How to track CC spending?

[uRabbit]

I am finding it a tad difficult to track my CC spending. Currently, I am using an app. In this app, I can have multiple accounts. At first, I had a separate account for tracking CC spending. However, I think it may be better to record the CC transactions in my Checking account, and just mark them as Credit in the notes field, so that I do not think I have more money than I actually have, so that I have money for the payoff.

How do you guys track CC spending?

[nitemarecooper]

Personally I just use an app with all of my accounts (bank, savings, cc, everything). I use as many expense categories as needed to sort out all of my spending. Then I just use reports and summaries in the app as needed to see the summary of my spending. I also go over line by line my cc statements once in a while. Just about 2 weeks ago I printed out the last 6 months of statements and went over them line by line to notice my spending patterns.

Hope that helps.

[uRabbit]

Originally Posted by nitemarecooper

Personally I just use an app with all of my accounts (bank, savings, cc, everything). I use as many expense categories as needed to sort out all of my spending. Then I just use reports and summaries in the app as needed to see the summary of my spending.

I do the same thing. I use PocketMoney. However, I do not like seeing all that money in my checking account. Maybe I just need to get used to it.

[skydivingchic]

I use Mvelopes for my finances. One of its best features in my opinion is how it tracks CC spending. When I make a purchase at say the grocery store, I assign that transaction to my grocery envelope. Mvelopes then moves that money from my grocery envelope to the "money for CC" envelope, so my grocery envelope goes down and my "money for CC" envelope goes up. So long as I don't overdraw an envelope, there will be enough money at the end of the month to pay off the CC bill in full. The money is still in my checking account (until I pay the CC), so if I just looked at my checking account balance, I would still see it. However, my account balances are not the important part, rather its the envelope balances that are important. So before I make a purchase I have to make sure there is enough money in the appropriate envelope to cover the purchase, even if my checking account balance is significantly higher than the purchase. I rarely pay much attention to my account balances these days, but I pay very close attention to envelope balances.

You Need A Budget works on similar principles, allowing you to use CCs and debit cards with an envelope style budgeting method. DBF uses that program and is very happy with it. You could also implement something similar on your own with a spreadsheet.

[uRabbit]

Considering that both of those apps/services cost money, I'll have to pass. Ha. However, Mvelopes looks pretty awesome!

[danieldroga]

hi uRabbit !

I also use bank, savings,cc accounts on a certain application that I have. To get a good track of the expenses that i have, I organized them into different categories. But to make it more simple on my busy schedule I just hired someone to organize this things for me.

[papa_squat]

I pay of my credit card balance in full each month, and I had the same concerns as you at first. I only use the CC for rewards, so I knew the rewards obviously wouldn't help me if I overspend.

I decided the easiest way for me to keep track is to write any CC charges in my check registry along with my other checking account transactions. I noted CC in there whenever I had a charge. I rarely end up with a negative number in my registry balance, but when I do I double-check online, but I also set up an overdraft protection to deduct from an attached low-yields savings account just in case. I always pull up both my checking account and my CC account online about in the middle of the month and the end of the month to balance things out, and I usually check my other savings at this time, too. In the middle of the month, my husband an I pay all my bills that aren't autopaid, but I wait to pay off my CC at the end of the month (right after the statement comes in) and it keeps me pretty well balanced. Retirement deducts automatically from each paycheck and I set up my savings to automatically tranfer from my checking accoutn at the beginning of the month, so that keeps me from overdoing it with the credit card and it serves as a good reminder to pay the CC at the end of the month before I transfer savings for the beginning of the month!

[uRabbit]

Okay, papa_squat. Looks like we are on the same page. My OD protection is by way of rounding up to the nearest dollar on all purchases, and down on every deposit. Wind up with at least $10/mo extra doing this. Unless I screw up and have to reconcile, but that does not happen often.

I will stick with using my checking account register, then. It's not as difficult as having to track two accounts. And after I pay it, I'll end up with whatever was left from rounding. Deposit that into savings, and my account will be balanced.

[krantcents]

You can also track your spending online by going to their website and register. Generally, the charge will appear relatively quickly (within24 hours).