Writing down every penny spent

[rentayenta]

I have decided that I really want to know where our money is going. We bring home a decent amount. The bills get paid and we watch what goes out but I am wanting to keep better track. Thus far it's Day 2 and I am at what we have spent already on bills and groceries. DH says he doesn't want to participate because we didn't have breathing room for the first few years of our marriage and now that we do he enjoys that freedom. I told him I am not doing it to necessarily spend less but to see how much we are spending on mindless and unnecessary "things".


Has anyone done this? Anyone want to join me?


I have read about people finding thousands of dollars that didn't need to be spent.

 

[MickeyMomOfThree]

I did this last year (New Years resolution) for a while. For me I stopped because I saw how little extra money we actually had. I guess I was hoping to see more places I could cut and turns out there was very little.

It amazes me to see friends though, the other day a couple of mine were complining that becasue of the economy they are having to go ever 7 or 8 weeks as opposed to every 6 weeks (my last professional one was over 4 years ago so I was left out of that discussion). We just went to Chuck E Cheese (school vacation). I spent under $11 the whole day (we were there about 6 hours). I had free token coupons from string cheese and the kids' report cards. That was it for tokens. I got a pizza with a $10 coupon my kids and I shared and we used our CEC cups from years ago (they allow it, it isn't stealing!) So for $10.79 we ate, played for hours and had leftover pizza to bring home. My kids each brought $1 from home for an ice cream bar. Our friends bought tons of tokens (my kids actually had some left when their friends with more ran out, they are learning to budget!) Had the salad bar (which I would have loved, but I was just as full eating pizza), and went out for toy shopping (yes the week after Christmas) afterwards. Crazy. My kids had just as much fun as their kids. Frankly I felt guilty about spening the $11 but it's vacation and I wanted them to have some fun.

OFf topic I guess, but I hope you have better luck "finding money". I was really hoping I would. For me our biggest waste of money is cable. I hate it. We didnt have it till a few years ago but my DH has to have the Roadrunner for work and with the phone and cable package, cable doesn't cost much, but I still hate that we pay for it. I wish he didn't need the RR, but he honestly has to have it. Plus he has a side job that would take him SOOOOO much longer if we didn't have it.

Good luck, it's bit of a job so I hope it works out well for you...

 

[dahrjo]

I actually started that today. Hopefully, I will continue with it. I agree that it is a lot of work. Actually, I just remembered that I didn't write down the money spent on gas for the car this evening. I guess it is habit that will need to be started.
I am hoping to see where we can cut some out and actually just want to cut down on all the spending and this will make me more aware of what is actually going out.

 

[parkers*momma]

Count me in! I, too, made the same resolution but I have to admit, it will be nice have group support.

I have goals of getting the vehicles paid off (1 year left on each), the house (10 months left), pay down CC (locked away) and still putting back enough for our annual Disney Vacation.

Sooooo the weekly eating out is out so is the ordering in once a week (yea, I do all the cooking and get lazy on the weekend). My goal-- --is only twice a month. Once every two weeks, we get to splurge. Other than that, I wanna know where all of the $$ goes.

 

[bettyann29]

Im in.. I will honestly try this and see how it goes.. Its kinda late tonight but I have all day tomorrow so I will go thru my purse and get out all the receipts and start away..

I already have a spiral going for my grocery spending budget and also another one to keep track of my cvs throughout the year.. whats another one to keep up with?

Im hoping by doing all this investing of time, I will see where I am going wrong and find ways to stop the frivolous spending habits we tend to have..

 

[rentayenta]

I did this last year (New Years resolution) for a while. For me I stopped because I saw how little extra money we actually had. I guess I was hoping to see more places I could cut and turns out there was very little.

It amazes me to see friends though, the other day a couple of mine were complining that becasue of the economy they are having to go ever 7 or 8 weeks as opposed to every 6 weeks (my last professional one was over 4 years ago so I was left out of that discussion). We just went to Chuck E Cheese (school vacation). I spent under $11 the whole day (we were there about 6 hours). I had free token coupons from string cheese and the kids' report cards. That was it for tokens. I got a pizza with a $10 coupon my kids and I shared and we used our CEC cups from years ago (they allow it, it isn't stealing!) So for $10.79 we ate, played for hours and had leftover pizza to bring home. My kids each brought $1 from home for an ice cream bar. Our friends bought tons of tokens (my kids actually had some left when their friends with more ran out, they are learning to budget!) Had the salad bar (which I would have loved, but I was just as full eating pizza), and went out for toy shopping (yes the week after Christmas) afterwards. Crazy. My kids had just as much fun as their kids. Frankly I felt guilty about spening the $11 but it's vacation and I wanted them to have some fun.

OFf topic I guess, but I hope you have better luck "finding money". I was really hoping I would. For me our biggest waste of money is cable. I hate it. We didnt have it till a few years ago but my DH has to have the Roadrunner for work and with the phone and cable package, cable doesn't cost much, but I still hate that we pay for it. I wish he didn't need the RR, but he honestly has to have it. Plus he has a side job that would take him SOOOOO much longer if we didn't have it.

Good luck, it's bit of a job so I hope it works out well for you...

Good job on spending such a small amount at Chuck E Cheese.


I am not thinking I'll find extra money but maybe new ways to allocate what we have. I'd also like to save more.

I actually started that today. Hopefully, I will continue with it. I agree that it is a lot of work. Actually, I just remembered that I didn't write down the money spent on gas for the car this evening. I guess it is habit that will need to be started.
I am hoping to see where we can cut some out and actually just want to cut down on all the spending and this will make me more aware of what is actually going out.

I am glad I'm not alone. I am all about becoming more aware too. My bet is we have $300-$400 in mindless indiscretionary spending which is shameful.

Count me in! I, too, made the same resolution but I have to admit, it will be nice have group support.

I have goals of getting the vehicles paid off (1 year left on each), the house (10 months left), pay down CC (locked away) and still putting back enough for our annual Disney Vacation.

Sooooo the weekly eating out is out so is the ordering in once a week (yea, I do all the cooking and get lazy on the weekend). My goal-- --is only twice a month. Once every two weeks, we get to splurge. Other than that, I wanna know where all of the $$ goes.

WooHoo and

I have the same goal with dining out (either drive thru of fast food) of twice a month too.

You've got great goals. We've got one car paid off and 3 years left on the other. I will never buy another expensive vehicle. Silliness.

I'd like to put more into savings.

 

[rentayenta]

Im in.. I will honestly try this and see how it goes.. Its kinda late tonight but I have all day tomorrow so I will go thru my purse and get out all the receipts and start away..

I already have a spiral going for my grocery spending budget and also another one to keep track of my cvs throughout the year.. whats another one to keep up with?

Im hoping by doing all this investing of time, I will see where I am going wrong and find ways to stop the frivolous spending habits we tend to have..

Tomorrow is a great day to start! I bet we'll all find ways and things to cut back on.



everyone!

 

[ScoobySMC]

I too am starting today writing everything down i buy, even down to the 65 cent sodas at work!!!!

 

[paulasillars]

A good start is to find out where your $s go - it can be frightening. I worked out I was spending $30 a week on lunches for work - $120 a month which worked out $1320 a year (give or take). There are a lot of other things I'd rather do with a thousand dollars... I now take my lunch to work 4 out of 5 days minimum.

I don't feel I'm depriving myself but actually now I can use that money towards something I want more, such as my next holiday, and also something that will last more than the 20 minutes a day that it takes to eat a fairly boring meal. Besides, what I take to work usually is healthier and more tasty.

You might like to check out the "No Buy" thread as that is exactly what the ladies (mostly) are trying to do, also to stop the $100 habit - going to the store to buy something small and walk out having spent $100.

 

[OctMtnWoods]

I have been doing this for a very long time. Its a wonderful tool to be fully aware of your income and expenses. What you decide to do with that income is up to you, but it allows you to make those financial decisions knowing if you can really afford something or not. It has given me peace of mind so many times when I worried about a big financial move. I plan to do this for the rest of my life.

Don't just break down the cash in your pocket, but also do the ATM withdrawals, debit card purchases and credit card statements. Every penny needs to be put into a category.

Pennies grow into dollars.

 

[MickeyMomOfThree]

Groceries are the worst!!!

$100 is so easy to do and they eat it up so fast. I always say "these kids want me to feed them 3 times a day!?!?"

BTW, I didn't mean to say you would find money, but just to wish you luck in finding places to cut. I think maybe I did this without realizing a few years ago and that's whey there isn't much I can cut now. I look at what I used to spend money on that I never would now. It was not a resolution so much as it was a necessity. I look at the "old me" and can't believe how far I have come.

Good luck to everyone...

 

[Kitzka]

this is a great idea. we did something similar about 6 months ago and for a month we kept track of every penny. it was amazing how much money we wasted on "just one pack of gum" just one dinner or lunch out with friend's.

now, DH and i both pack lunches and i only eat dinner out if it's with one friend. DH use to come but it costs more and we don't really save. now if we eat out a mcdonald's or wendys only one of use gets a meal and the other gets just the sandwich. we share the fries and drink. it doesn't save much but $5 saved is still $5.

for lunches we have saved a ton by packing our lunches. on the off day that i don't have a lunch i willbuy from my company cafeterai. i can get a large 10oz soup for $3. this will fill me up and once a month is not too bad.

it's a new year and i know that we have to watch what we spend. the holidays were a little buts and i am going to go back to not spending on things i don't need.

DD has gotten plenty at christmas and will play with this stuff until she saves up her own allowance to buy stuff.

I'm already planing her budget birthday party! a pool party at the town pool. only $4 per child!

Just wanted to add that one wayi save money on groceries is to buy gift cards form DD's school. I buy then in $25 increments and take $75 to the store each week. i don't take any other cash or cards with me. i have to watch every dime. it can be stressful but the weeks i get buy with spending less are wonderful.

i am the queen of the running to target for one birthday card and walking out without said birthday card but with $100 worth of stuff i didn't need.

lara

 

[Where'sPiglet?]

I have done this in the past and then I get lazy and I stop.

Let me tell you right now - the times that I track where the money goes I find myself in much better shape financially. When I stop is when I start to run into trouble.

When you write your spending down, you are basically being accountable to yourself. You know if you buy that soda or go through the drive through, you are going to need to write it down. The less times you spend money, the less you have to remember to write down!

If you haven't tracked your spending before, you will likely find some surprising totals at the end of the month, particularly in food (break into "groceries" and "eating out/snacks/coffee shops") and that "miscellaneous" category that you need to break down - entertainment, home supplies (soap, paper towels, etc), books, gifts, clothes, etc.

The more categories you have, the more tedious it can be, but the more likely it can be to help you know where your money leaks are.

Good luck!

 

[rentayenta]

I too am starting today writing everything down i buy, even down to the 65 cent sodas at work!!!!

Good job. It seems small but adds up so quickly!

A good start is to find out where your $s go - it can be frightening. I worked out I was spending $30 a week on lunches for work - $120 a month which worked out $1320 a year (give or take). There are a lot of other things I'd rather do with a thousand dollars... I now take my lunch to work 4 out of 5 days minimum.

That's what I am thinking will happen. When I find out how much work lunch or that weekly treat cost, I will find something more worthy to spend my money on.

I don't feel I'm depriving myself but actually now I can use that money towards something I want more, such as my next holiday, and also something that will last more than the 20 minutes a day that it takes to eat a fairly boring meal. Besides, what I take to work usually is healthier and more tasty.

This is what I am trying to get across to DH: that it's not about depriving but being aware and making more informed choices.

You might like to check out the "No Buy" thread as that is exactly what the ladies (mostly) are trying to do, also to stop the $100 habit - going to the store to buy something small and walk out having spent $100.

I have been doing this for a very long time. Its a wonderful tool to be fully aware of your income and expenses. What you decide to do with that income is up to you, but it allows you to make those financial decisions knowing if you can really afford something or not. It has given me peace of mind so many times when I worried about a big financial move. I plan to do this for the rest of my life.

Don't just break down the cash in your pocket, but also do the ATM withdrawals, debit card purchases and credit card statements. Every penny needs to be put into a category.

Pennies grow into dollars.

Exactly. DH is a and when they go grocery shopping, he'll put in on his debit card. The guys always reimburse him however the money NEVER goes back into the account. He uses it for spending money which is fine but I would like to know where it's going. Now the fun part will be asking without appearing naggy. It's really not about him spending too much and more about being aware of where it goes.

Groceries are the worst!!!

$100 is so easy to do and they eat it up so fast. I always say "these kids want me to feed them 3 times a day!?!?"

BTW, I didn't mean to say you would find money, but just to wish you luck in finding places to cut. I think maybe I did this without realizing a few years ago and that's whey there isn't much I can cut now. I look at what I used to spend money on that I never would now. It was not a resolution so much as it was a necessity. I look at the "old me" and can't believe how far I have come.

Good luck to everyone...

Groceries are the worst!

this is a great idea. we did something similar about 6 months ago and for a month we kept track of every penny. it was amazing how much money we wasted on "just one pack of gum" just one dinner or lunch out with friend's.

now, DH and i both pack lunches and i only eat dinner out if it's with one friend. DH use to come but it costs more and we don't really save. now if we eat out a mcdonald's or wendys only one of use gets a meal and the other gets just the sandwich. we share the fries and drink. it doesn't save much but $5 saved is still $5.

for lunches we have saved a ton by packing our lunches. on the off day that i don't have a lunch i willbuy from my company cafeterai. i can get a large 10oz soup for $3. this will fill me up and once a month is not too bad.

it's a new year and i know that we have to watch what we spend. the holidays were a little buts and i am going to go back to not spending on things i don't need.

DD has gotten plenty at christmas and will play with this stuff until she saves up her own allowance to buy stuff.

I'm already planing her budget birthday party! a pool party at the town pool. only $4 per child!

Just wanted to add that one wayi save money on groceries is to buy gift cards form DD's school. I buy then in $25 increments and take $75 to the store each week. i don't take any other cash or cards with me. i have to watch every dime. it can be stressful but the weeks i get buy with spending less are wonderful.

i am the queen of the running to target for one birthday card and walking out without said birthday card but with $100 worth of stuff i didn't need.

lara

I like the grocery gift card idea. I wish we had that option.

The pool is a wonderful idea for a party!!!!!

I have done this in the past and then I get lazy and I stop.

Let me tell you right now - the times that I track where the money goes I find myself in much better shape financially. When I stop is when I start to run into trouble.

When you write your spending down, you are basically being accountable to yourself. You know if you buy that soda or go through the drive through, you are going to need to write it down. The less times you spend money, the less you have to remember to write down!

If you haven't tracked your spending before, you will likely find some surprising totals at the end of the month, particularly in food (break into "groceries" and "eating out/snacks/coffee shops") and that "miscellaneous" category that you need to break down - entertainment, home supplies (soap, paper towels, etc), books, gifts, clothes, etc.

The more categories you have, the more tedious it can be, but the more likely it can be to help you know where your money leaks are.

Good luck!

I am already semi-shocked after 2 days. I cannot imagine how I'll feel after the month.



For those that have done this, do you break down paychecks as well? For instance, payday was today so should I take the amount before taxes and break that down or just go from what was deposited (after taxes, insurance, and retirement)?

 

[Catrin]

I bought an inexensive journal today.

The left side is money spent.

The ride side is what I eat.

Hopefully I will spend less and lose wieght - just by doing this!

Catrin

 

[rentayenta]

I bought an inexensive journal today.

The left side is money spent.

The ride side is what I eat.

Hopefully I will spend less and lose wieght - just by doing this!

Catrin

Awesome idea! The two most difficult things to challenge!

 

[Mickeyherewecome123]

Dh and I were just talking about doing this yesterday. With the start of the new year we thought this would be the best time to start. I am dreading it though, cuz I am the one who spends alot of extra money on the little things like a few things at the dollar store or running into Walmart for a few things and I come out with a cart full of stuff. But like the pp said, its making me accountable to myself and maybe that will help me.
So I got our notebook ready and waiting right on the breakfast bar. And we are going to start keeping track of our money and where it goes tomorrow.

Looking forward to having the support of you guys here on the DIS.

Fran

 

[Where'sPiglet?]

I am already semi-shocked after 2 days. I cannot imagine how I'll feel after the month.

For those that have done this, do you break down paychecks as well? For instance, payday was today so should I take the amount before taxes and break that down or just go from what was deposited (after taxes, insurance, and retirement)?

Yeah...I found I was spending $300/month in fast food and several hundred a month at WalMart/Target, without even realizing it. Writing stuff down helped reign in both categories because you start to think "OMG if I didn't go to McDonald's every day and WalMart all the time, I'd have enough money for WDW in 3 months!" (Or a car...or a new computer...or _______)

I don't break down paychecks. The amount I get IN HAND is what I put down as the money I have for my budget. The point (for me anyways) is to track incoming and outgoing cash flow. If I put down my gross pay (versus net), it inflates my incoming cash.

One thing I was doing when I was getting paid hourly was to write down when I got home each night the number of hours worked that day x hourly wage x .75 (to account for deductions) and then write than number down as expected income. That way I had a pretty close estimate to what money was going to come in each pay period - and a few times I realized that my job had shorted me on hours I had worked!

 

[amyy]

A few weeks ago I started down writing what I spent and what I ate. Sometimes I do dread it because I waste a lot of money and calories. It is "interesting" to look at.

 

[Tink-n-MrIncredible]

I have done this in the past and then I get lazy and I stop.

Let me tell you right now - the times that I track where the money goes I find myself in much better shape financially. When I stop is when I start to run into trouble.

When you write your spending down, you are basically being accountable to yourself. You know if you buy that soda or go through the drive through, you are going to need to write it down. The less times you spend money, the less you have to remember to write down!

If you haven't tracked your spending before, you will likely find some surprising totals at the end of the month, particularly in food (break into "groceries" and "eating out/snacks/coffee shops") and that "miscellaneous" category that you need to break down - entertainment, home supplies (soap, paper towels, etc), books, gifts, clothes, etc.

The more categories you have, the more tedious it can be, but the more likely it can be to help you know where your money leaks are.

Good luck!

Would you please post more categories? I really would like to succeed.