Budget Question

[LivingAlmostLarge]

So do you guys track your spending using excel or do you use an online service of mint or personal capital? How do you track your spending for a budget?

[disneysteve]

I use a notebook and a pen

ETA: Correction, I actually use a pencil so that I can update the numbers every month.

[HundredK]

I track using Excel. I've tried Mint in the past and felt it wasn't customizable enough. I have heard good things about Personal Capital (though I also hear that they'll hound you with sales calls). But I actually enjoy doing mine in excel and will continue doing so. I think when tracking this stuff, you have to decide how much time you want to spend on it. If you're not into doing all the tracking, an app that's hooked up to your accounts might make things a lot easier.

[HundredK]

Oh, also meant to add, I track both my spending and my budget in the same excel workbook. Without making it too nerdy, I have some pivot tables and charts that pull data from another sheet and show my personal income statement and balance sheet. And then I have a cash tracking sheet where I can update it on the fly and plan for the future to make sure my cash balances are going to be where I want them to be down the road. I also have a savings sheet in there that I track separately from the cash tracking where I can plan and scheme and run scenarios, etc. But I'm a bit nerdy and it's probably too much for the average person to be interested in. I like doing it all in excel because I can keep things as dynamic as I want them to be.

[Jluke]

I track credit card spending in excel but I don’t really stick to a budget.

I am more focused on tracking how much I save in excel.

easiest entry is 19,500 plus 6,000 for retirement savings.

[disneysteve]

I track credit card spending in excel but I don’t really stick to a budget.

Same here. I track our spending but we don't have a budget that dictates how much we can spend in each category. By tracking, though, I can see if our spending is staying steady or getting higher or lower in the various areas and then adjust accordingly if needed.

[HundredK]

Same here. I track our spending but we don't have a budget that dictates how much we can spend in each category. By tracking, though, I can see if our spending is staying steady or getting higher or lower in the various areas and then adjust accordingly if needed.

Same, my budget never dictates how much I am allowed to spend, it just helps me optimize what I want to spend and see where our resources are going. It changes constantly, very flexible, and it shows me the exact direction we're pointed in at any given time. I've never found punitive budgets to be very useful.

[disneysteve]

it just helps me optimize what I want to spend and see where our resources are going. It changes constantly, very flexible, and it shows me the exact direction we're pointed in at any given time.

Very well stated.

I fully realize that we're privileged to be able to do so. Many people need a tight budget because they have very limited resources. If they overspend on clothing one month, they may come up short for groceries. Thankfully, we have a generous surplus, which is why we're able to save 40% of income.

[sblatner]

We've used Quicken since 1992. We track spending. It is sort of a budget as we will see what we spend say in the first quarter and then adjust going forward if necessary.

[srblanco7]

I automate our contribution to savings - brokerage, roth, 401k - and then we live off what remains. We do very limited budgeting or spending tracking, primarily because we are fortunate enough that we do not need to. I'm certain we could live "more frugally", but we do live well below our means and that works for our circumstance.

[LivingAlmostLarge]

How do you guys track credit card spending? Which app? I have found the credit card spending stuff sucks.

[cypher1]

I've always used Excel, which I keep one main file for various bank accounts (though I don't include investments accounts).

As for tracking CC spending I simply use whatever card's summary, like Chase's site. While I don't keep track of every dollar, my spending habits are pretty consistent (outside of travel and the holidays). If I had a family, I could understand monitoring more with Mint or YNAB for more activity/purchases.

[disneysteve]

How do you guys track credit card spending? Which app?

Again, I use paper and pencil. The CC bills are included on the overall spending list that covers everything.

Like cypher1, I don't track every dollar. I just track what our average monthly CC bill is. If it's rising, I make sure I know why and that we're aware and okay with the increase. I do usually take a glance at the year-end summaries, though I haven't yet for 2020, just to see if anything really stands out as being out of whack.

[Fishindude77]

Really don't budget and track everything to the Nickle. We have three main properties; our main home with shops and farms, a hunting camp & farm, and a lake house. I track all of the utilities and significant spending, maintenance, taxes, insurance, repairs, equipment costs, etc. separately for each property, primarily to use for potential tax write offs. And also to know what these properties are costing us annually.

Before we retired I tried to do budgets to anticipate all spending which included all of the above plus; food, clothing, vacationing, vehicle replacement, medical, health insurance, toys, etc. to get an idea what our annual burn rate was going to be. We've been living within that so I don't bother tracking all of the little things anymore.

[LivingAlmostLarge]

I want to cut our overall spending. UGH. I think I need to tease apart our CC bill moving forward. We haven't been tracking in awhile.