Author Topic: Tracking your expenses  (Read 12392 times)

Asgard01

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Tracking your expenses
« on: June 15, 2014, 04:15:49 AM »
I have been tracking my expenses during the last month to the penny. I must say that doing that a couple of weeks ago would of been a no no. I would have thought doing such a thing would have been too obsessive etc and something I wouldn't be willing to do.

I must say though that I have really enjoyed doing it which has surprised me. Before now I had predicted what I would spend roughly in a budget, I pretty much always spent more than this by some amount and would have to look at my accounts to work out again how I had done compared to my planning

It has made me realise such things like, that I consistently spend more on food that I thought, it makes me really question what I buy but not in away that makes me guilty about what I buy. I actually feel good about buying things that I value. Another benefit is that it has made me realise that I could genuinely live at my post budget FI by knowing I am living comfortably now with this amount of money.  This will become even more evident when I have done this for a year.

Do many any of do similar tracking and find it beneficial like me or is it too extreme? :)

Chris

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Re: Tracking your expenses
« Reply #1 on: June 15, 2014, 06:19:32 AM »
I have been using Mint.com for nearly two years to track my expenses, but I always felt there was a leak in the grocery budget.  So in April, I started tracking each individual line item to see where the money was going.  Now, we spend much less on groceries (probably $200 less per month).  My husband thinks it's a little obsessive, but I think $2,400 a year is worth it, so I don't plan to stop.

slugline

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Re: Tracking your expenses
« Reply #2 on: June 15, 2014, 06:31:29 AM »
The ability to notice suspicious/fraudulent activity on my accounts in a timely fashion is enough for me to track things down to the penny. Personal computers make this easy. But once I'm confident all the transactions are mine, I'm not very concerned about following a strict budget.

homeymomma

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Re: Tracking your expenses
« Reply #3 on: June 15, 2014, 06:40:30 AM »
I find it helpful, especially using mint where it's so easy. However, I do think that our old paper-on-the-fridge budget was better at keeping our food spending in particular in check.with mint, unless you check every day, it's easy to forget where you are in the budget until you've already spent too much. We regularly go over in that one category.
I think the hardest part is that I'm trying to keep a strict budget all by myself, but my husband spends money too. Lol. He was at least aware of how his lunches out at work we're blowing our budget when it was posted on the fridge and he had to write them down. Now he doesn't think about it unless I nag him, and then he gets grumpy about the nagging and wants to be able to spend his own damned money however he likes (he's the breadwinner). :)

That being said, it's a lot easier to keep the big picture budget and spending on track using mint rather than a paper budget. Because it records things from months ago, and you can plan better for months ahead... It's easier to keep a truly all-encompassing budget rather than just focusing on monthly discretionary spending and kind of ignoring the huge one-time expenses.

NewStachian

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Re: Tracking your expenses
« Reply #4 on: June 15, 2014, 07:01:29 AM »
Having a budget is always good, but tracking your spending is WAY more important. Many of us are great with deciding what we should be doing, but not so great at actually following through.

As you mentioned, tracking your spending also raises your awareness on spending which consciously or subconsciously shapes your future spending.

Keep up the great work!

NinetyFour

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Re: Tracking your expenses
« Reply #5 on: June 15, 2014, 08:00:02 AM »
I track income and expenses down to the penny.  I enter both into a spreadsheet with several categories.

I have done it for 2.5 years now.  It's fun to see trends.

One area I struggle with is groceries.  But the good news is that my average monthly grocery expenditure has gone from $272.08 in 2012 to $232.72 in 2013 to $176.01 (so far) in 2014.

Gasoline (per month) has gone from $173.37 in 2012 to $107.42 in 2013 to $48.05 (so far) in 2014.  Huge improvement!!

Yeah, I'm probably obsessive about all of it, but I like it.  It's fun and I enjoy it.

I also find that it's easy.  I rarely spend money, so I can go several days at a time without entering anything.

Asgard01

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Re: Tracking your expenses
« Reply #6 on: June 15, 2014, 08:48:40 AM »
Quote
Yeah, I'm probably obsessive about all of it, but I like it.  It's fun and I enjoy it.

Nice to know I'm not the only one who enjoys doing it hehe. It has made me notice how much I spend on quick fast food also, not like McDonald's etc but like sandwiches, or subways or some snacks. I want to move more towards my own packed lunch 4 days a week then probably a subways once a week on a Friday.

I am trying my upmost to live on my independently (plus 2 cats) FI target amount $1100 a month. Barebones FI for me is $840. I never thought I would be pleased to ask, can I have the receipt please :). I think tracking it this way really stops impulse buys and anything buys that really lack value or. Are simply vanity, self image enhancement which provide no real enduring satisfaction.

Chris

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Re: Tracking your expenses
« Reply #7 on: June 15, 2014, 10:37:23 AM »
I track income and expenses down to the penny.  I enter both into a spreadsheet with several categories.

I have done it for 2.5 years now.  It's fun to see trends.

One area I struggle with is groceries.  But the good news is that my average monthly grocery expenditure has gone from $272.08 in 2012 to $232.72 in 2013 to $176.01 (so far) in 2014.

Gasoline (per month) has gone from $173.37 in 2012 to $107.42 in 2013 to $48.05 (so far) in 2014.  Huge improvement!!

Yeah, I'm probably obsessive about all of it, but I like it.  It's fun and I enjoy it.

I also find that it's easy.  I rarely spend money, so I can go several days at a time without entering anything.
I do the same thing. I have been tracking my spending for a year and a half on a running expense sheet. At first I didn't like it, but after you get a couple months in you can create all kinds of line charts and such to give you some visual information as well. It also allows me to see, since inception, what I spend on average per day per category. Once you see the transportation daily expense average out over time with maintenance, gas, and long trips, you can see making changes and how greatly it will benefit.

Suit

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Re: Tracking your expenses
« Reply #8 on: June 15, 2014, 01:12:03 PM »
I've also been tracking my expenses and income for the past few years and I love knowing where my money goes down to the cent each month. Recently I've also started tracking how much I invest, net worth, estimated goal dates (like when I expect to hit 100K invested, etc.). I like tracking and it helps me stay on target for my monthly budget and inspires my competitive side (I bet I can go under my budget for groceries this month, etc.). I've also recently started using Mint and I don't like it as much for tracking my income/expenses but I love the investment tracking and auto calculation of net worth since I was starting to have accounts all over the place.

bacchi

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Re: Tracking your expenses
« Reply #9 on: June 15, 2014, 07:28:34 PM »
I've been tracking expenses for about 10 years. I just added up my car costs and it came to $5000/yr. Ouch.

NinetyFour

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Re: Tracking your expenses
« Reply #10 on: June 15, 2014, 07:34:46 PM »
Wow!  Sorry, but my costs are about $200 per month for my truck.  I just have the one vehicle.  It is paid off, and I hardly ever use it unless I am going out of town.  (I live just about 1 mile from my work.)

That said, I will probably have to buy new tires in the Fall, so there's that.  :(

Zikoris

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Re: Tracking your expenses
« Reply #11 on: June 15, 2014, 08:01:24 PM »
There's not much chance I would ever track manually, so thank god for Mint. I have about 2.5 years of complete spending data for me and my boyfriend. It's great seeing things trend downwards as time passes and our expenses drop. Also great seeing our income trend upwards over time. Great program.

arebelspy

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Re: Tracking your expenses
« Reply #12 on: June 15, 2014, 08:05:40 PM »
There's not much chance I would ever track manually, so thank god for Mint.

+1.

I find it interesting to check at the end of the year how much we spent and on what categories, but if it weren't for Mint, I'd have no idea how much we spend.

Knowing or not wouldn't change our spending, it's just mildly interesting to look at every once in awhile.  But if it wasn't automated, it wouldn't be worth it, for me.
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Re: Tracking your expenses
« Reply #13 on: June 15, 2014, 08:10:04 PM »
I love tracking. I gave not-tracking a go earlier this year and let's just say it didn't work out well for me...

tanhanivar

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Re: Tracking your expenses
« Reply #14 on: June 15, 2014, 08:12:57 PM »
I use the TrackMySpend app (free from the Aus government) - very handy for keeping track of purchases. My bank has an expenditure tracker - necessarily a little different as it includes eg automated payments and doesn't break down cash withdrawals. Looking at both gives me an idea of where everything is going.

NinetyFour

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Re: Tracking your expenses
« Reply #15 on: June 15, 2014, 08:16:02 PM »
I just entered into my spreadsheet the 11 cents I found today on my walk.  Not sure where to enter the golf ball that I also found and brought home.  ;-)

Cressida

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Re: Tracking your expenses
« Reply #16 on: June 15, 2014, 09:38:59 PM »
after you get a couple months in you can create all kinds of line charts and such to give you some visual information as well. It also allows me to see, since inception, what I spend on average per day per category. Once you see the transportation daily expense average out over time with maintenance, gas, and long trips, you can see making changes and how greatly it will benefit.

All of this. I've only been at it about 6 weeks and I'm already dying for more data.

frugalnacho

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Re: Tracking your expenses
« Reply #17 on: June 15, 2014, 10:44:51 PM »
I just entered into my spreadsheet the 11 cents I found today on my walk.  Not sure where to enter the golf ball that I also found and brought home.  ;-)

Until you sell it I think it's unrealized gains. 

johnintaiwan

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Re: Tracking your expenses
« Reply #18 on: June 16, 2014, 07:09:13 AM »
We dont really have the option to use credit/debit cards here, it is all cash. So i track my spending manually every day when I get home from work. I have a budget, but just use it as a goal to try to spend less than. If I go over I go over, and try hard next month/week to spend less. I give myself a set amount of pocket money every 10 days. It helps as a reminder when i pay for things. Like maybe I can buy that piece of equipment for my garden this weekend since it is already the 8th and i still have X left. Or maybe I should wait a while on that because it is only the 2nd and I only have X left.

I have been trying to get myy wife to track her spending, but so far it hasnt stuck.

soccerluvof4

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Re: Tracking your expenses
« Reply #19 on: June 16, 2014, 07:19:26 AM »
I use mint and enjoy having the option to track everything. As time goes on I pool more and more items together as they become what i have made or lived by more as a fixed cost because i have learned to spend a certain amount on items period. I also like how Mint yells at me if I spend to much on something!

Thespoof

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Re: Tracking your expenses
« Reply #20 on: June 16, 2014, 07:22:17 AM »
I use Back in Black app. I have my budget in the app and simply record my purchase when I make them. Takes all of 10.2 seconds. I have done this since April of 2012 and haven't intentions of stopping. It is waaaaaaay too easy to over spend if I don't know what I've spent. It can add up. Very quickly.

warfreak2

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Re: Tracking your expenses
« Reply #21 on: June 16, 2014, 07:23:30 AM »
I just entered into my spreadsheet the 11 cents I found today on my walk.  Not sure where to enter the golf ball that I also found and brought home.  ;-)

Until you sell it I think it's unrealized gains.
You can mark to market by looking up the price of individual used golf balls on Ebay. Make sure to subtract the shipping cost.

NinetyFour

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Re: Tracking your expenses
« Reply #22 on: June 16, 2014, 07:32:08 AM »
Found this statement on the internet:

An Internet search will reveal sites that buy used golf balls, but most of them require you to sell a minimum of several thousand balls.

Not sure this is going to be a promising side gig.

Tetsuya Hondo

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Re: Tracking your expenses
« Reply #23 on: June 16, 2014, 10:19:38 AM »
There's not much chance I would ever track manually, so thank god for Mint.

+1.

I find it interesting to check at the end of the year how much we spent and on what categories, but if it weren't for Mint, I'd have no idea how much we spend.

Knowing or not wouldn't change our spending, it's just mildly interesting to look at every once in awhile.  But if it wasn't automated, it wouldn't be worth it, for me.

Yes. Automate, automate, automate. Otherwise, it will eventually get pushed aside.

I use You Need a Budget to track spending on my Mac. Even though I don't actually use a budget, I've found it's a good program for tracking and reporting in general. It's a good alternative for those of you (like me) that are leery of using Mint.com and having your info in the cloud (even though I realize that it's low, low risk, I still can't let it go).


Middlesbrough

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Re: Tracking your expenses
« Reply #24 on: June 20, 2014, 03:12:24 PM »
There's not much chance I would ever track manually, so thank god for Mint.

+1.

I find it interesting to check at the end of the year how much we spent and on what categories, but if it weren't for Mint, I'd have no idea how much we spend.

Knowing or not wouldn't change our spending, it's just mildly interesting to look at every once in awhile.  But if it wasn't automated, it wouldn't be worth it, for me.

Yes. Automate, automate, automate. Otherwise, it will eventually get pushed aside.

I use You Need a Budget to track spending on my Mac. Even though I don't actually use a budget, I've found it's a good program for tracking and reporting in general. It's a good alternative for those of you (like me) that are leery of using Mint.com and having your info in the cloud (even though I realize that it's low, low risk, I still can't let it go).
I am leery of Mint as well when it comes to volunteering that info. I track everything manually and doesn't take long to throw the info in. I actually enjoy the input because it is a reminder of what I have to spend for month and whether I need to hesitate on a night out with friends.

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Re: Tracking your expenses
« Reply #25 on: June 21, 2014, 03:21:56 PM »
After reading about it on this forum I've just started using Gnucash.  The data is stored on your hard drive, not the cloud. I also don't allow it to get my transaction data itself, l import it from .CSV files.  Only having the app on one device is slightly inconvenient, but I feel much happier about the security of it.  I consider the automated extract of data from online banking more risky than cloud storage. 

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Re: Tracking your expenses
« Reply #26 on: June 21, 2014, 06:26:22 PM »
Yes. Automate, automate, automate. Otherwise, it will eventually get pushed aside.
Unless you LOVE recording data. I've been recording every expense for the last 3 years, and I LOVE IT. *Crazy face*

geekette

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Re: Tracking your expenses
« Reply #27 on: June 21, 2014, 08:20:21 PM »
Yes. Automate, automate, automate. Otherwise, it will eventually get pushed aside.
Unless you LOVE recording data. I've been recording every expense for the last 3 years, and I LOVE IT. *Crazy face*
I've been manually tracking to the penny since 1992...now that's crazy!

keith

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Re: Tracking your expenses
« Reply #28 on: June 24, 2014, 12:49:16 AM »
Yes. Automate, automate, automate. Otherwise, it will eventually get pushed aside.
Unless you LOVE recording data. I've been recording every expense for the last 3 years, and I LOVE IT. *Crazy face*
I've been manually tracking to the penny since 1992...now that's crazy!

Manual tracker here as well, for the last couple years. If its automated, then I won't even look at it. Manual tracking forces me recap my spending every week.

Wrote my own tracking software for it to make it easier than excel.

Asgard01

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Re: Tracking your expenses
« Reply #29 on: June 24, 2014, 03:24:22 PM »
Quote
Wrote my own tracking software for it to make it easier than excel.

Awesome, I just enter manually into my numbers app on ipad for now.

arebelspy

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Re: Tracking your expenses
« Reply #30 on: June 24, 2014, 05:52:05 PM »
Quote
Wrote my own tracking software for it to make it easier than excel.

Awesome, I just enter manually into my numbers app on ipad for now.

Psshhh, I don't track my spending, I just hired 30 Chinese teenagers to sit in my basement and memorize numbers.
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Eric

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Re: Tracking your expenses
« Reply #31 on: June 24, 2014, 06:01:48 PM »
I've been manually tracking to the penny since 1992...now that's crazy!



Mr. Frugalwoods

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Re: Tracking your expenses
« Reply #32 on: June 24, 2014, 06:55:30 PM »
Weekly: Sanity check in Mint.  Do all of the account balances look reasonable?  Should take all of 30 seconds.

Monthly: Export month of expenses and income to google spreadsheets from Mint.  Run my own categories and exclusions based upon month specific circumstances.  I could probably do it in Mint just as easily, but I'd rather play around in a spreadsheet.  Should take about an hour or so.

Yearly: Use the start and end net worth number from Mint to see how we're saving and how the investments did this year.  Cross check with the individual account sources, just to make sure.  Run some projections based upon future income and savings rates to see what our long term FIRE timeline is looking like.  Should take an hour.

I think this is a max that is useful for me.  Anything more is just micromanaging myself... which can be fun!  But I don't hold myself to anything more than this.

halfshellmeijin

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Re: Tracking your expenses
« Reply #33 on: June 25, 2014, 07:39:05 AM »
Well I track my spending to the penny. This does help me keep my spending on my mind, but it is also useful for "balancing the checkbook". This is my due diligence to make sure I am not the victim of fraud or was incorrectly charged for something. Balancing the checkbook is something I saw my mother do all the time so this is my version of the chore.

Also relating to automation and things getting pushed aside. It depends on how deep you have ingrained the habit. As someone gets more busy or stressed often the newest habit is the first one pushed aside. I feel this is because any change is stressful to some degree and when other events in one's life generate stress the natural reaction is to relieve the stress. This is achieved by dropping the new habit that causes stress and reverting to old behaviors.

Middlesbrough

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Re: Tracking your expenses
« Reply #34 on: June 25, 2014, 11:24:55 AM »
^Good call on stress relief. When I do spend on a big purchse or go out with friends putting in all the expenses in is a way to relieve pressure of overspending. It is a good fraud checker as well.

davisgang90

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Re: Tracking your expenses
« Reply #35 on: June 25, 2014, 11:35:16 AM »
I've tried Mint and YNAB, now I'm back to a simple monthly budget spreadsheet that lets me plan out expenditures for the month.  I keep and eye on my account balances to make sure they look right for our time in the month. 

keith

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Re: Tracking your expenses
« Reply #36 on: June 26, 2014, 07:52:53 PM »
I've been manually tracking to the penny since 1992...now that's crazy!



Haha awesome. That is some serious dedication right there.

geekette

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Re: Tracking your expenses
« Reply #37 on: June 26, 2014, 09:06:51 PM »
I've been manually tracking to the penny since 1992...now that's crazy!

Haha awesome. That is some serious dedication right there.

Dedication...obsession...potayto, potahto....
« Last Edit: June 26, 2014, 09:08:48 PM by geekette »

Middlesbrough

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Re: Tracking your expenses
« Reply #38 on: June 27, 2014, 09:07:28 AM »
What if you become so Mustachian that manually tracking expenses becomes really easy?

Rural

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Re: Tracking your expenses
« Reply #39 on: June 27, 2014, 10:12:58 AM »
What if you become so Mustachian that manually tracking expenses becomes really easy?


This actually works, and it becomes a self-reinforcing principle. When I tracked, I often decided not to buy things because tracking them would be a pain in the ass. Then I realized that I don't really need them after all, and sometimes that applies to whole categories. Over time, the effect has been cumulative. We generally* don't have purchases outside of "fuel," "food," "utilities," and "building supplies" (because we're still finishing our house) more often than every couple of months. This works because I buy things like toilet paper at the grocery store, and thus they are "food."


* The month of December is an exception. During that month I purchase extended-family harmony at a premium, in the guise of Christmas crap.

MrFancypants

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Re: Tracking your expenses
« Reply #40 on: June 27, 2014, 12:10:38 PM »
I like Mint when it works.  I frequently have issues with accounts refreshing, making the service less useful.  But it's great when it's functioning properly.

My problem with more manual methods, such as the traditional checkbook or spreadsheet reporting, is that I have poor discipline when it comes to tracking receipts.  I need something semi-automated to keep an accurate picture of my accounts and savings rate.

Middlesbrough

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Re: Tracking your expenses
« Reply #41 on: June 27, 2014, 04:40:06 PM »
I like Mint when it works.  I frequently have issues with accounts refreshing, making the service less useful.  But it's great when it's functioning properly.

My problem with more manual methods, such as the traditional checkbook or spreadsheet reporting, is that I have poor discipline when it comes to tracking receipts.  I need something semi-automated to keep an accurate picture of my accounts and savings rate.
I use my bank statements as a remembering device. With online banking it is easy to find everything you have spent money on. In the beginning, it is easy to only put stuff in every 3 days do to being lazy or not wanting to update. After you get into a rhythm it is easy to come home after any expense and want it in your spreadsheet. It takes time, but you will get into a groove.

Christof

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Re: Tracking your expenses
« Reply #42 on: June 27, 2014, 04:54:15 PM »
I've been manually tracking to the penny since 1992...now that's crazy!

Sound perfectly normal to me! I had to track expenses since the late eighties (required by my father) on paper. Threw those away when I left home in 1996, but started again with Excel in 1998 when I also started scannning every paper entering house or office. Later I switched to the cool technology I'm still using today called Quicken 2000.

Dr. Doom

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Re: Tracking your expenses
« Reply #43 on: June 27, 2014, 05:02:07 PM »
I started tracking everything in 2005 manually.  Notepad in pocket, dump to excel once a week.

Nowadays smartphones make this process much easier - so many apps you can use to record each purchase.  But yes, I still record everything.  Not to the penny, though - I round to dollars. 


Zamboni

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Re: Tracking your expenses
« Reply #44 on: June 27, 2014, 05:12:08 PM »
Yes. Automate, automate, automate. Otherwise, it will eventually get pushed aside.
Unless you LOVE recording data. I've been recording every expense for the last 3 years, and I LOVE IT. *Crazy face*
I've been manually tracking to the penny since 1992...now that's crazy!

Go Geekette!

I track mine manually too, and graph everything in excel.  I have a giant running graph that uses a trendline to update the time to FI every month.

Things I found surprising when I started doing this a few years ago:
the amount I spend on gifts was much higher than I would have projected
the amount I spend on pets was much higher than I would have projected

 

Wow, a phone plan for fifteen bucks!