How do you track your spending?

Bloomberg

Corona wrote: »

Sorry if this is a very basic question but I'm looking for ideas about how to best track my spending - on a daily basis especially; how to (and how often to) transfer to weekly or monthly accounts; how best to keep hold of receipts; how to keep track of budgets. I've tried various methods but I'm SO disorganised that any method I try doesn't last long). We also have a joint account and my husband is even worse for keeping receipts than I am. We need an easy method that works for both of us.

2014 is going to be a year when we need to focus on reducing our spending and increasing our savings, so it would be great to start the year with a system already in place.

Any ideas greatly appreciated. Thanks.

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The best way to keep track of your money is to avoid cash and use a credit card. I use my credit card for all of my spending and use the mobile app to check how much I have spent. This way I don't have to bother keeping receipts and tallying them up. I bought my daughter a toy from Argos, it broke two days later. I did not have the receipt so I just went to the store with the credit card I had used and the transaction was verified and a replacement issued. Credit cards really are the way forward. All the best.

~Chameleon~

Surfbabe wrote: »

Can any one recommend one for use on an iMac. Had been using Money MS 2000 on old Windows PC.

Thanks

I use Moneydance, have done for several years (it replaced MS Money when I moved to Mac) and it's great at handling multiple accounts which is just as well as I have numerous credit, current and savings accounts. Everything is projected 6mths in advance so I know exactly how today's spending will affect future spending and available funds.

I very rarely use cash and all general spending goes on a single credit card which is then paid in full every month. Each transaction is categorised so I can see where my money is going via a simple chart or graph.

I'm a bit anal about it to be honest but then I've never been overdrawn (other than pre-arranged student overdraft @ 0%) and never pay interest or bank charges unless I'm transferring a balance.

Preeti12

Quick Book is also very good software for money tracking.

Scruffer

I used Microsoft Money for years, but in November I switched to 'Account Tracker' which is available for iPhone, iPad (and I believe Windows phone). There is a free version of it, but I went for the paid version which was about £1 for the main programme and £2 to allow it to talk over the 'cloud' with my iPad and iPhone versions. There is no annual fee and the support offered by the developer is brilliant.

Being a veteran of MS Money it was quite difficult to decide to make the switch. I knew MS Money inside out, and I'd save all my receipts until I got home, then enter them into MS Money and manage my budget like that. Having decided to make the switch I downloaded the Account Tracker programme to my iPad, then spent about an hour working out how it worked, and the logic behind each transaction.

I then put in my bank balance, added in all my direct debits and regular payments and sat back. Within an hour or so I'd closed down my MS Money and transferred to Account Tracker.

When I spend money in shops or go to the cash machine I immediately deduct that amount from the programme on my iPhone. So now I have an up to the minute record of my account balance and budget at all times. As ever it's important to make regular back-ups. I wouldn't go back to MS Money now.

T0mmyh

I'm amazed how many people manually add things up! Even on spreadsheets by the sound of it!

I have a very detailed spreadsheet that splits my budget out to all the relevant areas, food, bills, saving for Xmas, insurances etc.

I then download my bank statements once a week sometimes more, reference them and formulas do the rest. Even links in my credit cards (1% cash back, paid off in full each month)

Projects how much I've left to spend each month. Can go back about 4 years now!

We have a New Years tradition of having a financial review, me and the wife see what we've spent more on, has income risen etc!

JuicyJesus

T0mmyh wrote: »

I'm amazed how many people manually add things up! Even on spreadsheets by the sound of it!

I have a very detailed spreadsheet that splits my budget out to all the relevant areas, food, bills, saving for Xmas, insurances etc.

I then download my bank statements once a week sometimes more, reference them and formulas do the rest. Even links in my credit cards (1% cash back, paid off in full each month)

Projects how much I've left to spend each month. Can go back about 4 years now!

We have a New Years tradition of having a financial review, me and the wife see what we've spent more on, has income risen etc!

I actually do the same. Have been doing it since about 2007, current incarnation of the spreadsheet goes back to late 2012, but I've got data going back to 2011ish. Spreadsheet calculates interest on debts, tax on salary, company pension value and also tracks cashback and income from survey sites and Quidco.

I appreciate that's a bit beyond what most people can do if given a copy of Excel though

T0mmyh

True.

Can't beat a bit excel for managing your finances