Paying by debit card

Citygirl1

Can I just ask, for those of you who pay via debit card and not cash, how do you keep track of what's going out of your bank account when lots of different transactions are showing on your statement.

I have just started paying contactless for almost everything and its so much easier but I am finding it harder to keep a track of my spending than when I used to use cash.

tori.k

I do a daily reckoning, this is transferred to a spreadsheet ( I'm old fashioned) but there are also apps like ynab ( you need a budget) out there that people swear by.

beedeedee

You can still ask for a paper receipt with contactless. I put them all on an old fashioned desk spike when I get home and then they're all in chronological order. Easy then to add up what you've spent daily, weekly or monthly......

karcher

Citygirl1 wrote: »

Can I just ask, for those of you who pay via debit card and not cash, how do you keep track of what's going out of your bank account when lots of different transactions are showing on your statement.

I have just started paying contactless for almost everything and its so much easier but I am finding it harder to keep a track of my spending than when I used to use cash.

I honestly don't understand why?

I know how much I'm paid and I know how much I have left after paying the bills. No difference when paying with cash or card, you know how much you can spend so you keep that sum in mind and don't spend more than you usually do.

Failing that keep receipts next to your card and check your balance online every day.

Citygirl1

Thanks for your replies. How do you allocate how much you need to spend for a week? I used to draw out cash in advance for the week and when it was gone then I knew I had spent my week's limit.

Keeping_Motivated

Maybe it would suit you to have a spending account that just has your weekly spends in it and you could keep track by having the banking app which you can check daily and then add hoc through the day if you need to.

YORKSHIRELASS

I find debit card easier than cash because I see on my online banking straight away what I have spent money on. However, what I do is I have a diary. I write all my DDs and SOs in at at the beginning of the month then each day I add my other spending and keep a running total of my balance.

Once a week I transfer it all to a spreadsheet to analyse my spending into categories. Maybe sounds like a bit of effort but it works for me!

tori.k

Citygirl1 wrote: »

Thanks for your replies. How do you allocate how much you need to spend for a week? I used to draw out cash in advance for the week and when it was gone then I knew I had spent my week's limit.

Why would it be any different, if you have £50 you have £50 regardless if it's cash or card, it's horses for courses if cash keeps you disciplined and works best for you then that's the system to use.

purpleivy

If you read Frugal Queen's blog, you will find that she approaches spends from a completely different angle. At the beginning of the month the preplanned budget is checked and there isn't a need to monitor spending too rigorously, as she knows in advance what the spends will be. If it isn't on the budget it doesn't happen. She doesn't approach from the point of view 'I have x pounds to last till whenever'.

trailingspouse

It's much easier to track things when you pay by debit card, as it's itemised on the bank statement rather than just saying 'cash withdrawal'.

bouicca21

I think it's much easier to lose track if using a debit or credit card. I check my account online regularly to see where the money is going and how much is left.