The Last Penny

Flat_Eric

I am keen to manage my money so that I can account to the VERY last penny BUT I'm struggling on how best to keep tabs on all my spends so that I don't over complicate things but likewise, I want to be able to see where all my money is going, identify where I can make savings etc

So I thought I would start this thread as a resource to share tips and ideas. :j

Please share how you manage your money, do you keep tabs using a notebook/iphone app/spreadsheet/notes on a scrap of paper etc. Just how much detail do you go into??

moneypenny2k

I use microsoft money to keep tabs on all my bank accounts - a free version which is fully working can be found here. http://support.microsoft.com/kb/2118008 It takes a while to set up but is really worthwhile.
All my bills go out by DD and are scheduled to be auto entered into Money, as are my wages.
I then allow myself a set amount weekly for food, petrol general spending etc which I take out of the bank on a friday. Once it's gone it's gone.

FireWyrm

I use a combination of general discipline, cash only, simple no frills accounts and a money app on my phone.

1) Discipline. One card can be used for household purchases only. This means food, petrol, fuel for the stove only. Another card has discretionary spending, but no overdraft or credit facility. This holds things like the odd lunch out etc.

2) Cash only. Cash is withdrawn for groceries like milk. It is drawn once a month on a set date and once it's gone it's gone. Savings go by DD into savings accounts like a Christmas fund, birthday presents, kids shoes etc.

3) no frills accounts. Only my current account has an overdraft. All of the others are simple cash minders. I've disengaged my old credit card from Amazon and EBay and paid them off. I have one debt outstanding and that is paid off the top by DD each month.

4) I use a cash app on my phone although the reasons to use it have been largely taken away by the above measures. There's no need to record bill payments as they come from one account and I know their amounts and dates to the penny. No discretionary payments come out of the current account for any reason. Credit cards are a thing of the past as of two months ago.

I personally took out a consolidation loan but I am very well aware that this is a dangerous gamble and not a solution that should be considered lightly. I have a single debt now and a single account. I've done all I can to remove both the ability and temptation to spend more than I have. I regularly manage 20 days of NSD in a month. It's a harsh regime, but I came to the conclusion that there was no more choice and it was my last chance to get a grip.

Delree

I use a spreadsheet of my own creation which tracks my monthly commitments and my living money. Each month I allocate an entertainment budget and grocery budget and track these on my spreadsheet. All groceries are bought using my credit card which is then immediately paid when I get home using a faster payment system meaning my account always reflects my true situation. Other credit card purchases are added to next month's budget and paid in full, I always carry a balance if I can but always pay in full, never paid a penny of interest.
It seems quite chaotic but it works for me and allows me 100% control. Experiment and after a while you'll develop a system that works for you.

triple_choc_chip

I use the slim diary in my handbag to record all my cash spending and NSD's. I have a set amount of cash for parking, kids pocket money etc. at the beginning of the month and make sure it lasts so if I am DESPERATE for a new mascara etc it has to wait until the end of a month before I know I can afford it.

I have a weekly budget for fuel and food and if I spend a little more on fuel I have to spend less on food! Every 10 weeks I add up and average it out to check that I'm staying on target. I use one credit card for buying these things.

I have online banking and check this most days as I like to see how long before I run out of money lol! All the d.d's go out by the 8th so after that there's very little activity until the excitement of the Ch. Ben. going in. If I come in under budget for the food/fuel, I pay a little extra off the debt or at this time of year I squirrel something away for xmas, somewhere I won't be tempted to find it again next week or...... I do what Mr Bloater does and I 'bliss drink' - I love that expression. :beer:

Dunree

moneypenny2k wrote: »

I use microsoft money to keep tabs on all my bank accounts - a free version which is fully working can be found here. http://support.microsoft.com/kb/2118008 It takes a while to set up but is really worthwhile.
All my bills go out by DD and are scheduled to be auto entered into Money, as are my wages.
I then allow myself a set amount weekly for food, petrol general spending etc which I take out of the bank on a friday. Once it's gone it's gone.

I normally use an excel sheet that I put together, but this thing here, is it safe enough?

Does it need you bank account details etc??

How does it work?

Heffi1

I use a spreadsheet, with numerous pivot tables, I know how much my DDs are and I forecast an amount for grocery spends, I downlaod my statements from my online banking and give each of them categories, i.e. food, petrol, cash, gas electric etc. I can see how much is left to spend against budget so it does not matter too much what is in the bank as I know how much I am able to withdraw without tipping me over.

I have been doing this for a couple of months now, and for the first time in years I am out of an overdraft and have some money left at payday. Although there is only a very small amount this month as I had some unexpected expenses, but previously I would have overdrawn and then been met with charges, so it is nice to actually be in control of my money for a change...

chickywiggle

good luck. I realllly need to get back on the band wagon but fear it may be from 1st November as birthdays/ holidays/ halloween/ a tw4t of a husband etc have taken over the last few months

EKAndrew

Heffi1 wrote: »

I use a spreadsheet, with numerous pivot tables, I know how much my DDs are and I forecast an amount for grocery spends, I downlaod my statements from my online banking and give each of them categories, i.e. food, petrol, cash, gas electric etc. I can see how much is left to spend against budget so it does not matter too much what is in the bank as I know how much I am able to withdraw without tipping me over.

I have been doing this for a couple of months now, and for the first time in years I am out of an overdraft and have some money left at payday. Although there is only a very small amount this month as I had some unexpected expenses, but previously I would have overdrawn and then been met with charges, so it is nice to actually be in control of my money for a change...

This is exactly what I do - and although I think it needs a couple of tweaks, i do think it works best for me!!

Good Luck and sample a host of things - everyone is different, what works for one doesn't always work for others

NinjaSavingKat

Oooh interesting thread. I use a very simple spreadsheet that I update at work or home and email between. I wish I could make is more colorful though with pie charts and "pivot tables" ( well done Heffi1)..

I take what I need for the week out ( like today I withdrew £80 ).. although have easily scraped through 11 NSD's so far aiming for a total of 15 this month..

Online banking I check everyday..and an app on my phone for my current account. All DD's come out on the 1st of the month. I use a separate account and card for petrol and have a standing order for that from my current account on the 1st of every month. I also use this as a "travel" account in general if I need to take a train somewhere..I have stayed inside this amount since I started it and am more cautious in how I ride ( braking / acceleration etc )..

Food is bought online through Tescos and I use ApprovedFoods to keep the costs right down. Have stopped buying clothes, toiletries and make-up and will budget them into the following month with careful planning and research for cheaper items or unused ones buried somewhere..( shan't be buying new toiletries for a WHITE..)..

I am ruthless.

MsPink

I use gnucash. It's free and it has full report functions so you can do charts galore with whichever dates or accounts. It won't let me link but the website is gnucash .com

I've got quite a large number of "accounts" on there e.g.car is split into fuel, tax, insurance and maintenance.
You can also do future dated payments and recurring payments so you can project forward in time to know how much you'll have at any given time.

It takes a little while to set up, but once it's done it's really easy and helps me to account to the penny and I can see how much I've spent on this in a month/year or whatever dates I want.

Every transactions has two sides. So if I spend £40 on food using my debit card, I can either add £40 to my groceries expense account, linked to my current account, or I can deduct £40 from my current account and link the transaction.

Although I've got online banking for most of my accounts, I reconcile all the payments when the statements come through.

The reports took me a while to find the most useful but I like the income statement and cashflow report the most.