To Track or NOT to Track, THAT is the ?

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SandiSAHM
Posts: 2263
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

To Track or NOT to Track, THAT is the ?

Post by SandiSAHM »

Hi & Happy 2020 :D

Do you track your expenses? I used to, but in a way I cheated because then, as now:

I use credit cards for nearly all purchases. For me to write a check or use cash is rare outside of those places that charge you to use a cc, like my utility company. Why? Rewards :D

I'm setting up a spreadsheet to track spending and I can't begin to tell you how sad I am over the fact that neither of the cards I use seems to have any idea what I'm actually buying or even has a category for it. I don't buy solely 'merchandise' at Amazon - I sometimes buy food there. Same with Walmart. Only food and vitamins at Vitacost.

If I persist in this, I'll have to look at every single charge and categorize it on the spreadsheet rather than just having and Amex and Cap1 line, because food is one of those categories where you can spend a fortune.... or not, and I don't like having it mixed in with DH's Lowe's purchases :lol: or the kids' tuition costs.

When you track, do you break down each payment to a cc card company to capture costs by category? How many categories do you use? I'm thinking of:
donations
tuition
food (groceries)
food (eating out)
Lowe's
Travel-related expenses (2-3 times per year, lump it all under 'travel')
Clothing
Gas / vehicle expenses
vehicle insurance
medical stuff (copays, deductibles, whatever comes up after the FSA funds are exhausted)
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MackerelCat
Posts: 7261
Joined: Thu Aug 27, 2015 9:44 pm

Re: To Track or NOT to Track, THAT is the ?

Post by MackerelCat »

I used to track quite extensively and it made me nutty. Now I just do what I am responsible for: groceries, household supplies, clothing, pet expenses, pet medical, and people medical.
Mackie
clemencia2us
Posts: 11445
Joined: Fri Aug 28, 2015 9:21 am

Re: To Track or NOT to Track, THAT is the ?

Post by clemencia2us »

I track my regualar bills on a spreadsheet with formulas etc.

That way i know how much i have left over. From that i give myself a weekly budget

And the things i buy with that is what i track

Oh and i just started doing that this year :mrgreen:

I carry a 3/4 size notebook in my big tote purse.

It is just me, so easier to keep track. A lunch here or breakfast there adds up.
floridacatlover
Posts: 8058
Joined: Fri Aug 28, 2015 7:21 am

Re: To Track or NOT to Track, THAT is the ?

Post by floridacatlover »

Hi Sandi,

I’m probably extreme, but it works for me to write down EVERYTHING - even a cup of tea at Starbucks that was free with a gift card earned through Bing. I use credit cards for most things but I keep track of charges as I make them no matter if it is credit, debit or cash.

A spreadsheet would be best but I do mine in Notes on my iPad.

Here are the categories I use to track expenses that have multiple purchases during the month. Under Groceries, for example, I’d write:
$28.93 Publix (1/4)
18.73 Aldi (1/5)
Etc., Etc. And then addition all up at the end of the month.

Groceries
Entertainment (includes eating/coffee out, tickets, Amazon Prime, Netflix)
Gas
Car Maintenance
Medical/Rx (including dental)
Household
Pippi (Cat)
Beauty/Clothes/Hair
Gifts/Stamps

At the end of the month, I put totals for each of these categories and come up with a monthly spending total. (For things like car insurance, homeowners insurance, property tax etc., I list the categories each month but most months have $0 because I put the amount only in the month I pay it. I don’t pro-rate it throughout the year. But I’m retired so don’t get a paycheck.)

HOA (includes water, sewer, trash, lawn and community pool)
Food
Electric.
Phone/Internet.
Cell Phone.
Cable.
WEDU (PBS station, monthly donation)
Medicare Part B
Medicare Supplement
Medicare Part D
Health/Rx
Entertainment.
Beauty/Clothes/Hair
Car Maintenance.
Car Insurance
Gas
Pippi.
Household (Includes Repairs, Purchases and Household Cleaning Products)
Travel.
Gifts/Stamps.
Homeowners Insurance (includes Flood Insurance and Umbrella Insurance)
Property Tax.
Taxes
Legal
randamax
Posts: 227
Joined: Fri Aug 28, 2015 11:05 pm

Re: To Track or NOT to Track, THAT is the ?

Post by randamax »

I'm not a good tracker. I've tried in the past, but I just am not good with following through with it.

That said, I am going to do a little tracking of sorts - I'm saving my grocery and thrift store receipts for the year.

Good luck on your venture!
DianeMNurse
Posts: 67
Joined: Fri Aug 28, 2015 9:53 am

Re: To Track or NOT to Track, THAT is the ?

Post by DianeMNurse »

I track everything on Quicken & have done so for years. I enter receipts every few days. It can be a hassle, but I’ve been doing it so long that it’s a habit. I can print reports at the end of the year for taxes that are very helpful. I also follow several line items to keep my own spending under control- groceries, dining out, wine, snacks, etc. I also print reports to compare each month to the one prior. I am a budget nerd.
Last edited by DianeMNurse on Tue Jan 07, 2020 9:24 pm, edited 1 time in total.
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