How do you manage you personal finances?

Question

I have been trying to keep a track of all the expense n savings etc n its too much! I get frustrated midway n totally give up!

Is there some tool you use? Like a money planner or so?

Is there anything that will keep track of all the investemnts, 401K, grocery bills, savings etc?

Thanks!

Answer 1

There's a couple of things that you can do:

Blog about managing finance: http://www.dollartoolbox.com

Site to manage several bank accounts and credit cards at time: http://www.mint.com

And, at least for me, the best software ever, Excel.

Answer 2

I use a monthly budget that I create in Excel.  I make a list starting with the date of a paycheck and the expected amount of the check.  Then I take out what I plan on paying with that check based on when things are due in a month.  That way I know if I have any extra from that check to be used on unexpected things that come up.  I add in the next check, figure any upcoming bills, and do the same thing, etc.  That way I know I have made all my bills, and then have a certain amount of extra for whatever else I may need or want.

Answer 3

I know what I have as income for the month, less the regular bills, put aside 10% in a savings account for those unexpected problems, then I know what I have to spend. Never, ever make your payments late, that knocks your credit score to h**l.

Answer 4

Dear DJ

I ever have any left at the end of my bills on a fixed income I get one second to look at the check book and then start paying bills ok Just ask people about the high cost of medicine's gas for the car food and stamps to mail a letter are a package to love ones

Answer 5

hello -

create a spreadsheet with various headings -

retirement savings

rent/mortgage

insurance

car payment

car insurance

gas

phone

cell phone

electric

cable

credit card 1

credit card 2

groceries

eating out

fun (movies, bars etc,)

clothes

snacks (starbucks coffee, afternoon chips)

lunch

other 1

other 2

other 3

(student loans, alimony, whatever)

and track all your outgoing funds into one of those areas for 4 weeks.  So each time you buy another starbucks coffee, go in and add the price of that on to the running total of the prior ones etc.  Some expenses will only be once a month (mortgage, cable etc.,), others will be daily or weekly.

total up each column at the end of the week and you will know what you spent where.  after 4 weeks you have a very good idea where your money goes.  take that out of whatever your takehome is and go from there.

You can also do this by periods of time equal to your paycheck - so if you are paid every other friday, make the periods two weeks, if you are paid the 15th and last day of the month do it that way.  

I keep a small notebook in my purse where i write down expenses daily and i drop them in nightly, takes like 5 minutes maybe.  If you are a guy you can keep a piece of paper on you to do the same thing.  What is critical though is that you really track every penny for at least a month to understand where your money is going, then you can make decisions about things you may want to change for the next month etc.

Happy to help you more oif you like, send me an email -

good luck

Answer 6

quickbooks is awesome! it's very user friendly and keeps up with every dime you spend. it will also show you a pie chart so you can see exactly where your money's going.