expense tracking - a question

[pinkytoe]

I am tracking daily expenses this year (after a 10 yr break). Once a month, I will enter the daily spending data by category into a spreadsheet. What is the most sensible way to show/log credit card expenses made in one month but not paid for until the next month? Do you enter in month of purchase or when actually paid for? For whatever reason, this is confusing to me.

[SteveinMN]

I do it when I pay the bill. I figure that's when the money actually comes out of the wallet; before then I don't need to have it.

[Yppej]

I do it at the point of sale and accrue for it by subtracting that amount from my checkbook. When the bill comes in I have the money already set aside to pay it.

[Tybee]

I write it down when I spend the money, at the point of purchase.

[catherine]

I also account for it in my YouNeedABudget when I spend the money, whether it's credit or cash.

[Gardnr]

Date of purchase on my monthly grid. We pay bills in full monthly-no debt so it's not like we need to "save up" to pay. It just makes life easier.

Each month I tally our monthly handwritten grid into my excel spreadsheet.

This is year 20 and it's so awesome to take a look back. The road we have traveled financially is amazing! Tracking every penny started it all!

[pinkytoe]

I am doing it now in my third year of retirement because even though I track larger categories like groceries, the small expenditures are unknown. It seems like I may be leaving a lot just sitting in my checking account every month that could be better used by investing or putting in travel pot.

[Gardnr]

I am doing it now in my third year of retirement because even though I track larger categories like groceries, the small expenditures are unknown. It seems like I may be leaving a lot just sitting in my checking account every month that could be better used by investing or putting in travel pot.

True. Our accounts build in unspent $ through the year. We end up paying cash for travel and in December can pay both property tax out of it. Our finance guy can't believe we don't need $ this year but we think we'll be fine even though we have some large expenditures planned.

It's awesome!

[Money and Mountains]

I enter in the cost from every individual purchase for the month it was purchased into a budgeting spreadsheet (https://moneyandmountains.com/make-budget/). That way I know exactly where the money went. I feel that if you track just the payoff amount of your card each month it makes it more challenging to know where you can cut back.