How do you monitor/manage finances?

iVillage Member
Registered: 05-14-2008
How do you monitor/manage finances?
7
Mon, 06-15-2009 - 9:47am

Happy Monday.

iVillage Member
Registered: 01-25-2009
Mon, 06-15-2009 - 10:01am

I keep mine very simple. I get paid once a month, right afterwards I pay mortgage and all the bills, regardless when they are due, put away money for retirement, savings, etc. What is left is to last till the end of the month. If I make a large purchase with credit card, also try to electronically pay it right away. Usually do not carry a balance, once in a while maybe a couple thousand which I take care of in two or three months.

The way I look at it, if all the bills are taken care of, debt repayment on track (my goal is to pay off approximately $60,000 of student loan in 5 years), short (vacation, etc.) and long (retirement) money stashed away, I really don't care if I spent $100 on clothing and $200 on food or $200 on clothing and $100 on food - as long as the total is below budget.

I know I am weird. Some people like to see where every penny goes. I also happen to love getting paid once a month.

iVillage Member
Registered: 03-27-2005
Mon, 06-15-2009 - 10:04am

The month before I sit and

iVillage Member
Registered: 10-01-2008
Mon, 06-15-2009 - 10:14am

I keep my budget on a very simple excel spreadsheet that I have tweaked several times.

Norma


"Patience is the best remedy for every trouble"- Plautus


Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Mon, 06-15-2009 - 10:35am

I have a spreadsheet for everything. I have all of our expenses with due dates listed in order of when they're due, and at the bottom I have gas, groceries, and food for the animals listed.

Next to the list of bills, I have the amounts listed in one of a few columns. Living expenses (including the mortgage and utilities) go in one column. Debt minimum payments go in another. Debt balances go in a third. This allows me to calculate each amount separately so I know at a glance what my debt minimums and total debt are.

When I get a statement, I update the debt balance column, which causes my total debt to adjust automatically (gotta love autocalc!)

I use another column to add what amounts to a check mark indicating that the payment was made for the month.

Any debts that we aren't currently paying are listed below all of that, where they're totaled and do count toward my overall debt numbers.

I have a separate section to keep track of snowflakes, which I update weekly. The total also automatically resets at the top with the rest of my data.

It sounds like a lot, but the end result is wonderfully simple. When I get a statement (usually online) I update my balance for that account and everything else calculates for me. It takes all of two seconds to update an account, so maintenance time is zilch. I love it!

Sarah


sahm, wahm, homeschooling mom to

Sarah
iVillage Member
Registered: 11-17-2007
Mon, 06-15-2009 - 11:13am

I don't do spread sheets would not even know how to begin one. There might be one on my word perfect. There is a lot of junk forms on there I never use.


Every 5 years or so I buy a new version of Quicken for around 30.00 The program last for about 5 or 10 years and it does everything for me.


I have it set up pretty simple really One main checking account. A saving account, one account for each credit card. The two houses are on it and the value of them and how much is owed on them. And one other Checking account that we put our mortgage payment into.


We get paid once a month. I put in the deposit. There is a check that is made out to me in the checking account that is the saving amount. But there is also the saving account on the program to where the saving balance is counted. When the credit cards come in I put down the interest, then take off the payment from each credit card account. This gives me three things I know how much I am paying in interest a month.

iVillage Member
Registered: 08-04-2008
Tue, 06-16-2009 - 12:20pm

I have two spreadsheets on Excell:


1.




iVillage Member
Registered: 03-26-2003
Thu, 06-18-2009 - 1:22pm

I have multiple sources of income... a part time job where I get paid weekly.