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Post by funkykikuchiyo on Dec 20, 2020 10:05:27 GMT -5
Just curious.
I've been using Excel for years now. Nothing fancy - just running it like a checking account ledger, that paper book the bank gives you that you learned to use decades ago. It works just fine. I have so many things that are automatic payments now that I copy & paste them as a bulk block every month. This works well because I can visualize the state of my finances without imagining more money there than there is or forgetting about a withdrawal, but it also makes it hard to check the balance against my statement/app because I have to then go and figure out which transactions have happened already and which haven't.
I have multiple tabs and when I'm feeling responsible, I'll keep tabs for my credit card as well. For the sake of card security and gaining bonuses all of my POS and online purchases go through a card and paid off every month. Saving receipts and recording them can be a good habit to watch spending. But most of the time I don't bother; I'm not going to spend more or less on gas or vegetables based on how much I made this month, so it only makes a difference when I have extra purchases. I was tracking my savings on there as well, but that is pointless, since the great thing about savings is you "put it away" and forget about it until absolutely necessary, and if you're brooding over it, it defeats the purpose (at least for me, and the interest in savings accounts with balances in guitar repair levels have negligible interest rates).
I've dabbled with specialty software, but it has lots of tools I don't need (investments), and never had good solutions for projecting with automatic payments.
The real solution is probably me learning Excel a bit better and having a new layout for 2021. The only real tool I'm using in Excel is the formula to track the balance. Maybe there's a way to run two balances, real and projected...? Lots to head scratch about.
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Post by jhawkr on Dec 20, 2020 10:24:35 GMT -5
I use Quicken. I got used to using it back in the 90’s and just stuck with it with a couple upgrades over the years.
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Post by Auf Kiltre on Dec 20, 2020 10:36:37 GMT -5
I too have an excel spreadsheet where I manage all finances. On one tab I keep all current bank balances, including negative credit card balances yet to be paid for the month. At a glance I can see exactly how much money I have. Also maintain all current retirement balances. A separate tab has all monthly bills due with due dates, amounts and status. When those payout I fill the line item in green. On the first of every month I import all downloaded financial transactions from my CC and bank. I then categorize each (i.e., utility, groceries, etc.). When I'm done I have an audit of the month's beginning and ending balance, a comparison to one year ago, a breakdown of expenditures by category, etc. Using the sort feature of excel I can pretty much look at my current and past financial situation from every angle.
It's probably the biggest manifestation of my OCD. 😄
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Post by LVF on Dec 20, 2020 11:00:43 GMT -5
Quicken, Word, internet banking. I'm a simple man. I keep things like my personal finances simple. I have my complete budget on one piece of [Word] paper. Simple arithmetic is all that's required. This approach has worked for me for years.  |
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Post by Mfitz804 on Dec 20, 2020 12:59:42 GMT -5
I don’t do any of this. For the most part our expenses stay the same, and our salaries are always the same. I pay bills weekly, on my payday.
Has worked for some 19+ years so far.
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Post by Auf Kiltre on Dec 20, 2020 13:38:13 GMT -5
All of my bills are on autopay with both text/email alerts. But I still like to keep a handle on things, see how our utility bills vary, etc. I spent a lot of time in my job doing analytics of my service team. I kinda became an Excel junkie.
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Post by rdr on Dec 20, 2020 15:14:06 GMT -5
My method is to let my wife do it. She watches every penny even tho she doesn't really have to. And she is thrifty. I'm so lucky!
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BigBadJohn
Wholenote
I Lurk, therefore I am.
Posts: 222
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Post by BigBadJohn on Dec 20, 2020 15:21:34 GMT -5
The wife does it.
She has a budget sheet that she makes using WORD but from there it's pencil & calculator. Tried to get her to use Excel but she refused.
Who am I to argue with my "Minister of Finance"?
She does a great job at it too!
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Post by FlyonNylon on Dec 20, 2020 15:47:40 GMT -5
Yeah, to be honest for better or worse I don't really pay much attention to finances other than doing my taxes quarterly and investing in taxable and tax-deferred retirement accounts every month.
Everything is on auto pay and online, so I can log into BoA and see nearly all transactions. They will also do a breakdown of what you're spending if you look for it online. The only thing that wouldn't be on there would be cash stuff like the housekeeper, etc. Some people I know use "Mint" to track finances automatically but I've never gotten around to it and didn't want to give info to another company. I do set specific financial goals though, and as long as we're meeting them the rest is fun money. :-)
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Post by funkykikuchiyo on Dec 20, 2020 16:50:21 GMT -5
Some people I know use "Mint" to track finances automatically but I've never gotten around to it and didn't want to give info to another company. I gave it a shot at one time and didn't see the point. All it did was import information that was readily available by logging into the websites/apps of each of my accounts already, except less useful. Maybe if I dug a bit more I would've found some spending break downs or other useful analytics, but that really isn't all that important. Maybe a light version of what Auf Kiltre has going is what I should shoot for. |
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Post by Mfitz804 on Dec 20, 2020 16:51:49 GMT -5
I just use my checkbook ledger to make sure the “in” is more than the “out”. I don’t see why I would need a spreadsheet for that.
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Post by Auf Kiltre on Dec 20, 2020 17:25:07 GMT -5
I like having access to info, like what percentage of income we spend on x,y,z. How we're doing this year vs last year, medical expenses, how to hide musical expenses by using Cap One bonus points, etc. 🤣
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Post by Larry Madsen on Dec 20, 2020 17:52:23 GMT -5
I track only our personal wealth (investment) accounts.
We can easily see our bank (spending money) accounts with a couple of clicks of the mouse on this here computer. If it gets close to zero we know we can't spend anymore until it's back up to where we have spending money again.
My motto in life has always been this: As long as I know I have covered the bills and I have put away for the future (retirement) ... I really don't give a hoot where the rest of it goes and I have no desire to track it.
Our personal wealth accounts I track very precisely, even daily, on an Excel spread sheet. If I need to know what my net worth was seven years ago last month , I can easily look to find out.
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Post by funkykikuchiyo on Dec 20, 2020 18:00:50 GMT -5
I just use my checkbook ledger to make sure the “in” is more than the “out”. I don’t see why I would need a spreadsheet for that. penmanship in those little boxes, ability to insert lines when you forget something, copy & paste when recurring expenses happen, and all of my bills except one happen via the computer in one way or another, so I'm already there at the keyboard anyway.
Not saying any of it is necessary, but that's why I made the switch to Excel years ago.
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Post by funkykikuchiyo on Dec 20, 2020 18:07:07 GMT -5
We can easily see our bank (spending money) accounts with a couple of clicks of the mouse on this here computer. If it gets close to zero we know we can't spend anymore until it's back up to where we have spending money again. I suppose my issue is just that my finances can be more precarious if I'm not careful. My income and tax liability vary over time, and I need to control discretionary and semi-discetionary spending accordingly. |
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Post by Mfitz804 on Dec 20, 2020 18:31:03 GMT -5
how to hide musical expenses by using Cap One bonus points, etc. 🤣 Well that makes more sense. |
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Post by rok-a-bill-e on Dec 20, 2020 19:03:10 GMT -5
Married an accountant.
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Post by Leftee on Dec 20, 2020 19:03:21 GMT -5
I’ve used a spreadsheet for years. It’s a pretty simple one, actually. There’s not much to it.
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Post by Ricketi on Dec 20, 2020 19:14:49 GMT -5
My method is to let my wife do it. She watches every penny even tho she doesn't really have to. And she is thrifty. I'm so lucky! This is where I'm at. She has been handling it for 40+ years. I've been retired a 1 1/2 yrs and the house is paid off , so she must have done O K |
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Post by Auf Kiltre on Dec 20, 2020 19:22:30 GMT -5
My wife handled it all for the first 30 years, I took over when I retired early. Her method was a pile of envelopes, check book registers, stamps, a green ledger. Its not to say she didn't do it well, but...
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Post by LesTele on Dec 20, 2020 19:56:53 GMT -5
This fiscal tracking is all very well but if you really ‘need’ a new guitar........😀
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Post by walshb 🦒 on Dec 20, 2020 20:09:15 GMT -5
Wife does it all, on Excel.... still. She puts everything in categories, but why, I'm not sure. She never generates anything from it, such as a pie chart or graph showing where different cuts could/should be made, etc. Not criticizing per se, but....what's the point in doing all that if the result of doing it isn't useable? IMO....I should be able to ask her....can we afford to eat out this weekend? The answer is always Yes when it comes to eating out, but that just means, to me, that we're not saving as much as we could be.
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Post by oldnjplayer on Dec 21, 2020 16:36:52 GMT -5
been using excel spread sheets for years. one to track checks, one to track credit cards one to track accounts.
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Davywhizz
Wholenote
"Still Alive and Well"
Posts: 443
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Post by Davywhizz on Dec 21, 2020 19:19:16 GMT -5
My wife, wonderful though she is in so many ways, has no financial sense at all, so my main job over the years has been to keep us out of bankruptcy. Things are much more relaxed now, ironically since I retired. I pay the bills via auto payments and internet banking, track our modest investments on-line and keep records of my self-employed invoices, income/expenses and what I owe the taxman. I keep a good balance in my bank account, just because I had too many years of trying to avoid overdrawing at the end of every month, so don't need to do any detailed budgeting, at least for now.
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jellybones
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Posts: 181
Formerly Known As: Gelee Bon (en francais)
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Post by jellybones on Dec 22, 2020 14:38:07 GMT -5
I use excel because I've written simple programs with it and can quickly tally by revenue and expense type. I also use it for tax planning and household cash flow projections. My partner lives and dies by Quicken. We're both CFPs so I don't think there's a best way; just pick the one that you'll stick with to get the deed done.
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Post by Larry Madsen on Dec 22, 2020 17:48:40 GMT -5
I use excel because I've written simple programs with it and can quickly tally by revenue and expense type. When I ran my business (of 22 years) I used a self made spread sheet on Excel, actually started on Lotus123. As jellybones says, I programmed it to show totals, percent, variance, categories ... all sorts of numbers I wanted to be able to track for the business. |
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Post by rickyguitar on Dec 22, 2020 19:26:03 GMT -5
When my wallet is empty I stop spending
JK. Online banking, Bill's dont really change. Either one of us can do it.
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Post by LTB on Dec 23, 2020 0:44:49 GMT -5
I don’t do any of this. For the most part our expenses stay the same, and our salaries are always the same. Same here. I check the bank app before getting anything major though. |
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Post by Mfitz804 on Dec 23, 2020 9:02:35 GMT -5
I don’t do any of this. For the most part our expenses stay the same, and our salaries are always the same. Same here. I check the bank app before getting anything major though. Of course, I make sure I have the money (or, available credit) when making a major purchase. I mention credit because 1) I always use credit to get the added protection from the credit card company, even if I have the cash and just pay it off, and 2) I love when a place offers, say, 24 months with 0% interest, and I am happy to pay over time when that option is offered. |
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Post by funkykikuchiyo on Jan 1, 2021 10:32:27 GMT -5
New Year's Day project - revamp my Excel spreadsheet.
First step is to have a conditional tally of expenses. Why? This way I can record automatic payments or other expenses I know are impending (rent for example) so I can have a more realistic visual of where my finances are, but also have a total that I can compare against my banking app. That was the big problem (well, more inconvenience) that no personal finance program seemed to want to help with.
I have two totals. One is in column G, with the formula =G5+F6-E6 . Row 6 is my first line item, and cell G5 has my starting balance for that sheet, as does cell H5. Column E is withdrawals/debits, and column 5 is deposits/credits. This gives me a total of everything entered. The other is in column H, and uses the formula =IF(A6<=TODAY(),H5+F6-E6,H5) . This will only tally the credits and debits if they are from today or earlier. Column A is where I enter the date of the transaction. Click and drag down as far as you want, and the two totals will add up along the way. I have a few bugs to work out because posting dates are moving targets, but it is working well now.
I may try adding color coding so I know which ones are coming up or something, but for now this is a great improvement.
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