How much time do you spend monitoring your finances?

tinalives

I think you're right, I also have a business and deal with my personal finances in the same way.

ms_london

I am a sucker for spreadsheets, and I do check them a few times a day!!!

I check my online banking every few days, but always know what is in my account & what is due to come out/go in.

For day to day spends I write down every time I use my debit card/withdraw cash, and then subtract that from the available balance, so that I know what I have left to spend (after bills & stuff...).

I used to be absolutely awful with money (hence the debt!!!), if it means I no longer have the money worries I used to, then i am happy to be neurotic.

:0)

Mark7799

I started this off becuase I was curious as to the number of people commenting 'I went overdrawn and got charged' (or various words) and was wondering how much time people spend monitoring their finances and how they do it. Incidentally, I use a spreadsheet which I update usually 2/3 times a week and check it to online banking to reconcile about the same number of times.

I'm not saying I never go overdrawn but I haven't paid any unauthorised charges for years (possibly part of the discipline of being ex-bank staff - when I started working, a staff member going overdrawn was considered a MAJOR crime). Although I don't wring every last penny out of my money I try not to waste any either.

Interesting to see the responses so far - has anyone's system failed them?

Ember999

A lot of you are mentioning you use 'spreadsheets' etc. can anyone advice me how to make one? I have Microsoft Excel but have never used it and have no idea how to make a spreadsheet of the type you are all talking about! Can someone maybe send me a copy that I can adapt to me? I would appreciate it if possible as it seems so useful to most of you. Sadly, never known how to use Excel

Philip624

I have a spreadsheet with all my balances down to the exact penny. I then look at the totals each month for say credit card spend and overdraft on bank account and use that as my target for the next month, i.e. must make sure next months totals are both lower.

lifesachallenge

Ember999 wrote:

A lot of you are mentioning you use 'spreadsheets' etc. can anyone advice me how to make one? I have Microsoft Excel but have never used it and have no idea how to make a spreadsheet of the type you are all talking about! Can someone maybe send me a copy that I can adapt to me? I would appreciate it if possible as it seems so useful to most of you. Sadly, never known how to use Excel

Hi Ember - your first point of call should be Martin's easy peasy budget spreadsheet: http://img.moneysavingexpert.com/budget.zip

This will allow you to put in all your expenses, against what you earn and do all the calculations for you.
This really helps to track where your money goes and how quickly you can pay off debt if you increase payments here and there
Good luck

Dammam

Pre debt, I couldn't bring myself to look at my account most days - which made matters worse. Now, with my debts finally cleared I check the bank account daily and spend some time every day on the spreadsheet and here, making sure things never get out of control again.

louise1234_2

I thought I was neurotic checking my accounts about 4 times a week online!

I am not on a tight budget at all, and have plenty of free money, so it's not that important for me to know where every penny is going. I always check I am not getting too low, but as I use one main current account I can keep a rough idea of the balance in my head.

I've never really needed to use spreadsheets for my finances. I have savings to pay for any large unexpected expenses - eg if washing machine breaking down.

tinalives

I have savings to pay for any large unexpected expenses - eg if washing machine breaking down.

I hope to be in that position one day!

THE_ROCK84

louise1234 wrote:

I thought I was neurotic checking my accounts about 4 times a week online!

I am not on a tight budget at all, and have plenty of free money, so it's not that important for me to know where every penny is going. I always check I am not getting too low, but as I use one main current account I can keep a rough idea of the balance in my head.

I've never really needed to use spreadsheets for my finances. I have savings to pay for any large unexpected expenses - eg if washing machine breaking down.

I check my accounts every 3 hours! all of them!