Sunday, July 18, 2010

2 new (to me) ideas for tracking expenses

I was watching Living Essentials on BYU-TV a couple of days ago and the topic was budgeting...only now that's considered a negative word like diet, so just like your diet is now your food plan, your budget is now your spending plan. They mentioned 2 interesting ways to track your expenses. For a complete transcript of the show go to this link:  http://www.byutv.org/livingessentials/episode.aspx?ep=411

First idea that I liked...and this is very similar to the system I used to use (and still do in a modified form) from the Rich on Any Income: the Easy Budgeting System that Fits in Your Checkbook by James P Christensen and Clint Combs...is to use a check register to help you track expenses. Ask for an extra register when you are in the bank, then use a ruler to make a few extra columns and then record what you spend in the different categories.

The method they mentioned that I am now going to try is the calendaring method for tracking expenditures.

You need a file folder that only opens at the top (we didn't have one, so I took a legal-sized folder, cut a bit off the ends, folded the ends in and secured the sides with double-stick tape). Paste a calendar page on the front...since our payday is on the 20th each month, I printed out a calendar that I made that goes from July 20th to August 19th. (they said if you get paid every 2 weeks, you could adapt your calendar if you wanted)

I then wrote down the due dates of various monthly bills on the calendar. Take a magnetic clip and put it up on the fridge. Now, during the month, when you spend something, write it down on the calendar date and put the receipt in the folder. If there are other notes to make, write them on the back of the folder. When the month is done, take the folder off the fridge and file it away. Put up a new file folder.

Here is a picture of mine:

















This might be pretty useful...especially if I can get Glen to remember to drop his receipts in the folder.

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