Taking care of the pennies

[Gob]

Do any of you keep a electronic/software household budget?

A simple database for incomings and out goings, to make taking care of the pennies easier?

Or do you, like me, just keep an eye on the bank balance online?

Can you let me know what you use and how useful it is, if you do please?

[dales]

We don't use pennies as an official unit of US currency.

Sorry.

[Joe Guy]

I use Quicken Deluxe. You can connect all of your bank accounts and investments etc.

It's easy to create charts to track your spending if you set up your accounts correctly. Reviews on Amazon aren't great, but I don't have any problems and it works fine for me.

They update it every year but you don't need to get it every year because it doesn't change much. I don't know of any software that is as good or better. Actually, I don't know of any other software to compare it to....

[Gob]

Cheers Joe!

[RayThom]

Quicken Deluxe for me, too. Although there are all sorts of charts and graphs to help mind my spending habits I mostly use the check register to keep an eye on my balance. Logically, I'll spend a bit more if my balance is higher than the previous month but usually transfer the "excess" amount to my savings account.

I'm sure you know that if you use cash for most purchases you'll spend less of it. I like the convenience of my debit card (which I process as a credit card) and just try not to overuse it. As it is, I am very conscious of my overall spending because I have so little income.

I'm a simple man with a simple plan. It works for me.

[No Greater Fool]

Another vote for Quicken. Mine is the '98 version - never saw the need to update/replace it. Whenever I get a bill it gets scheduled to be paid with my banks electronic payment system. The future payment is then recorded in Quicken so I'll know what the balance will be when/after it's paid. As RayThom said a simple system and it works.

[rubato]

I just use an excel spreadsheet for financial planning and budgeting. But that is because I use excel all the time for work &c and have to have it on the home computer anyway. It might be more work than it is worth for someone who does not use excel regularly already.

yrs,
rubato

[BoSoxGal]

The budgeting tool at this credit management website is great, and free: http://accs.org/Downloads.html

Most banks do online bill pay linked to your account with no extra fees required. Most online banking platforms will also now provide free of charge graphs and pie charts that track spending by category, especially if you utilize a debit card linked to your account for POS/ATM purchases.

I used Quicken back in the day and liked it okay, but that was before all the online free tools were available. I don't think it's worth buying if you're really wanting to be frugal, as all the tools are there to DIY without putting money in Quicken's pocket.

[Gob]

Many thanks all, some very interesting replies.

After Feb 2018, (I hope,) I will be in a position I've not been in before, with no regular wage coming in, and masses of time on my hands.

I will have a finite pot of cash to draw on, and may have another small income from a NHS pension.

This will last for about 5 years.

I wont be hurting for cash, but will obviously want to manage the money I do have so that I can get the best out of it, and the best out of life.

I'd be happy to take a small, part-time, low paid job for a couple of days a week if it came to that, but would obviously prefer not to.

Some stimulating thoughts here, I'm indebted.

[dales]

After Feb 2018, (I hope,) I will be in a position I've not been in before, with no regular wage coming in, and masses of time on my hands.

Sorry to hear about that. I know how that is, I was not able to find full-time work since 2003. I did a number of part time jobs and tried to cobble my income together as I went. Any unplanned expense was a nuclear disaster.

My credit score went straight to hell, never had funds to pay bills, and eventually had to give up my apt and give away all my furniture.

Found a room & board type place with the help of Contra Costa County Mental Health.

A flea-infested dump however it was better than living on the streets.

I am now in a far better financial position thanks to my aunt who left me a sizable inheritance (which was a COMPLETE SURPRIZE) and try to help out the less fortunate when I am able.

If things become too dire,you might consider moving back to the UK, I understand there are people on the dole for generations. As there is in the USA, but don't come here. Trump will have no compunction in sending you back to OZ in a leaky raft.

[Scooter]

There's the very low tech "jar method" where you set your budget for various expenses for the week or the month and put the budgeted amount in a jar for each category - when the money in the jar is gone, you can't spend any more on that item (unless you have unspent money from another jar to reallocate to it). That was too nitpicky for me, so I use a modified version: I leave enough money in the bank to cover all of my relatively fixed expenses - telephone, cable, internet, insurance, etc. - and those bills are paid by preauthorized payment from my account. Then I budget an amount monthly for any large expenses that will come up over the year, for example, I put $200 aside each month to cover the cost of the cruise I take every November. Then I withdraw cash which I keep in three jars - one for my weekly household money - groceries and the like, one to cover one-off expenses that might come up during the month - if I have to repair/replace something around the house, or if I see something on sale that I want to buy in bulk, and one for mad money, which I can use for whatever I want provided I haven't overspent on the rest of my budget.

This works for me to keep my spending under control without having to do a lot of recordkeeping - all I have is a simple spreadsheet to map out my expenses month by month so I can see how much I have available to spend on discretionary items.

[Crackpot]

I do something similar to scooter but I am blessed with enough extra income that I don't have to pay much attention. In fact the coming year will result in my two largest debts getting paid off at which point I'll have to figure out how to best invest the "extra" money that will be coming in.

[Gob]

After Feb 2018, (I hope,) I will be in a position I've not been in before, with no regular wage coming in, and masses of time on my hands.

Sorry to hear about that. I know how that is, I was not able to find full-time work since 2003. I did a number of part time jobs and tried to cobble my income together as I went. Any unplanned expense was a nuclear disaster.

Thanks for the commiserations Dales mate, but they aren't really necessary, (well, I hope they won't be.)

This change is a choice on our part, a way of extending and bringing forward our retirement. We will live for 5 years on a pot of money we have, (my superannuation fund,) and a small NHS pension I have, (which will hopefully cover the beers and eating out, socialising events, part of our lifestyle.)

After 5 years Hen's superannuation will kick in, as will my UK state pension, which will leave us with an envious income.

We decided we'd rather have the next 5 years work free, while we have good, nay great, health and fitness, rather than work until I'm mid-60's and risk dropping dead of a heart attack or cancer at 68 yrs old.

I like the "online jampot" idea, and may set up a couple of online accounts to make managing these easier.

[RayThom]

... and risk dropping dead of a heart attack or cancer at 68 yrs old.

That surely brightens my day. Sigh!

[Gob]

Soz Ray!

[oldr_n_wsr]

I use the scooter method only with envelopes instead of jars. Here's what I take in, spread it out over the envelopes with each getting a "piece of the pie" so at the end of the month (or whenever the bills get paid) there is money for them. Then a trip to the bank to deposit into checking (aside from the bi-weekly trip to withdraw the auto-deposit of the pay checks so the envelopes can get stuffed) so the checks can be written and mailed.
No on-line stuff for me. If I do order online I use the "guest" checkout so they don't keep my info.
My atm cards were so old the bank closed them for lack of use, then they cracked the one time I took them out of the wallet. Never went for new ones.
But my wife handles all of this. She likes doing it and is good at it. If left to me the lights would have been turned off and I would probably have a lien against the house rather than it being fully paid off.

[oldr_n_wsr]

I will be in a position I've not been in before, with no regular wage coming in, and masses of time on my hands.

This is only half different from now.