How much time do you spend monitoring your finances?

Mark7799

In various other threads (not naming or picking on anyone in particular) there have ben a lot of comments and complaints about overdrafts and charges. How much time do people spend on monitoring their personal finances to try and prevent such 'unforseen' situations occurring? With the availability of online banking (and presumably every MSE posting has internet access in soem form) how hard is it to monitor finances?

Just wondering.............

Xbigman

Normally I update my spreadsheet every time I spend money, so 5 minutes a few times week. However, when I had a dispute with London energy I logged onto online banking every day to watch for a DD from them appearing, so I could cancel it immediately.

Once a year I do a major spreadsheet update and budget for the next year. Takes an hour or so.
Regards




X

Ember999

I log on to my three current accounts (First Direct, Smile and Lloyds TSB Scotland) daily! Just to check how much I have got, what has been spent and that sort of thing...bit obsessional maybe but I like looking at my accounts

tinalives

I use Microsoft Money to track my finances and project cashflow etc and I reconcile my bank account every morning.

Excessive? Maybe, but at least I'm more in control of what's going on.

tinalives

LOL! Ember, my post just crossed with yours!b

nearlyrich

I look at my accounts on line most days, I move "spare" money by standing order to a high interest account as soon as I get paid, before I have chance to think about what I could spend it on, use credit cards but have full balance dd's set up to pay them (except my stooze cards). I have an agreed overdraft limit of 3 times my net monthly pay that is fee free, I just pay interest if I use it. I try very hard not to but I think the worst month I was about £1500 OD for almost the whole month and it cost less than a fiver in interest so it's cheaper than £25 for a bounced DD or whatever.

I have DD's or SO's set up for everything including a payment into the joint account for utilities, council tax etc and the kid's allowances intotheir own accounts, I don't carry much cash at all. I update my budget as necessary, I have savings accounts for different things and luckily I earn more than I spend. Sometime the cashflow is a little stretched but I haven't paid interest on a credit card since 1990, I think a few minutes several times a week is a reasonable investment to ensure everything is running according to plan.

I don't track every penny but I know how much I can spend without causing problems.

Penny-Pincher!!

Hi There

I spend about 15 mins a day updating my finances etc. I use the Woolwich Openplan Current Account and everything is paid via DD and SO. On my laptop I use Quicken and have all ins and outs noted for 6/12 months at a time-so I know exactly what I have and dont have :dance: As the items are paid out of current account or funds deposited-I amend Quicken accordingly. I have only ever once been charged for a bounced cheque(didnt have to pay) and that was 9 years ago when I was young and stupid :eek:

I have linked saving pots that pay 4.5% on anything over £50. I am transferring left over cash from our grocery/petrol budget each month and this is being put into a conservatory pot-we have £600 so far-dont tell DH as he'll find something to spend it on..lol :silenced:

We now live on benefits as Ive had to quit work due to becoming worse with my disabilities :mad: OH is my FT carer. I could never have budgeted as well as I do if it wasnt for this website :T :j :beer: We have cut back on everything, and compared to last year-we are saving £700 a month-just by cutting back on groceries, utilities, insurances, petrol, DD's that werent needed, mobiles on contracts, magazine subscriptions, etc, etc.

Penny-Pincher!!
xxx

System

I update my finances most days. When i am waiting for a payment, put in a cheque, or expect money to go out i may go into my internet banking a couple of times a day. I like to keep on top of things.

tinalives

After seeing everyone else's posts I don't feel quite so neurotic!

catalonia13

I also bank on-line daily, I run a very 'tight ship' with very limited income, and rarely anything left at the end of the week! I have everything on Standing Order that can be (14 of them!) and amend them at least the day before my tax credits go in if necessary. I don't think you're neurotic at all, if you are then so am I!

lush_walrus

Hhhm, I think I might be obsessive. Every day I check every account (I have 10 different accounts for different reasons) and every lunchtime I update a diary I keep on what needs to be moved to where etc. Literally without fail I do that, even when Im ill.

I think its due to having a business, I have to oversee the lot every day to make sure that people have their wages, money for invoices, VAT, there is enough money for tax etc etc. Having to bring all of the figures together for that has made me obsessive even of personal accounts