Comments on: Day 2) How We’re Tracking Our Spending

By: Denise Fisher

Denise Fisher — Wed, 04 Feb 2009 01:47:41 +0000

I have tried and tried to get Mint to work for me, but it just takes me ’round in circles. I have to enter all the data, security questions and then cross my fingers to see if it will work. Mostly it doesn’t. Occasionally, it will transfer the data from my account, but it never updates automatically after that. Which makes it useless to me.

My most helpful tool is a low-tech blend of a spreadsheet that I use for paying my monthly utility bills, credit cards, and other expenses. I print it out, then enter the information in pencil as the bills arrive, and when I can see that I have all the amounts entered, I use a calculator to determine the monthly total (and if I’ll have to do any “juggling”). With that, I go to my bank’s website and pay most everything online. (A couple of the payments are made through the creditor’s website, rather than through my bank, because the bank’s 5-business-day delay in making the payment cuts it too close to the due date for comfort – and I don’t want to be assessed interest or late charges because of my bank’s snail’s-pace technology).

It will be interesting to compare the techniques that others are using in this challenge. I might end up with a whole new system. Awesome!

By: Chelsea

Chelsea — Wed, 04 Feb 2009 00:22:03 +0000

Hi @mrsmicah,

Great comments here. It’s interesting to see how different people approach tracking spending.

If you’d like any screen shots, additional information, etc., for your review please be in touch!

- Chelsea, Quicken Online

By: ColombianCoffee

ColombianCoffee — Tue, 03 Feb 2009 16:10:21 +0000

I use Mint and I love it. It ensures that I don’t forget to log something. I check it everyday and make sure the categorization is correct. I also love the ability to set up custom alerts ( for example, if I go over budget or have a large expense). We recently received an email from Mint notifying us of an interest rate change on one of our credit cards. We may not have noticed otherwise.

By: mrsmicah

mrsmicah — Tue, 03 Feb 2009 11:50:11 +0000

Mary, glad you discovered it just in time to join up. Welcome!

Passive Dad, of the online tracking options, Mint has been my favorite too.

thisisbeth, I think it’s cool you carry your budget back and forth. That would be a real upside of using the spreadsheet version.

By: thisisbeth

thisisbeth — Tue, 03 Feb 2009 04:23:18 +0000

I use YNAB Excel version, because I have an Apple computer at home, and use an IBM at work. I can carry my budget with me on a flash drive back and forth every day, so I can truly keep an eye on my finance. I’ve been tracking every dollar since October, and it is very helpful. This fall my spending got out of control, but I can see exactly where it went awry and have been working on correting that since the first of the year.

By: The Passive Dad

The Passive Dad — Tue, 03 Feb 2009 01:20:17 +0000

I’ve tried finding software to help track expenses and also wanted a way that my wife could have real time access as well. Since she has an iphone through work, I wanted to try and find a fun application she could use. Mint has been fun to use and track our daily expenses. I love this idea you have to track expenses for 28 days. Great idea…and can’t wait to check everyone’s status.

By: Mary

Mary — Tue, 03 Feb 2009 00:39:36 +0000

I just discovered your blog & what great things you have on here. I’ve decided to join up with your tracking this month even though I’m a day behind on things. I’ve GOT to get things under control for myself even though I feel I’ve cut about every corner I can cut…but I’m sure I can find more. Thanks for the great insight & tips.

By: mrsmicah

mrsmicah — Mon, 02 Feb 2009 21:31:38 +0000

Great question, Diane. Both are fine ways to do it. Spending normally will give you a good picture of your habits so you can find places to spend less at the end of the month. But if realizing that you’re tracking spending leads to less spending and more conscious spending, then it’s great that you’re making changes before the month is even out.

I think that as long as you retain and put to use whatever you learn about your spending habits (whether you spent or realized what you could cut out), then it’ll be a valuable month. So I’d say go with whichever one you think will come most naturally!

By: Diane

Diane — Mon, 02 Feb 2009 21:08:44 +0000

Just one question on this challenge – am I supposed to spend normally but track what I spend, or try to us this to control spending for the month?

I think both methods would be useful – 1 to determine what I’m generally spending money on and 2 to reduce expenses.

By: mrsmicah

mrsmicah — Mon, 02 Feb 2009 18:14:02 +0000

mb, it depends on the financial software. Some (like Quicken) are very complicated. Other types of financial software offer some basic ways to record things and are pretty similar to Excel.

Excel can’t download and import transactions from your banks (which some software can). Otherwise it’s great for basic spending tracking and can be made to do some more sophisticated stuff if you’re good at it.