Keeping receipts is all great but the reason you need an "expenditure diary" is because there are things you'll spend your money on but won't get a receipt. When you record all your expenses it will not only make budgeting easier but at the end of the year you'll actually know how much money you spent on non-essential items. Buying snacks worth $2 every day for example will see you spend well over $600 a year. It's when you look at the figure at the end of the year that you'll notice how much money you'd have saved. Do you do this?
It's a fantastic idea but I don't do it mostly because I'm too lazy to keep track of all that stuff. I really should be doing it though.
I have a fairly reasonable running total, it's not as exact as I would like it to be but then again I want to be able to adjust the budget monthly if it's in need of a change. I do have a stack of receipts I'm behind on, I just have to go back and assign costs.
I am yet to do that. I guess taking into account the amount I spent throughout the year would give me an idea of my own spending habits. It would also give me better yield if I start budgeting on a yearly basis rather than use a random standard for making sure my money doesn't run out every month. I feel like I've spent more than I should have.
I do this but admittedly not with all that I spend on as I should. Though I guess I do this for most of the important or regular things I do buy so I that is something, I suppose. It's great because it gives me perspective on how much I'll save if I happen to catch a significant discount on a particular product and this way I know exactly how much I will be saving and if the discount really is worth spending all the money for buying that product in bulk that's bigger than usual.
Sometimes I make a note of how much money I am spending on different categories for a particular week or month. However, I have never maintained my expenditure diary. However, I make a note of how much money comes in (income), what are the sources of money (money made by selling things, salary etc.).
I used to track my finances religiously. I would keep track of every cent that went in and out. While it did give me perspective as to how much I could be saving if I didn't buy vending machine snacks every day, it became too time-consuming to justify doing it. Instead of meticulously poring through my finances, I decided to pick up some hobbies and do other things that would make me happier. Sure, I spend a few extra bucks, but I feel more personally satisfied now that I'm not worrying about money 24/7.
I pretty much do this weekly and see where my money is going to. I also set aside some money in a piggy bank and use that for things like going out or dining out. I try to stick to my budget because I have a lot of bills.
I am one of those people who does not like to look at how much they spend or even glance at the bank statements. I have a vivid memory of actually using my hand to block out the numbers a couple of times, and lifting it slowly to see. I think that I am in the minority there, and I do feel a little strange. When it comes to adding up my spending though, I really just ballpark it and add up the bigger things (rent, car payments, phone etc...) and leave it at that.
A great idea. I have never done this in the past but we are getting very financially organized around here so this sounds like a good idea. I just purchased a copy of Quicken Deluxe 2016 off eBay, and I plan to use it to the full extent. I want to see where those dollars are going!
Hi y’all I don’t go as far as to keep receipts but I do have a savings account where I try to deposit everything that I consider not part of the usual expenses of that month, so when I check the movements of that account in the bank’s website I can get a rough estimate of how much I’ve spent in new things or repairing old things. It doesn’t come from a place of wanting to spend less (thank god that’s not an issue hehe) I like to thing it helps me make better choices with my money, for the last 3 years it seems to be working as I’ve gotten more mileage out of my extra cash. It's great for comparing year 1 to year 2 and seeing how many things i've bought with the same amount of money.
Not really, I only calculate how much money I earn every year. When I realize I need more money to achieve dreams or raise my quality of living I know I have to loikk forward for better opportunities out there rather than being stingy and save even a few cents everyday.
I graduated from high school a couple of months ago and my very first thing to do was buy a budget tracking app on App Store and create 2 type of funds; Personal & Student. This way I can track the expenses I make, manage my cashflow and save money that otherwise would have been spent on useless things without a notice. I strongly implore everyone to buy a good budget tracking app (they don't cost more than $4.99). It's much better than keeping a physical book of income/expenses and it can also advice you on what and how much you can save. It's not really that hard if you live in the US since you can link the app to your bank account (don't worry, they are officially autorised by your financial institution [banks]) and it will track the expenses for you. So far I've saved over $100 for the first month.
A great app to help track what you spend is Mint. It won't tell you what you spend on snacks for example but instead how much money you spend dining out or on transportation. It breaks it into categories. This is a great tool because then you can dive deeper to see areas you can potentially save.
I much prefer to do my budget on a monthly basis, based on my earnings for each month because my income varies from month to month. I basically try to adjust my budget as best as I can, based on what I bring in each month, and stick to it as rigidly as I possibly can. I've done this for a while now, even when I had a stable income and it really does work for me.
I just started an expenditures diary this year and it has been such an eye opener. I made a spreadsheet of all the categories I spend money and add my receipt totals to it on a weekly basis. It is a lot of work, but it is worth it to me because I can see where the money is going and where I need to make cuts in my spending.
I've been doing this on a spreadsheet. It was hard initially because I needed to set up the spreadsheet to link data on different sheets for each month of the year but it's all worth it. I also account for my income and review my personal income statement on a monthly, quarterly, and annual basis, In fact, using this spreadsheet helps me project my financial standing for the rest of the year. One of the sheets contains my monthly shopping list which I simply print out when I do my grocery shopping.
No. I don't really like making calculations about everything I spend (but I know I should...and maybe someday I'll learn this because I know it's important). I just usually do some kind of calculation when I need to buy something very special.
My husband and I keep track of our monthly expenses. When it comes to daily expenses such as travel, eating out, shopping, we usually categorize that under Miscellaneous. We allocate money under that category, and if we go over the budget, we use our personal money. I uploaded an app, once, to monitor my daily expenses, but it was too time consuming. I collected receipts but I misplace most of them.
I don't really keep a record of all the stuffs I spend on for the whole year. That would be just too much work for the lazy me however, I do keep tract of what I spend my money on while at it and make sure it is something that I don't regret later. That way I am sure I am saving every spending moment.
