How do you track your finances?

Organgrinder

Part of my reason for tracking my finances is so I can put whatever part of my earnings is in the higher tax bracket into my pension. 

If I'm honest I don't agree with this tax break but anyone in any pension scheme who pays higher tax is able to get it. Pension deducted pre tax from salary does this automatically. Personal pension payments are reliant on a tax return or communicating with HMRC.

The second reason is to track when I can fully retire. I thought initially this would be 61 but it looks very much like I can retire a year earlier. Mostly this has been achieved through strong pension growth in my personal pension (22% in 18 months), stoozing, pay rises, and extra exam marking. In total, these amount to around £15,000 I think, which is more than enough to cover retiring a year earlier.

Of course it is all subject to whether this performance continues. Fingers crossed I've not jinxed it!

louby40

[Deleted User] said:

I have recently decided to simply stop tracking spending so closely. I know my income and basically it only changes in April each year and will never go down. I just ensure there is enough in the annual bills/commitments account to pay out as necessary.
I know what I can spend on myself each month, plus some fuel for the car.
For the next 10 months I will concentrate on replacing savings that were used to buy a newer car and building up some savings for travel. This will be complete by Christmas. 

Last month I set up a S&S ISA. Plan to send £100 a month to it just to see how it goes. Not really fussed about returns.

I have  a spreadsheet, but enter and work out figures manually as more interesting than having it automated. May sometimes use the auto-sum function if I am feeling a little tired lol!
However, I do enjoy writing things out in a good quality notebook with a decent fountain pen.
Not into switching stuff around except occasionally for car insurance and home insurance.
Never been into maximising this and that, especially if too much time is involved.
In recent months, if I am spending more than thirty minutes to one hour a week thinking about money stuff I tell myself off lol.

Where are you putting your £100 a month. I'm thinking of putting some money into a S & S ISA when I retire from teaching later  this year. I've currently got a SIPP with Vanguard which I'm drip feeding money to. Rate of return was good until Trump started messing with Russia/Ukraine.

Still, it's going to sit there for another 5-6 until I fully retire at 61 or so and then hopefully will bridge the gap to state pension at 67. 

Albermarle

louby40 said:

[Deleted User] said:

I have recently decided to simply stop tracking spending so closely. I know my income and basically it only changes in April each year and will never go down. I just ensure there is enough in the annual bills/commitments account to pay out as necessary.
I know what I can spend on myself each month, plus some fuel for the car.
For the next 10 months I will concentrate on replacing savings that were used to buy a newer car and building up some savings for travel. This will be complete by Christmas. 

Last month I set up a S&S ISA. Plan to send £100 a month to it just to see how it goes. Not really fussed about returns.

I have  a spreadsheet, but enter and work out figures manually as more interesting than having it automated. May sometimes use the auto-sum function if I am feeling a little tired lol!
However, I do enjoy writing things out in a good quality notebook with a decent fountain pen.
Not into switching stuff around except occasionally for car insurance and home insurance.
Never been into maximising this and that, especially if too much time is involved.
In recent months, if I am spending more than thirty minutes to one hour a week thinking about money stuff I tell myself off lol.

Where are you putting your £100 a month. I'm thinking of putting some money into a S & S ISA when I retire from teaching later  this year. I've currently got a SIPP with Vanguard which I'm drip feeding money to. Rate of return was good until Trump started messing with Russia/Ukraine.

Still, it's going to sit there for another 5-6 until I fully retire at 61 or so and then hopefully will bridge the gap to state pension at 67. 

Who the providers of the S&S ISA or SIPP are is of much lesser importance than the investments you choose to hold in the ISA or SIPP

So you can not say my Vanguard SIPP is not performing, it is the investments you hold within it that bring the positive or negative performance.

I am sure you know that, but a lot of people get confused about that. 

Although there has been a small downward blip in markets in the last few weeks, the last 3 years have been pretty good. Also the relationship between the news you see/read about, and stock market moves is a bit tenuous at best. The latter are more concerned about future company profits, than the various conflicts around the world. 

Organgrinder

louby40 said:

[Deleted User] said:

I have recently decided to simply stop tracking spending so closely. I know my income and basically it only changes in April each year and will never go down. I just ensure there is enough in the annual bills/commitments account to pay out as necessary.
I know what I can spend on myself each month, plus some fuel for the car.
For the next 10 months I will concentrate on replacing savings that were used to buy a newer car and building up some savings for travel. This will be complete by Christmas. 

Last month I set up a S&S ISA. Plan to send £100 a month to it just to see how it goes. Not really fussed about returns.

I have  a spreadsheet, but enter and work out figures manually as more interesting than having it automated. May sometimes use the auto-sum function if I am feeling a little tired lol!
However, I do enjoy writing things out in a good quality notebook with a decent fountain pen.
Not into switching stuff around except occasionally for car insurance and home insurance.
Never been into maximising this and that, especially if too much time is involved.
In recent months, if I am spending more than thirty minutes to one hour a week thinking about money stuff I tell myself off lol.

Where are you putting your £100 a month. I'm thinking of putting some money into a S & S ISA when I retire from teaching later  this year. I've currently got a SIPP with Vanguard which I'm drip feeding money to. Rate of return was good until Trump started messing with Russia/Ukraine.

Still, it's going to sit there for another 5-6 until I fully retire at 61 or so and then hopefully will bridge the gap to state pension at 67. 

Shepherds via Quidco are paying £105 cashback if you invest £30 a month for I think 12 months. That's 29%!

Of course it may fall. But if it stays level and you and OH invest £30 a month, that's £720 invested with £210 cashback

Albermarle

Organgrinder said:

louby40 said:

[Deleted User] said:

I have recently decided to simply stop tracking spending so closely. I know my income and basically it only changes in April each year and will never go down. I just ensure there is enough in the annual bills/commitments account to pay out as necessary.
I know what I can spend on myself each month, plus some fuel for the car.
For the next 10 months I will concentrate on replacing savings that were used to buy a newer car and building up some savings for travel. This will be complete by Christmas. 

Last month I set up a S&S ISA. Plan to send £100 a month to it just to see how it goes. Not really fussed about returns.

I have  a spreadsheet, but enter and work out figures manually as more interesting than having it automated. May sometimes use the auto-sum function if I am feeling a little tired lol!
However, I do enjoy writing things out in a good quality notebook with a decent fountain pen.
Not into switching stuff around except occasionally for car insurance and home insurance.
Never been into maximising this and that, especially if too much time is involved.
In recent months, if I am spending more than thirty minutes to one hour a week thinking about money stuff I tell myself off lol.

Where are you putting your £100 a month. I'm thinking of putting some money into a S & S ISA when I retire from teaching later  this year. I've currently got a SIPP with Vanguard which I'm drip feeding money to. Rate of return was good until Trump started messing with Russia/Ukraine.

Still, it's going to sit there for another 5-6 until I fully retire at 61 or so and then hopefully will bridge the gap to state pension at 67. 

Shepherds via Quidco are paying £105 cashback if you invest £30 a month for I think 12 months. That's 29%!

Of course it may fall. But if it stays level and you and OH invest £30 a month, that's £720 invested with £210 cashback

Good cashback, but Friendly society investments are best avoided as a general rule.
Although they make a big thing of being cuddly mutuals, the actual product offering is poor.
They offer no investment choice at all and the annual charge is 1.5% 

Organgrinder

Albermarle said:

Organgrinder said:

louby40 said:

[Deleted User] said:

I have recently decided to simply stop tracking spending so closely. I know my income and basically it only changes in April each year and will never go down. I just ensure there is enough in the annual bills/commitments account to pay out as necessary.
I know what I can spend on myself each month, plus some fuel for the car.
For the next 10 months I will concentrate on replacing savings that were used to buy a newer car and building up some savings for travel. This will be complete by Christmas. 

Last month I set up a S&S ISA. Plan to send £100 a month to it just to see how it goes. Not really fussed about returns.

I have  a spreadsheet, but enter and work out figures manually as more interesting than having it automated. May sometimes use the auto-sum function if I am feeling a little tired lol!
However, I do enjoy writing things out in a good quality notebook with a decent fountain pen.
Not into switching stuff around except occasionally for car insurance and home insurance.
Never been into maximising this and that, especially if too much time is involved.
In recent months, if I am spending more than thirty minutes to one hour a week thinking about money stuff I tell myself off lol.

Where are you putting your £100 a month. I'm thinking of putting some money into a S & S ISA when I retire from teaching later  this year. I've currently got a SIPP with Vanguard which I'm drip feeding money to. Rate of return was good until Trump started messing with Russia/Ukraine.

Still, it's going to sit there for another 5-6 until I fully retire at 61 or so and then hopefully will bridge the gap to state pension at 67. 

Shepherds via Quidco are paying £105 cashback if you invest £30 a month for I think 12 months. That's 29%!

Of course it may fall. But if it stays level and you and OH invest £30 a month, that's £720 invested with £210 cashback

Good cashback, but Friendly society investments are best avoided as a general rule.
Although they make a big thing of being cuddly mutuals, the actual product offering is poor.
They offer no investment choice at all and the annual charge is 1.5% 

I don't disagree. But as a short term investment it is potentially a decent return.

Just checked on their website too. There's another offer there. Put £100 in and they give you £100! Ok, you have to leave it there for 12 months but hey, 100% return.

[Deleted User]

louby40 said:

[Deleted User] said:

I have recently decided to simply stop tracking spending so closely. I know my income and basically it only changes in April each year and will never go down. I just ensure there is enough in the annual bills/commitments account to pay out as necessary.
I know what I can spend on myself each month, plus some fuel for the car.
For the next 10 months I will concentrate on replacing savings that were used to buy a newer car and building up some savings for travel. This will be complete by Christmas. 

Last month I set up a S&S ISA. Plan to send £100 a month to it just to see how it goes. Not really fussed about returns.

I have  a spreadsheet, but enter and work out figures manually as more interesting than having it automated. May sometimes use the auto-sum function if I am feeling a little tired lol!
However, I do enjoy writing things out in a good quality notebook with a decent fountain pen.
Not into switching stuff around except occasionally for car insurance and home insurance.
Never been into maximising this and that, especially if too much time is involved.
In recent months, if I am spending more than thirty minutes to one hour a week thinking about money stuff I tell myself off lol.

Where are you putting your £100 a month. I'm thinking of putting some money into a S & S ISA when I retire from teaching later  this year. I've currently got a SIPP with Vanguard which I'm drip feeding money to. Rate of return was good until Trump started messing with Russia/Ukraine.

Still, it's going to sit there for another 5-6 until I fully retire at 61 or so and then hopefully will bridge the gap to state pension at 67. 

I opened a S&S ISA with A J Bell using their DODL App. Very easy and simple. I chose their Balanced Fund. I put in an initial £500 and set up a DD of £100 a month. Plan to carry on for a few years and see how it goes. 

Nebulous2

I don't track very well. We divide up expenditure - by type rather than amount. 

On the 1st of every month I do all my movements from account to account, and make sure there is enough to cover bills. 

I then update two spreadsheets. One with my cash accounts, and another with both of our investments / longer-term savings. The cash one tells me if I've spent more than I've taken in in the last month, and the longer-term one tells me what capital we have for bigger expenditure / emergencies / home move. 

I retired fairly early and we had a chunk of capital to play with. We envisaged burning through most of the capital before state pension age, at which point we will have more income than we need. I quickly took a part-time job, and became attached to having a capital cushion, so we have burned through much less than we intended to date. 

I'm not convinced that closer monitoring would offer me an advantage over something that works for us...  

WYSPECIAL

I just use a spreadsheet that I update once a month which takes about half an hour.
It's more of a comfort blanket so that I know my income continues to  exceed my needs which includes planned savings than a scientific review.

Rich1976

I use a spreadsheet that records monthly essential spends, savings and then fun money/entertainment.

i find it helps to keep track of where all the money is allocated to each month although with the fun money we don’t tend to rigidly stick to a set amount. As long as all the direct debits get paid and we save quite a decent each amount, the amount of fun money tends to be more liquid so if we decide to treat ourselves to a last minute decision of a takeaway or end of week treat then I won’t lose much sleep over it.

we tried to be restrictive but it didn’t work and I get why some people are very regimented with their monthly budgets  but for me it’s more of a monitor of monthly costs and not something that dictates how we live our lives.