Since the New Year is coming and I love getting organized... I am getting things organized. And I'm wondering if there is a better system.
What do other people use for tracking all expenses? I know that quicken is a great option... but I really like the tactile part of keeping a notebook, envelopes, the actual receipts and all that. Plus, I can easily find receipts should I need to be reimbursed for something or look up the cost of certain items.
Anybody have any great ideas? What I have been doing works, but now is the time if I am going to make improvements on my system!
Thanks to all!
What system do you use for organizing financial paperwork?
December 28th, 2008 at 07:20 am
December 28th, 2008 at 11:44 am 1230464645
December 28th, 2008 at 01:53 pm 1230472408
At the end of the month I add up all my totals for each category; then i add up all income sources, including my job, freelance work and miscellaneous "income" such as rebate checks or surveys. I then subtract total expenses from total income to see where i stand for that month, and transfer it all to my "Year-to-Date" record on the computer.
December 28th, 2008 at 03:02 pm 1230476540
Good luck
December 28th, 2008 at 03:11 pm 1230477084
I could not imagine bookkeeping without the power of a computer. You can keep all the handwritten records you want, in addition, but it's just unparalleled.
December 28th, 2008 at 06:00 pm 1230487218
The from address area has the due date written on it, and my address sticker covers it up when it is prepared with a check and mailed out.
December 28th, 2008 at 08:13 pm 1230495210
I tried a computer program thing probably 10 years ago. But life was different then. I had babies and toddlers and I was so busy and computers were slower! I'm certainly computer literate, so I don't know what's really stopping me! But I'm willing to try again!
December 28th, 2008 at 11:23 pm 1230506606
December 28th, 2008 at 11:23 pm 1230506627
I have heard bad things about the free online version. I'd just buy the software. (The online version is not near as good - and I would be uncomfortable anyway with all my data online. I don't even keep the data stored on any of our computers).
But yeah, you can totally write stuff down to input into it, or keep parallel bookkeeping systems until you get used to it. I think some of my bias comes from being an accountant. Why would you do all the hard work when a computer can do it, and it's neat the reports you can run and such, with the push of a button. So then you get past the bookeeping and can spend more time analyzing. Of course, I have ran it about 3 years and it gets niftier every year. (Last year I was able to run comparative reports once I had 2 full years data - SO cool). So yeah, just as a warning, it will be a while before you fall in love with it. You need data to make it worthwhile. (But buying at the beginning of the year is perfect. My data goes back to Jan. 1, 2006, though I bought it mid-2006. I had to enter a lot of old data when I got it. I just couldn't start mid-year. Ugh).
I use excel to track my savings "subaccounts" actually. Since I don't have real subaccounts. So I don't use Quicken for "everything."
December 28th, 2008 at 11:40 pm 1230507654
I've been thinking about the computer options for a few years, but frankly, didn't want to spend the $75 or whatever to get one. (I'll shop around tonight) Plus, I LIKE my notebook and envelopes! They are pretty!
Thanks for the info. I really wasn't liking the online option, but I was thinking I'd just leave out some personal details to try to have it be more private. And you must know that I love "free!"
And yes, I was wanting to start at the beginning of the year! There's more motivation for me to keep caught up on it because it starts at such an "even" place.
December 29th, 2008 at 12:01 am 1230508897
Here's an idea for filing your bills and other paperwork: I use a 13-pocket folder. 4 of the pockets are used for storing monthly things like utility and phone bills. (They're labelled Jan-Mar, Apr-Jun, Jul-Sep, Oct-Dec.) After I pay a bill, it gets filed in the current pocket. Every 3 months, I shred the bills from a year ago to empty out the pocket before using it. 4 more pockets are used the same way for credit card and bank statements, then I use the remaning pockets for things that happen less frequently -- insurance, medical, and taxes.
December 29th, 2008 at 03:12 am 1230520352
I think you can find it for $50 or so. That's just one of those things that bugs me. You'll easily save more than $50 in 3 years or so (support is for 3 years generally before you should upgrade). Very few people around here use Quicken because it cost money, but yeah, kind of misses the point. It should save you money in the long run. (& my saved time is worth a heck of a lot more than $50 anyway).
Well, if you see a good deal, let me know. I really should upgrade in 2009.
December 29th, 2008 at 04:25 am 1230524738
It seems complicated, but the only thing I do daily is keeping the Palm PDA updated. Everything else is weekly or every couple of months or so.
December 29th, 2008 at 07:09 am 1230534551
MM- Best deal I could find was Quicken Deluxe at Costco for $39.99. I have the membership where I will get 5% back in January, so it's a little cheaper.
Eager to get started!
December 29th, 2008 at 03:27 pm 1230564443
The main advantage for me is you can customize your method of organizing your budget. For me, I don't care as much how much I spend for the year in each category--I have a list of income and expenses, and I start with my checking account balance, put down everything I know of for the next three months, and make sure there's a positive number at the end of the column. I customize as I find out about other income or expenses. Once a few weeks have gone by, I add some more projected expense and income at the end.
I also create another document for whatever I want to track. I have one to track total debt, one where I keep a master list of predictable income and expenses, one where I track my short-term savings account and how much is allocated for which purposes. I even have one where I predict what my emergency budget would be, so I know how much we'd have to save or make in a month if we lost income or had another financial emergency and had to cut down to the bare essentials.
If you're interested in this more DIY approach and want more info, let me know.
December 31st, 2008 at 04:19 am 1230697173
http://www.freewarepalm.com/