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Where does my money go?

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  • 07-04-2013 4:31pm
    #1
    maskabun
    Registered Users Posts: 128 ✭✭


    I would love to see thorough tracking of my expenses. I try to pay by card as much as possible so that I could track them in my monthly bank statement. Doing so still doesn't solve the problem fully as the description in the bank statement is not something that can be easily interpreted and also it needs labor some exercise to summarize and categorized.

    You guys have any idea or suggestions?

    Thanks in advance.


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    #2
    phormium
    Registered Users Posts: 3,339 ✭✭✭phormium


    Yes, a small diary or notebook. You get a receipt with practically everything purchased these days, shove them all in your pocket and write them in every couple of days. Take out a set amount from atm once a week and basically work on accounting for every penny spent, every coffee, paper or bar of chocolate.

    You could get really fancy and have different category columns or you could set up something online but I find the basic 2euro shop diary the handiest.


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    #3
    28064212
    Registered Users Posts: 10,632 ✭✭✭✭28064212


    Do you have a smartphone? If it's an Android, I find Financisto to be great. Entering stuff takes seconds, so can do it real-time. I'm sure there's similar for iPhones

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    #4
    maskabun
    Registered Users Posts: 128 ✭✭maskabun


    phormium wrote: »
    Yes, a small diary or notebook. You get a receipt with practically everything purchased these days, shove them all in your pocket and write them in every couple of days. Take out a set amount from atm once a week and basically work on accounting for every penny spent, every coffee, paper or bar of chocolate.

    You could get really fancy and have different category columns or you could set up something online but I find the basic 2euro shop diary the handiest.

    Yes it's a good idea. However I am afraid I could do that as this makes me engaged to some extent. I am looking for some hassle free workaround.


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    #5
    maskabun
    Registered Users Posts: 128 ✭✭maskabun


    28064212 wrote: »
    Do you have a smartphone? If it's an Android, I find Financisto to be great. Entering stuff takes seconds, so can do it real-time. I'm sure there's similar for iPhones

    Yes I do have an android phone. Do I have to enter all the expenses manually in Financisto?


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    #6
    28064212
    Registered Users Posts: 10,632 ✭✭✭✭28064212


    maskabun wrote: »
    Yes I do have an android phone. Do I have to enter all the expenses manually in Financisto?
    Yep, but once you get into the habit, it takes 5 seconds to enter each one in

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    #7
    maskabun
    Registered Users Posts: 128 ✭✭maskabun


    28064212 wrote: »
    Yep, but once you get into the habit, it takes 5 seconds to enter each one in
    I wonder if you know any app that takes bank statements in pdf/text and loads the expenses automatically. As to me if we have to enter them manually there is not much difference between traditional excel sheet and such apps.


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    #8
    phormium
    Registered Users Posts: 3,339 ✭✭✭phormium


    There is a lot be said for being engaged with this process, you will be more aware of what you are spending.

    This seriously does not take much time, how much stuff can you buy each day? I have been keeping spending diaries for over 25yrs, worked full time, ran a household, brought up kids etc, it doesn't take that long. It is a great discipline and really makes you consider where your money is going.


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    #9
    murphaph
    Registered Users Posts: 19,020 ✭✭✭✭murphaph


    Maybe mint.com


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    #10
    maskabun
    Registered Users Posts: 128 ✭✭maskabun


    murphaph wrote: »
    Maybe mint.com
    I have tried downloading it but denied saying only available in US.

    Even though I could use it I'll still hesitate to give my credit card info because of security concerns. App market is so much flourished I wonder why there is no such App available that doesn't demand your credit card info and categorize expenses upon providing bank statements.


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