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Thread: What is your strategy?

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    #1

    What is your strategy?

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    What is your strategy for keeping track of where your money goes?
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    #2
    Well, we pay ourselves first so I feel like that makes thing easier. If we say "we can spend all but X," that's a lot harder than spending X first and then knowing how much money we have to play with. Like it's easy to overspend the first way, but the second way we CAN'T overspend because the money's already gone.

    Or am I misunderstanding and you're meaning like, keeping track of what categories of stuff we spend on?
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    #3
    Knowing too many details about our spending is overwhelming to me, so I keep it general.
    Each time that we get paid, I map out our money. I list the current amount in our bank account and every necessary bill (phone/internet, CC, car, etc.), then I subtract our bills from what we currently have. Then I write doen the amount that we're going to set aside for savings, and subtract that from the previous number. What I'm left with is what we'll have for gas, groceries and "fun". I can estimate how much gas and groceries will be for two weeks, and will then know about how much we'll have for "fun".

    It's not beneficial for me to have detailed calculations and use money management software. It might be at sometime in the future, but for right now are finances are generally pretty simple.

    "The purpose of life is not to simply be happy. It is to be useful, to be honorable, to be compassionate, to have it make some difference that you have lived and lived well."
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    #4
    Quote Originally Posted by Tojai View Post
    Well, we pay ourselves first so I feel like that makes thing easier. If we say "we can spend all but X," that's a lot harder than spending X first and then knowing how much money we have to play with. Like it's easy to overspend the first way, but the second way we CAN'T overspend because the money's already gone.

    Or am I misunderstanding and you're meaning like, keeping track of what categories of stuff we spend on?
    I mean like keeping track of what you are actually spending your money on. (Like using excel, writing it down, not keeping track at all in specifics) Its just really hard for me to budget, because I never have a steady amount coming in. I feel like I want to know where my money is going though, KWIM?

    Quote Originally Posted by Jenni Penni View Post
    Knowing too many details about our spending is overwhelming to me, so I keep it general.
    Each time that we get paid, I map out our money. I list the current amount in our bank account and every necessary bill (phone/internet, CC, car, etc.), then I subtract our bills from what we currently have. Then I write doen the amount that we're going to set aside for savings, and subtract that from the previous number. What I'm left with is what we'll have for gas, groceries and "fun". I can estimate how much gas and groceries will be for two weeks, and will then know about how much we'll have for "fun".

    It's not beneficial for me to have detailed calculations and use money management software. It might be at sometime in the future, but for right now are finances are generally pretty simple.
    Thanks. Yeah, I'm totally a mathy person so that kind of stuff isn't too overwhelming. I uploaded all of my charges from my main CC onto excel last night, and then labeled each one with a category. I thought I was spending way more than I actually was. I still spend a lot though. Now for my debit charges and other CC....
    R.I.P. My Love, Everyone was supposed to come home together, I'm sorry you had to come home early
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    #5
    We have 4 accounts labeled for different things and we've sat down and figured out what we spend where and where we would put the extra money. Now it automatically goes where it needs to and I never have to worry about it.
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    #6
    I don't really keep track. My bank does a somewhat decent job of taking care of it for me, but it confuses convenience stores at gas stations with getting gas, etc. so it's not perfect. But I don't really pay attention. I just know that after bills 90% of my money is spent on food and booze, and the bar. I have very little disposable income so I have chosen over the last few years to spend it pretty much only on socializing.

    ETA I also do it like Tojai does. All my money goes into a bills account. From there I pay myself what I'm allowed to spend freely in another checking account. I also put x amount in savings. It's easy to see where my spending goes, because all I have to do is glance at my spending checking account and it's all right there.
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    #7
    My strategy sucks. Work as much as possible, spend as little as possible. Every few months, check account and make sure there is money in it.
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    #8
    with more and more thought going into my head of moving out with DB and such this is something ive been wondering. so im gonna be stalking this thread!
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    #9
    By barely spending anything I don't have many expenses right now so I just spend as little as possible as I can and check my bank account every so often.
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    #10
    we have no debt, well except for our house, no car payments no CC debt.

    and we have a unique money situation - but I pay the bills, and then I spend what I want where I want- sometimes I save some times I don't.

    I no longer keep a detailed account of what I spend.
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