Thoughtful Thursday: Keeping Track

iVillage Member
Registered: 02-26-2010
Thoughtful Thursday: Keeping Track
4
Thu, 07-01-2010 - 6:31am

What methonds do you use to track your spending during the month? Do you keep receipts, write down purchases in a notebook,

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iVillage Member
Registered: 03-27-2005
Thu, 07-01-2010 - 8:28am

I have a zero based budget.

iVillage Member
Registered: 02-26-2010
Thu, 07-01-2010 - 2:13pm
We do a zero balance budget, too. We were using the enveloe system before we had the baby and were just getting used to it. I started it last month but got lazy/busy/tired/crabby/etc. I'll see if DH and I can get that going again for July.

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iVillage Member
Registered: 02-26-2010
Thu, 07-01-2010 - 5:01pm

I haven't been good about tracking individual shopping transactions since having the baby and being sick.

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iVillage Member
Registered: 12-04-2006
Fri, 07-02-2010 - 2:53am

I hold onto my receipts (especially for cash purchases) and note them into a bank transaction/reconciliation book. I aim to update all transactions for the day in MoneyDance each night, but have gotten off track recently.

I prefer to use MoneyDance for my electronic tracking, but believe it doesn't matter what method is used so long as it works for the person using it.

My tips
* Make time on a regular basis to make sure your spending and budget tracking is up-to-date. If you don't, no-one else is going to do it for you.
* Categorize your spending - but whatever you do, avoid using miscellaneous as a category. If you do, you begin to lose track of spending and it becomes a catch-all category for anything you can't be bothered figuring out a category for.

Lyn

Lyn