Financial micromanagement might not be for everyone, but sometimes it really helps to see where every penny is going. You’d be amazed at how much you might spend on coffee or snacks.
In the past I’d used Excel to track my spending. It might not have been the most simple form of tracking, but it was the most flexible in that (so long as you’re fairly competent with Excel) I could chart that data any way I wanted.
Still, there’s something to be said for simplicity. Recently my family has tried to use the web-based MoneyTrackin.com. It provided a good set of features, but still didn’t work exactly as I’d wanted. Up next we’re probably going to take a look at Wesabe or Yodlee MoneyCenter.
What about you? How do you track your spending?
I put most of my purchases on my debit card, and download them from the bank’s online banking into Quicken every few days. Quicken auto-categorizes most things, and categorizing the remainder of the transactions doesn’t take more than about 10 minutes a week.
The result over a period of time is that I know exactly how much money I’m spending in each category, and it’s easy to make comparisons to prior years.
Same here George but I just use the online banking since I can view the entire year. I dont make comparisons though each year we seem to make more and more money so therefore we end up spending more and more money
I do track my spending with MS Money (because it was compatible with my bank statement, but I feel it was taking too much of my time and making me even more neurotic.
Then I hear about CIBC credit card that would show your spending pattern in categories. Turns out to be completely useless! While A&P purchases show up correctly under “groceries”, Dell purchases shows up as “Financial Services”! Shoppers Drug Mart is list under “Education”?
I’m using Excel now. It is very flexible. It is initially hard setting up the format. But once it is done, everything is easy.
I use Excel to track my money. There was a neat little sample spreadsheet in a book called America’s Cheapest Family, that I borrowed from the library. I just set it up in Excel, and work off of that.
I just wrote a post on my blog about my experience over the last month using wesabe!
http://save-more-money.blogspot.com/2008/07/wesabe-after-month.html
Cheers,
Tom
I recently started using Cha-Ching (http://www.midnightapps.com/) which I love! My husband always used to use Quicken for Mac, but I like this one more. It has an easy enough interface that my 6 year old daughter often inputs purchases, etc for me! I don’t know if anyone else is a mac user here… but I recommend the program… AND keeping track of your spending! People think we are a little obsessive with the money tracking and budgeting… but hey– WE aren’t in debt:)
I track my spending using an old school Palm Pilot and a copy of Pocket Quicken. To track debts among friends, I use the wonderful online service http://buxfer.com
I still use Microsoft Money 2004 and I track pretty much everything I spend (cash is rounded to the next quarter). I bought Quicken last year, but it failed to import the MS Money data as promised. I’ll start over from scratch in Quicken for 2009.
Everything is tracked online including credit cards statements.
Are the sites like Wasabe safe to upload such sensitive information like bank and credit card stuff?
I hate Excel. My brain just doesn’t think that way.
I rely on my CIBC Visa to categorize my purchases (and I charge everything, pay in full monthly to prevent interest fees, but collect aeroplan miles that way).
But as someone said above, it is not very accurate. I don’t find it useless as the previous poster said, but it is not very nuanced, and I’m hoping they’ll improve it one day
Groceries and retail goods are categorized together, for example, so I can’t tell how much I’m spending on clothes vs. groceries.
However, it does separate restaurants out, which is useful for me (and frightening, when you see how much you can blow without knowing it just on eating out).
… I fear tracking my money … I occasionally check my online banking and there are sooo many little transactions that add up quickly … it’s scary to see that I’ve aimlessly spent hundreds of dollars in one weekend… just on things like groceries, eating out, gas etc.
While looking for the answer to that very question I found a great blog for general motivation as well. Here’s their archive of articles on finances… One of them (I forget which) has like 7 programs reviewed.
http://zenhabits.net/2008/07/golden-money-list/
I was scared in the beginning to reveal my sensitive information to Buxfer. But I found that it doesn’t store it. So its safe.
It uses google gears.
I used excel but found it very time consuming. We had a spreadsheet all made up for each month and it added it all up into a master yearly spreadsheet as well.
I would like to maybe try Quicken.
I have been using Microsoft Excel, solidly, I track everything. I am a numbers person. I am currently unemployed so I need to know where every cent goes. I have taught my husband. I budget for every paycheque. I also have my mortgage on my spreadsheet and a spreadsheet for any savings I have incurred and coupons used; it all adds up!!
I use Excel. I know where every penny of our money goes. I have categories for food, eating out, gifts, entertainment, pets, etc. I’m jind of OCD with being organized but hey it works for me.
I use Excel to track every penny. It works very well for my family. It has taken us years to “perfect” the format — entry, display, computing, reports, each area has been tweaked over 7 years of marriage. I think we have it perfect now. (Until I revisit the format next year — lol!)
Call it a bit of an obsession, but being able to match the bank balances with my budget sheet to the penny — project and save for expenses — track our spending — plan for the future — watch our savings grow and our debts shrink… it’s all very rewarding and takes me about 10 minutes every three or four days to maintain.
I love it! — oh, and it’s completely private. No “host” company sees any of my entries.