Basically, you have three methods of tracking your monthly expenses. You can use the computer program as Quicken, you can hold paper clips, or you can use a combination of the two methods. I personally use the third method, so I'll cover this one.
The only way to really know what your monthly expenditure account for each penny that you spend. It may seem like overkill for you right now, but you'd be surprised how much that cost little money to add up over time.
Always ask for a receipt for each purchase. If the gas pump is not spit out the receipt, then I record what I missed. I do not even capture the gallons and price per gallon number, although I admit that there is no need to get out of debt, I am curious to see how gas prices change over time! Even if you only purchase $ 2 item quickly and paying cash for it at the corner store, ask for receipt. That way you can simply bill you every penny spent at the end of the month.
Organize Your Receipts
You'll want 12 folders and 12 business size (# 10) envelopes. I label each file and envelope with the month and year. My statements made to a file folder, and my income is retained by date package, which is also considered to be a file folder in a month.
Record Your purchase of Quicken
No, you do not use Quicken, but I use this program for several reasons. Quicken allows me to download my checking, savings and investment in information and automatically update my Quicken. It also transfers all your tax information into TurboTax to filing your taxes each year is a breeze.
But I do not stop to automatically download the information. Really nice thing about Quicken and the budgets that you can identify the different categories of expenditure. So when my WalMart purchase is recorded in Quicken, for example, I can then go and see 'split.' Using my voucher, enter the number that were released in grocery shopping, household expenses, business supplies, clothing, etc.
If I wonder where I am in my food budget this month, a couple of clicks and Quicken shows me all of your grocery purchase the report, together with all what I can specify the date range.I wonder if there is time to revisit your budget and make some changes? Run the report indicates that your expenses by category. You'll quickly see if you live within the budget for each category.
You can even enter your budget into Quicken and it will alert you if your spending has been more than in any category.
Saving every receipt to prove too, but how many times you need to go back just to find you no longer have the receipt? This simple file folder and is surrounded by a system makes it easy to find but you need a receipt. If you do not remember the date of purchase, you can look into Quicken or by category or seller to find a transaction, and then go to the appropriate file folder on the receipt.
As the details may not match your personality and may not be necessary for your circumstances. But I think the information gained by tracking my monthly cost is priceless! If I want to withdraw some money for a particular purpose, I can see at a glance, when I was able to cut back their budgets to come up with the amount I want to save. Quicken will also show you their account balances at a glance, your outstanding loans and their assets and their total net worth - very useful if you are trying to get out of debt and stay out of debt.
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