How do you all track your spending?

saving2704

I keep track on a spreadsheet that is like my bible! Its the only way I can keep track of outgoings, paying off my CC quickly and saving for the fees to move home. I can get it to the penny most months

My friends used to laugh at me. Everytime they asked me to go out they'd say "do you need to check the spreadsheet first" but slowly they have all asked me to design one for them! Its a pain to set up initially but I've had it for around 6 years now and all my formulas are pre-set. Whilst I'm watching the soaps I just nip on my laptop and match it to my internet banking.

My friends say it helps them manage their bills, utilities etc better and - most importantly - stops them from going overdrawn when they forget about a bill and incurring bank charges.

I couldnt live without it now.

I've tried the apps and things but none are as accurate as my spreadsheet. Plus some months I might want to alter some figures (amount I'm saving etc) and I found I couldnt do that well with the apps.

Honestly - at the end of the month when you have a few pounds left its very rewarding!

saving2704

I also budget myself to a set amount of cash per week. I call it my spending money! I take a set amount of money out the cash machine on a friday and thats it til the Friday after. I have got quite good at keeping the "if i dont have the money in my purse for it, i cant buy it". The only exception is petrol.

davenport151

thecassman86 wrote: »

Hey :wave:

Firstly, congrats on clearing all of those debts - that's impressive, i bet you're so glad to have it all gone!

The "spending diary" idea that you mentioned is definitely the most popular here; but i understand why it's not ideal for everyone... I'm not sure of any apps that do it but i'm pretty certain that they exist... If they don't i'd make one (i'm a developer!).

Anyway, another idea that seems to work is if you know you have £500 this month then draw it out of the bank as cash and split it equally into 4 envelopes - one for each week of the month... Then simply don't use your card again that month. Everything you have available to spend is as cash in envelopes.

Do be aware though that months do not fit into the exact 4 weeks. I tend to check agead to see how the month falls and arrange budget accordingly.
This also works to advantage/disadvantage for me as some months I fall short on contract hours some over. I set a sum for each month that covers both.

JimmyTheWig

suse* wrote: »

When I go food shopping I split the bill between junk food and "proper" food as well, to try and help me eat better.

Do you do this by going through the receipt manually afterwards?
Or have you got a better way?

thecassman86

davenport151 wrote: »

Do be aware though that months do not fit into the exact 4 weeks. I tend to check agead to see how the month falls and arrange budget accordingly.
This also works to advantage/disadvantage for me as some months I fall short on contract hours some over. I set a sum for each month that covers both.

Yes, good point, i should have made that clearer! I worked in payroll for 5 years - it doesn't half make things awkward at times

blisteringblue

You can get 10% off YNAB via a referral link.

OK I see that person is now making money from that 10% off link so I better remove it as it's not allowed on here.

Anyway I now have my own referral link, if you want 10% off drop me a PM, I guess the same goes to anybody out there using the software.

kjp

I have a spreadsheet which I update most days, I found it somewhere on the internet and gradually have adapted it to meet my needs! I put in how much I want to spend per category at the beginning of the month, and it gives me a money left either green, or red if I'm 'overdrawn' in a category (happening less and less!)

I update it on either my ipad or laptop, but it's stored in Dropbox so can access it on my phone or at work, wherever I need to.

I also use the piggy bank system with esavers for car insurance, car maintenance, holiday and gifts, and transfer those manually at the beginning of the month (more satisfying than standing orders!)

And yes, everyone I've ever told about my system mocks me, but i know to the penny how much is in my purse/bank accounts/credit cards so I don't care!

FireWyrm

kjp wrote: »

And yes, everyone I've ever told about my system mocks me, but i know to the penny how much is in my purse/bank accounts/credit cards so I don't care!

A fool and their money are soon parted. Those of us who practice safe financial planning are no fools and consequently, dont get left holding the baby....mixing the metaphors.

You carry on, and you will be the one sitting pretty with the zero mortgage and savings in the bank long before your friends have twigged how to get their cheque books to balance.

PeacefulSlumber

Wow! Thanks so much, there are some great suggestions there. I hadn't even thought of having separate accounts for different spending types. I think a spreadsheet is the way to go.

And thankyou for the words of congratulations!

Giraffeseeker

Try YNAB on trial. It has literally revolutionised my financial life. In 7 weeks I have paid off a small credit card, saved and bought a new £200 TV, have money put away for road tax, Christmas and a holiday, and my income hasn't changed. I've not really "gone without" anything either - well nothing I care about. I bought it on Steam after the trial and it is the best £30 I have ever spent, and I would not be in £27K of debt right now if I had found YNAB earlier in my life. I've done spreadsheets, free apps, Mint, MS money - but nothing worked. YNAB is brilliant and addictive and turns managing your money into some weirdly enjoyable strategy game.

Best. thing. ever.