going. The scary part is to add up all 12 months!
I found out how much a "normal" month for us is. Then if something pops up (car maintenance, pool maintenance) I add a note at the bottom of the month to let me know.
It has been an eye opener for sure! I plan to do the same for the coming year.
I've been trying to do this but it's been hit or miss so far. Will give it a try here, hoping that will help me be more conscientious about tracking my spending categories.
I did this last year - only problem was getting DH to join in. I didn't like asking him at the end of every day 'What did you spend today and on what?' I'll talk with him later this aftrernoon and see what his take on this is. Know it would be beneficial to us.
This might be an issue here as well, Dh could get a bit annoyed with "reporting" to me all the time. I do think that when I have enough info to show him he'll be interested in it and then want to participate. It might even encourage him to be a bit more careful with the debit card lol
I am in for this one. I was just "organizing" my new organizer and put a column in for $$ spent each day. I think the way to it (for me anyways) is to have a beginning balance and spent on way for an ending balance each day. I know there are days I don't spend a dime, but others - whew!
When I first started the debt repayment road, I did this. When I "arrived" I stopped, and badget a generic expenses lump sum. But I had decided already it was time to do this again, if not for the whole year, at least for a while. Just last night I set up all my categories in MS Money again. I'll post here monthly, if I can remember, as long as I do it. It is instructive.
I am in. I had started doing this in November this year and it worked well but kind of fell of the wagon in December. So, this will help keep me on track. Thanks for starting this thread.
I have done this for years ( at least 5) The easiest way for me was to make everything possible a fixed cost. I even use a exxon/mobil for gas and track it online and pay it online. My banking is online and I check it every morning.
I use my debit card or credit card and as little actual cashas possible. I can tell w/in $100's exactly what we spent everything on.
I use a binder to make a projected budget each month which i rewrite as actual usage each month. DH gets a copy too. I study the year before to respond to costs which are not every month such as my yearly life ins. payment or birthdays.
I'm in for this, although my version will be "modified". Our situation is a different than the usual one I read here. DH has a spending problem. Plus, he tends to be very touchy and secretive about money matters. It's always been a problem even when I handled the bills. But when I had surgery several years ago, and was 'out of it' for awhile, he took over the bill paying and would not relinquish it. Then when he had to take an early retirement due to his health, and we went from a good income to living on just his social security, the bills did not get paid on time. He and I have vastly different views on money. To 'help' the problem he entered into a bad investment and took out several loans. Eventually things came crashing down...twice! Finally, just a couple of weeks ago, Son #1 emailed him, telling him that he (DS#1) and I were going to be doing the finances from now on and that there would be full disclosure and that DH would have to account for every expenditure he makes, etc. Well, things were rocky around here for awhile, but he seems to be resigned to it now, although whether there has truly been full disclosure, I am not sure. And he is not accounting for his expenditures. What is happening is that all (I think) bills are online now, through Son #1's account. As many as possible are on automatic payment. (So Son #1 is catching us up, without just 'lending' DH the cash, he had asked for, to pay the bills.) I deposited DH's last check in the bank to cover DH's overdrafts, and split the very small remainder of the money in half between he and I. At first he made an extra trip to the bank to cash in part of his change jar and got $75 which he spent unaccounted for. That is how he avoided itemizing his expenditures. But now that is gone and he asked for his half of the cash. So it is in an envelope over the fridge for him to take from. Still no itemizing. :/ But I told him in no uncertain terms that he will not be allowed to ask for any of my cash (hidden) if he uses all of his before the end of January. When his next SS check comes at the end of January, most of it will go into DS#1's account again to pay our bills that are coming out of that account. Then the rest of the money will be divided between DH and I. Naturally, I am trying to save most of my money, but the amount is very small to start with, and I will probably be buying most of the groceries. So you see, I have great incentive to be frugal.
I hope all of this doesn't sound too bad to share. Actually, I am very hopeful since all of this came down.
So I am in this challange, but the expenditures listed will be mine only, not DH's as well. If DH buys something for the house (like a grocery item or something), I will list it seperately, too.
I use Quickbooks Pro, however, I am an accountant and have a few side clients, so I can use it as a business expense. My mom bought Quicken and there is a home version that is fairly inexpensive.
I'm in. I would love to have a total at the end of the year. I will be using pen and paper and keeping it in my home binder. My husband says he doesn't mind letting me know his spending. I just hope we both keep up to it.
I use MS Money - it came with the computer. It makes it really easy to track because you categorize items as you enter them. It splits out the sales tax too. That's only moderately helpful, since we have different levels of tax for food and everything else. But it's fairly close. It also generates different kinds of reports.
You could also do it with any spreadsheet or database, though it wouldn't be quite as automatic.
I started writting everthing(and I mean everything) down in a year diary that is kept by the phone in the kitchen. I started doing it last year when I found out my job was being outsourced to India just so we could see if we could do it on one income(which we can).
I use an excel spreadsheet because I'm use to them at work. I budgeted everything and at the end of the week(mostly) or every couple of days I would enter the amounts in for groceries, petrol etc. If you haven't done it before you will be soooooo surprised. I have built on my budget for 2010 and have added some more categories and expanded some to be more specific. A couple of my friends think I'm weird but I see it as a 1/2 hour a week well spent.
I have to admit though that my DH is also a finance officer so he does the cash flow chart and I do the daily stuff. So we are working as a team which is a BIG help!!!
I am in...I have started this a couple of times and never kept it up. I will be using Quicken..it was on my computer when I purchased it. I can auto download info from my back accounts when I use my debit card and then break them out into different expenses.
My iPhone is my security blanket. I keep my shopping list on it, my address book; it syncs to my Outlook calendar; I'd just fall over in a stupor if I lost it.
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