Comments on: Pros and Cons of Tracking Your Spending Manually http://financefreelancelife.com/2009/01/12/pros-and-cons-of-tracking-your-spending-manually/ Thu, 18 Mar 2010 22:58:55 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Where’s My Money Going? Month http://financefreelancelife.com/2009/01/12/pros-and-cons-of-tracking-your-spending-manually/#comment-37064 Where’s My Money Going? Month Wed, 28 Jan 2009 12:01:57 +0000 http://financefreelancelife.com/?p=1282#comment-37064 [...] Dear readers, I’m excited. This February, I’ll be doing “Where’s My Money Going?” month right here on financefreelancelife.com! No, you aren’t out of the loop because you’ve never heard of it before, it’s something I came up with after reading your thoughts on tracking spending manually. [...] [...] Dear readers, I’m excited. This February, I’ll be doing “Where’s My Money Going?” month right here on financefreelancelife.com! No, you aren’t out of the loop because you’ve never heard of it before, it’s something I came up with after reading your thoughts on tracking spending manually. [...]

]]> By: January 20, 2009 Link Payday | Uncommon Cents http://financefreelancelife.com/2009/01/12/pros-and-cons-of-tracking-your-spending-manually/#comment-36416 January 20, 2009 Link Payday | Uncommon Cents Tue, 20 Jan 2009 23:00:07 +0000 http://financefreelancelife.com/?p=1282#comment-36416 [...] Micah examines one of my personal finance habits when she lists Pros and Cons of Tracking Your Spending Manually. She agrees with me that manual is still the best but she does say that it’s not easy to do. [...] [...] Micah examines one of my personal finance habits when she lists Pros and Cons of Tracking Your Spending Manually. She agrees with me that manual is still the best but she does say that it’s not easy to do. [...]

]]> By: Rob Lewis http://financefreelancelife.com/2009/01/12/pros-and-cons-of-tracking-your-spending-manually/#comment-36333 Rob Lewis Mon, 19 Jan 2009 22:55:01 +0000 http://financefreelancelife.com/?p=1282#comment-36333 It took me a few attempts before I had the discipline to keep track of all of my spending, but I now manage to keep track of my spending by adding every transaction to Expensr (http://expensr.com). I reckon I get about 95% accuracy with that, and I've managed to keep at it for a few months now. It has been a real eye-opener since I've been able to see where all my money is going. It took me a few attempts before I had the discipline to keep track of all of my spending, but I now manage to keep track of my spending by adding every transaction to Expensr (http://expensr.com). I reckon I get about 95% accuracy with that, and I’ve managed to keep at it for a few months now. It has been a real eye-opener since I’ve been able to see where all my money is going.

]]> By: Mrs. Accountability http://financefreelancelife.com/2009/01/12/pros-and-cons-of-tracking-your-spending-manually/#comment-36122 Mrs. Accountability Sat, 17 Jan 2009 06:07:47 +0000 http://financefreelancelife.com/?p=1282#comment-36122 I use Quicken, and Excel holds my budget, with the list of all the bills that are due to be paid that payday. I wouldn't be happy with one or the other. I also use mint.com to keep track of credit cards, and make sure the ones at zero stay there. We have a lot of checking and savings accounts for me to track so I couldn't do it without Quicken. I use Quicken, and Excel holds my budget, with the list of all the bills that are due to be paid that payday. I wouldn’t be happy with one or the other. I also use mint.com to keep track of credit cards, and make sure the ones at zero stay there. We have a lot of checking and savings accounts for me to track so I couldn’t do it without Quicken.

]]> By: TStrump http://financefreelancelife.com/2009/01/12/pros-and-cons-of-tracking-your-spending-manually/#comment-36017 TStrump Fri, 16 Jan 2009 05:30:58 +0000 http://financefreelancelife.com/?p=1282#comment-36017 I use a combination of Money and Excel. I use Excel to do a 24-month cash budget which gives me a rough idea of where I'm going to be. I use Money to keep track of the day-to-day-transactions. I use a combination of Money and Excel.
I use Excel to do a 24-month cash budget which gives me a rough idea of where I’m going to be.
I use Money to keep track of the day-to-day-transactions.

]]> By: Lorta http://financefreelancelife.com/2009/01/12/pros-and-cons-of-tracking-your-spending-manually/#comment-36002 Lorta Fri, 16 Jan 2009 01:29:36 +0000 http://financefreelancelife.com/?p=1282#comment-36002 There is a report at http://tiny.cc/j8Uyn about Mint checking people's accounts for fraudulent charges associated with a recent scam and notifying them if any were found. I can imagine users having mixed reactions to Mint searching through their charges, albeit for a worthwhile purpose. My husband has created Excel sheets to keep track of our finances. He likes to do that kind of thing and is always coming up with new enhancements. I think he now has them linked to google or yahoo so that he can import the latest mutual fund prices every evening. There is a report at http://tiny.cc/j8Uyn about Mint checking people’s accounts for fraudulent charges associated with a recent scam and notifying them if any were found. I can imagine users having mixed reactions to Mint searching through their charges, albeit for a worthwhile purpose.

My husband has created Excel sheets to keep track of our finances. He likes to do that kind of thing and is always coming up with new enhancements. I think he now has them linked to google or yahoo so that he can import the latest mutual fund prices every evening.

]]> By: cybele http://financefreelancelife.com/2009/01/12/pros-and-cons-of-tracking-your-spending-manually/#comment-35912 cybele Wed, 14 Jan 2009 23:27:36 +0000 http://financefreelancelife.com/?p=1282#comment-35912 My old boyfriend and I used a very unsophisticated system - a refrigerator list, which was a longish sheet of paper with a line down the middle. When I bought something for our joint economy, I wrote it down on my side of the list, and he did the same. For the first 6-9 months, we actually added everything up on our respective sides of the list and settled up. Then we realized that because of our buying patterns, we were always within about $5 - 7 in our respective totals. After actually exchanging money a couple of times, we realized it was so close and so balanced that we stopped. I'm not sure it saved us money, but it sure saved us aggravation. If we'd changed our habits or spending patterns for our joint purchases it would have been different of course, but for us it worked. The nice thing was that it moved us to another level of trust and eliminated a potential source of conflict, which might have been detrimental if we'd started suspecting that "he/she isn't paying his/her share." I used the same technique, much later, in business and found much the same result. .. My old boyfriend and I used a very unsophisticated system – a refrigerator list, which was a longish sheet of paper with a line down the middle. When I bought something for our joint economy, I wrote it down on my side of the list, and he did the same. For the first 6-9 months, we actually added everything up on our respective sides of the list and settled up. Then we realized that because of our buying patterns, we were always within about $5 – 7 in our respective totals. After actually exchanging money a couple of times, we realized it was so close and so balanced that we stopped. I’m not sure it saved us money, but it sure saved us aggravation. If we’d changed our habits or spending patterns for our joint purchases it would have been different of course, but for us it worked. The nice thing was that it moved us to another level of trust and eliminated a potential source of conflict, which might have been detrimental if we’d started suspecting that “he/she isn’t paying his/her share.”

I used the same technique, much later, in business and found much the same result. ..

]]> By: deepali http://financefreelancelife.com/2009/01/12/pros-and-cons-of-tracking-your-spending-manually/#comment-35903 deepali Wed, 14 Jan 2009 20:18:58 +0000 http://financefreelancelife.com/?p=1282#comment-35903 I'm a manual tracker with a spreadsheet program. My document has multiple worksheets - one for each month, which is further broken into weeks, and every single expense is marked on there (only takes a few minutes each night). One that tracks over months, by category (which is determined by what is entered in the monthly sheets). One that tracks my bank account out to the end of the year (verified almost daily online, and the same for savings accounts). And a few random others for tracking other things (and making charts and graphs and other geeked out fun). Been doing this since fall of 2006. It's like tracking food - when you have to do it manually, you're less likely to spend/eat frivolously. I pared down my expenses so much that I paid off debt super fast. The only thing that isn't tracked singly (and only tracked in my bank account if it is deposited) is random money I receive. By not including it in monthly expenditures, it still looks like I only have X to spend, freeing up more extra month at the end of the month to go into savings. I’m a manual tracker with a spreadsheet program. My document has multiple worksheets – one for each month, which is further broken into weeks, and every single expense is marked on there (only takes a few minutes each night). One that tracks over months, by category (which is determined by what is entered in the monthly sheets). One that tracks my bank account out to the end of the year (verified almost daily online, and the same for savings accounts). And a few random others for tracking other things (and making charts and graphs and other geeked out fun). Been doing this since fall of 2006. It’s like tracking food – when you have to do it manually, you’re less likely to spend/eat frivolously. I pared down my expenses so much that I paid off debt super fast.
The only thing that isn’t tracked singly (and only tracked in my bank account if it is deposited) is random money I receive. By not including it in monthly expenditures, it still looks like I only have X to spend, freeing up more extra month at the end of the month to go into savings.

]]> By: Frugal Trenches http://financefreelancelife.com/2009/01/12/pros-and-cons-of-tracking-your-spending-manually/#comment-35902 Frugal Trenches Wed, 14 Jan 2009 20:10:10 +0000 http://financefreelancelife.com/?p=1282#comment-35902 I'll admit I keep track manually with the help of online banking! I’ll admit I keep track manually with the help of online banking!

]]> By: Canadian http://financefreelancelife.com/2009/01/12/pros-and-cons-of-tracking-your-spending-manually/#comment-35889 Canadian Wed, 14 Jan 2009 16:15:20 +0000 http://financefreelancelife.com/?p=1282#comment-35889 I think I must win the prize for the most low tech. I track my spending on paper! I have a binder with loose leaf paper. At the beginning of the month I write the category headings (e.g. Groceries) at the top of separate pieces of paper (or some share the same page, and I leave space for the details), and as I spend money throughout the month I write the details down under the appropriate heading. At the end of the month I add up all the categories and put the totals on a monthly summary page. I think I must win the prize for the most low tech. I track my spending on paper! I have a binder with loose leaf paper. At the beginning of the month I write the category headings (e.g. Groceries) at the top of separate pieces of paper (or some share the same page, and I leave space for the details), and as I spend money throughout the month I write the details down under the appropriate heading. At the end of the month I add up all the categories and put the totals on a monthly summary page.

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