This was touched on briefly in another thread, but here’s the deal: I just got my first debit card. That’s right…I’m the lady that writes a check at the grocery store and keeps you all waiting. Well, I might move into the new millenium and actually begin using my debit card if one of you can convince me that I’ll be able to track my transactions accurately. The only way I know to do this is to write it in my register at the point of sale. Someone in the other thread said this pisses people off who have to wait for me to do that.
Years ago I was absolutely terrible with my check book, but I haven’t overdrawn my account in over 20 years because of my old-fashioned and laborious system. I like the idea of a debit card, but can it work? Share your system with me!
So…I want details! What is your system? When do you record the transaction? Do you keep your receipts in your check book? Have a little envelope for them? Do you record it in the car in the parking lot? At home each night? Weekly? If you lose a receipt, what do you do?
All the record keeping is taken care of for you. But please note that it takes 1-2 days to update during business days and on the following monday during weekends.
and I know it’s not the most accurate, but I keep a approximate running tally in my head which I ‘adjust’ every few days when I check my online banking.
I don’t remember the name of the bank, but one of them makes a point of updating the online transaction log within minutes of buying something.
I, on the other hand, keep all my receipts in my pocket until I get home. Then I put them in an Excel spreadsheet which keeps track of which budget it comes out of, how much I have left, my net gain/loss for the month, and a variety of other things.
I used to be horrid about it - I relied on online banking, but since I was never sure that I hadn’t forgotten some purchase, I realized that I had to go back to my old way of dealing. Excel spread sheet. All receipts are saved in my wallet until I get home for the day. Once I get home, fire up the spreadsheet and type in the amounts. I have calculations set up to deduct that from the running balance or to add any deposits in, so the balance there is updated right away and I don’t have to worry about having forgotten something.
When the new month starts, I just carry the balances over to the new spreadsheet, and I can go back and review my spending for any month since I started it.
I used to keep a record of my transactions in my checkbook register, but I refrained from entering data until I had removed myself from the checkout line to a less intrusive place. Then in September 2004 I nearly lost all my records because a heavy rainstorm drenched all the papers in my backpack. I tried Lord Ashtar’s method of recording transactions on the computer, but I soon decided that I preferred a more portable system, especially since I don’t have a laptop and I frequently spend long intervals away from a computer. So I printed out some replacement checkbook registers and carry them around with me to keep track of my expenses.
So…do you ever use checks? If so, what do you use them for? I’m not ready to do automatic bill paying, so I definitely need them for my monthly bills. Baby steps, my friends…baby steps.
I use checks to pay the rent on my apartment. The landlord’s real estate venture is too small to allow such conveniences as automatic debits. He comes around every month to pick up checks from me and my housemates.
I stick all my receipts in my wallet, and at home I have two boxes next to the computer.
Every day or so, I put all the receipts in box A-- then I go to my online banking, and look to see which transactions have posted. Everything that’s posted goes into box B.
At the end of the month, the stack in box B gets stapled/clipped and stuffed into a folder.
My current balance every day is whatever’s listed in the online banking, MINUS the total of box A (i.e. all currently unposted transactions) which is usually only one or two things, MINUS any upcoming repeated transactions (online gaming account, for instance).
If I buy something online I write down the details and confirmation number on a scrap of paper and drop it in box A.
I feel silly using a checkbook box full of papers instead of the lovely computer, but it works best for me.
I keep my receipts in my purse and Mr. Stillwell puts his in a box on my desk every day. I sit down once every couple of days and record them in my check register, then off to my online bank to check off what transactions have posted.
I’d like to dump the register and rely solely on my online banking, but I have caught them in mistakes before so I keep the register method in case I need to dispute something.
I save receipts then punch them into Quicken each morning while I’m waking up. Then online banking to check what’s cleared and what hasn’t. I like the backup because I’ve found a few instances where a bank has screwed up and doubled charged a transaction (could be the vendor and not the bank, I suppose) and had them go back and correct.
Plus, since each transaction is tallyed against categories I can tell over the years if certain expenses are going up or whatnot. It’s useful data.
How about using a credit card instead? Some have the online balance updated in seconds of a transaction, and you only have to worry about one debit transaction per month, when you pay your CC balance in full, incurring no charges. Some even can be set up to automatically debit the full balance each month (plus you still get your statement saying what the total is and what day it will be autodebited, which you can stop if you need to).
When you get your CC statement you can get our your shoebox of CC slips and go through to check accuracy, if you find a mistake, or a charge you don’t know about you can call that in and the CC company will, at least temporarily reverse that charge, so your bank account doesn’t take a hit by mistake.
Now this will only work if you pay in full each month and have spending self control, but if you can do this many offer some sort of reward programs, like one card I have offers 5% cash back on gas/groceries/drug stores. So if you are paying $2.50 to fill your car/suv at the station using your debit card, I am paying $2.375 using my CC, and holding onto that money a bit longer, which also has a interest effect.
Sony Palm Pilot clone. SplashMoney application from the Splashdata folks.
When make purchase, keep receipt. When next sit down, enter all purchases since last sit down.
Not bounce checks, not need bring banker pie.
Yes, we always pay the CC bill in full each month. We just got a new one that has cash back incentives. But we’re a little leery about using the CC for everything. I’m not sure if we could track it all close enough to pay it all in one fell swoop. It sounds like a lot of work. A glance at the checkbook seems like the simple way out. We do use the credit card for a lot of on-line shopping, but day to day stuff would really add up in a hurry.
It depends on how closely you wish to track it. I just take the slips and put them in a box. It takes perhaps 5-10 minutes to go through the box 1x per month to reconcile the statement. If there is a problem I still have plenty of time to contact the CC company and have a charge removed pending investagation, which I think I did 2x in the last 10 years. I find it much faster to make transactions, and my goal in any store is to spend as little time as needed, and the time I spend per month is time I set.
As for not being able to pay the whole thing in one fell swoop, technically there should be no difference, as the amount you spend should be the same, just you get to delay payments (and get the occational cash back) but a lot depends on your personal spending habbits, like if you see your ‘remaining balance’ as your available credit line then it could get you into trouble fast.
Hey I know it’s not for everyone, but I really think it’s one of the easiest and fastest ways to buy things, and with some self control can lower your overall costs.
Oh as for my system, 1/m when I do debit my checking account, paying my CC bill I enter in into M$ Money (well really 2x/m due to other bills).
I don’t use online banking with my main account (although I do with my business account) and I’m not as good about entering my receipts as some of the other dopers. I use my card a lot, and just stuff the receipts in a little compartment in my purse. Ideally, I’ll enter them when I got home (I use MS Money) but in reality, I clean out my purse and enter them once a month when I balance my checkbook. The kids have learned that that’s a good time not to bother Mom.
If I need to know down to the dollar how much money I have, I’ll go through and enter the outstanding ones, but my spending is pretty consistent across the month and I have a pretty good idea of what I’ve got. It is nice to have it all itemized if I wonder what I’m frittering money away on though, and the categories come in handy at tax time, since some are deductible and I can just sort those out and print them up.