Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 01-04-2016, 05:48 PM   #141
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,905
Quote:
Originally Posted by RetireSoon View Post
I'd also be interested to hear how many of you are estimating expenses, vs doing penny by penny ""actuals" tracking in Quicken, Excel or similar tool...

We use Quicken and review "actuals" on Checking, CC and similar accounts and were astounded how much it takes to run the household living quite conservatively. We don't live "fancy" but it's very, very expensive on a yearly basis also.

Note that my RE involves a small cabin in the woods..if I could ever FIND said cabin, I'd buy it tomorrow, sell the house in the suburbs and be done with this whole mess. But, we also want something reasonably nice (large kitchen, patio, fairly current) also..
I'm tracking everything, to the penny, in Excel. I balance with what is in my bank account and with what my credit card online account says I spent, to make sure nothing is forgotten and that my spending adds up to the money used. I even track where the money in my wallet goes and balance with what is left in my wallet.

Which means that for once, I actually know where every penny of my Miscellaneous category went.
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-04-2016, 05:55 PM   #142
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,817
Mine were from Quicken. As far as "to the penny" - I have a fudge category: misc - this includes ATM withdrawals that aren't for a specific category and mixed category receipts like Target... So I'm not "to the penny" as much as others. My misc category above actually includes some smaller percentage, but still tracked categories - piano lessons, sports fees for the kids, etc.

Each year I set a "rough budget" - but I don't track it too much... just keep an eye to see if we're way out of wack in any category so I can pull in from other categories if necessary to compensate.
__________________

__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 01-04-2016, 05:55 PM   #143
Thinks s/he gets paid by the post
 
Join Date: May 2008
Posts: 2,260
Quote:
Originally Posted by RetireSoon View Post
I'd also be interested to hear how many of you are estimating expenses, vs doing penny by penny ""actuals" tracking in Quicken, Excel or similar tool...
I use Mint for the total spending and for major categories, but I keep track of weekly spending using a spreadsheet to keep track of spending by category. (It is hard to break down cash spending that came out of ATM withdrawals - Also on many occasions, one stop at a supermarket may consist of groceries and living expenses, etc so that's why I still do the spreadsheet.)
__________________
tmm99 is offline   Reply With Quote
2015 Expenses
Old 01-04-2016, 06:03 PM   #144
Thinks s/he gets paid by the post
RetireAge50's Avatar
 
Join Date: Aug 2013
Posts: 1,121
2015 Expenses

I do not keep track of any specific category but know my expenses by taking total income and subtracting investment contributions, taxes, mortgage payments, and tuition paid.
__________________
RetireAge50 is online now   Reply With Quote
Old 01-04-2016, 06:33 PM   #145
Thinks s/he gets paid by the post
2017ish's Avatar
 
Join Date: Apr 2012
Posts: 1,847
Quote:
Originally Posted by rodi View Post
Mine were from Quicken. As far as "to the penny" - I have a fudge category: misc - this includes ATM withdrawals that aren't for a specific category and mixed category receipts like Target... So I'm not "to the penny" as much as others.....
That's us. We have "to the penny" on the big categories, but also have "Family Allowance" for cash, and even "Target" for misc. purchases there and WMT, etc. Probably could change it, but it's worked well enough for 20 years. :-)
__________________
OMY * 3 2ish Done 7.28.17
2017ish is online now   Reply With Quote
Old 01-04-2016, 06:47 PM   #146
Thinks s/he gets paid by the post
 
Join Date: Feb 2007
Posts: 2,424
Quote:
Originally Posted by RetireSoon View Post
I'd also be interested to hear how many of you are estimating expenses, vs doing penny by penny ""actuals" tracking in Quicken, Excel or similar tool...

We use Quicken and review "actuals" on Checking, CC and similar accounts and were astounded how much it takes to run the household living quite conservatively. We don't live "fancy" but it's very, very expensive on a yearly basis also.
I track to the penny using a couple of Numbers (like Excel for Macs) spreadsheets. I'm a numbers person and former accountant so for me this comes naturally and is my kind of fun, especially if we don't spend it all! I'm always surprised at how little it takes to run our household. Most of the monthly bills are the same every month so the only expenses we track throughout the month are Groceries, Gasoline and Miscellaneous which is any spending that's not groceries or gas.

DH and I get monthly cash for our wallets. I rarely spend mine so at month end it goes in a jar. I've accumulated so much cash that I've been using it for donations (a favorite senior dog rescue that has an Amazon wish list or the Salvation Army bell ringers last month) and an amount to my son who is going on a big trip tomorrow and I want him to have extra money for fun.
__________________
Married, both 62. DH retired June, 2010. I have a pleasant little part time job.
Sue J is offline   Reply With Quote
Old 01-04-2016, 07:41 PM   #147
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,493
We track very closely in Quicken. No misc category. Most charges are credit card and are downloaded and categorized. Rarely use cash, but don't categorize beyond "cash" unless paying a maintenance worker.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is online now   Reply With Quote
Old 01-04-2016, 07:51 PM   #148
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,431
I use Quicken to track both investments and expenses by using its auto-download feature. We use very little cash spending which we do not bother to categorize by hand, but that amounts to only a few hundred dollars a year.

Just by looking at the Quicken screen on expenses, I know what we can cut down if the going gets tough. We can easily live on 1/2 of what we spent last year, but without the extra home-related expenses, gifts and charity.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Old 01-04-2016, 08:39 PM   #149
Full time employment: Posting here.
 
Join Date: Sep 2012
Location: Albuquerque
Posts: 501
I’ve tracked my expenses for 3 years in preparation for retirement. Spending has been about the same each year although some categories like home repairs, car repairs, and dental work have fluctuated. Tracking expenses has allowed me to more easily discern categories where I could cut costs if needed. This year, my salary was divided into 38% expenses to include medical, 38% savings, and 24% income tax and social security.

So far my expenses (minus savings and social security contributions) can be easily covered by my expected retirement income (mostly secure income) but the unknown is that I’ll be retiring in a higher COL area and renting for at least a year. I’ve researched housing costs, state taxes, etc. but there could be some surprises. I prefer not to have a formal budget but I realize that I may have to eventually have one in retirement. But my expense tracking could be a good foundation for formulating a budget and gives me some sense of comfort that I will be able to live on my retirement income.
__________________
ABQ2015 is offline   Reply With Quote
Old 01-04-2016, 09:03 PM   #150
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 7,166
I also track expenses with Quicken.

I haven't figured the annual spending yet as we had a few big expenses this year: New house A/C ($6K), new roof ($12K), Two new mattresses ($3).

We also increased granddaughter's college expense help since her parents were not able to handle very much. We paid her tuition and books for one semester and provided $100/month for spending throughout the year. This amounted to about $3,700. She has a job at the college, but it doesn't pay much. She graduates this year (yeah!). I also covered the A/C repair cost to her aging Ford Focus ($1200 repair).

For some reason, DW is one of those people who absolutely HAS to HAVE cash in her wallet at all times. That irks me to no end as I can go for months without cash in my wallet and not care. So our "Misc" category is filled with ATM entries from her use of cash. The story line is "lunch with the girls (church group), a few things at Walgreens, I picked up the dry cleaning, I don't remember, etc". Needles to say, it's a good thing I keep the reins tightened or I wouldn't be typing this.
__________________
......."Everybody has a plan until they get punched in the face." -- philosopher Mike Tyson.
aja8888 is offline   Reply With Quote
Old 01-04-2016, 09:05 PM   #151
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,035
My expenses have been creeping up in the last few years so I went over my spending carefully . Surprise , It is being a grandmother that has caused the spending . Lego's are not cheap !
__________________
Moemg is offline   Reply With Quote
Old 01-04-2016, 09:09 PM   #152
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,381
Quote:
Originally Posted by aja8888 View Post
I also track expenses with Quicken.



I haven't figured the annual spending yet as we had a few big expenses this year: New house A/C ($6K), new roof ($12K), Two new mattresses ($3).



We also increased granddaughter's college expense help since her parents were not able to handle very much. We paid her tuition and books for one semester and provided $100/month for spending throughout the year. This amounted to about $3,700. She has a job at the college, but it doesn't pay much. She graduates this year (yeah!). I also covered the A/C repair cost to her aging Ford Focus ($1200 repair).



For some reason, DW is one of those people who absolutely HAS to HAVE cash in her wallet at all times. That irks me to no end as I can go for months without cash in my wallet and not care. So our "Misc" category is filled with ATM entries from her use of cash. The story line is "lunch with the girls (church group), a few things at Walgreens, I picked up the dry cleaning, I don't remember, etc". Needles to say, it's a good thing I keep the reins tightened or I wouldn't be typing this.

Your wife is a sensible woman.... I always have cash in my wallet...cash in my car...cash in my house... You never know when you might need some cash! I even have useless cash...I started a winter project rolling change that has accumulated in a bucket... Rolled $150 worth today before I got bored...


Sent from my iPad using Tapatalk
__________________
Mulligan is offline   Reply With Quote
Old 01-04-2016, 09:14 PM   #153
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 7,166
Quote:
Originally Posted by Mulligan View Post
Your wife is a sensible woman.... I always have cash in my wallet...cash in my car...cash in my house... You never know when you might need some cash! I even have useless cash...I started a winter project rolling change that has accumulated in a bucket... Rolled $150 worth today before I got bored...


Sent from my iPad using Tapatalk
Hey, if I need cash (rarely do), I ask her for some!

I also have an ATM card I carry, but I don't remember the PIN!
__________________
......."Everybody has a plan until they get punched in the face." -- philosopher Mike Tyson.
aja8888 is offline   Reply With Quote
Old 01-04-2016, 09:26 PM   #154
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,381
Quote:
Originally Posted by aja8888 View Post
Hey, if I need cash (rarely do), I ask her for some!

I also have an ATM card I carry, but I don't remember the PIN!

I am hopelessly Neanderthalic in my money attitudes....what if they dont take my credit card? What if they steal my code on my debit card strip and wipe me out? What if my credit card doesnt work? ...You know, all those things that could possibly happen but have never happened to me anyways.... And deposit money in a bank without handing it to a teller personally? Aint gonna happen!
But I sure love trading stocks online without using cash.


Sent from my iPad using Tapatalk
__________________
Mulligan is offline   Reply With Quote
Old 01-04-2016, 09:52 PM   #155
Thinks s/he gets paid by the post
Helen's Avatar
 
Join Date: Oct 2004
Location: Portland
Posts: 1,351
Quote:
Originally Posted by Moemg View Post
My expenses have been creeping up in the last few years so I went over my spending carefully . Surprise , It is being a grandmother that has caused the spending . Lego's are not cheap !
I have no doubt that gives you great joy!!! I have two great nieces (ages 2.5 and 5.5) that I love buying gifts for. The only part I don't like is paying for the postage

I started taking photos of what I send to them because a year later I can't remember if I bought them that or not. I lucked out and got on the Columbia Sportswear friends and family list so I can get incredible deals at their outlet and employee store.
__________________
Helen is online now   Reply With Quote
Old 01-04-2016, 10:02 PM   #156
Recycles dryer sheets
 
Join Date: Aug 2013
Location: Cocoa Beach
Posts: 406
Quote:
Originally Posted by W2R View Post
Video gaming | ..2%
+1 I love that this gets its own budget category!
This is what I keep trying to explain to my wife (just kidding actually, she has no problem with me playing games)!
__________________
Lucantes is offline   Reply With Quote
Old 01-04-2016, 10:51 PM   #157
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,905
Quote:
Originally Posted by Lucantes View Post
+1 I love that this gets its own budget category!
This is what I keep trying to explain to my wife (just kidding actually, she has no problem with me playing games)!
That's great that she doesn't mind!

I love video games.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 01-05-2016, 08:01 AM   #158
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,727
Send a message via Skype™ to kcowan
Quote:
Originally Posted by W2R View Post
my entire withdrawal went to support a poor little old unemployed lady surviving in hurricane devastated New Orleans. ..
As long as it was not augmented by an intelligent woman spending a bundle to live near her best friend!

It is amazing how words can be spun to tell any story....

BTW congratulations on the good luck in finding the perfect house! Sounds like a much more practical solution than moving north.
__________________
For the fun of it...Keith
kcowan is online now   Reply With Quote
Old 01-05-2016, 08:14 AM   #159
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,727
Send a message via Skype™ to kcowan
Quote:
Originally Posted by pullmyfinger View Post
2015 was my first full year of ER. Our spending for DH and I was 32K, which after my tiny VA pension comes out to a WR of under 1.2%.
Same after 13 years of retirement (1.2%), after 5 pensions (incl. DW).

I have a feeling that it will be going up in 2016 due to the denominator shrinking!
__________________
For the fun of it...Keith
kcowan is online now   Reply With Quote
Old 01-05-2016, 09:47 AM   #160
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,431
Quote:
Originally Posted by Mulligan View Post
That is TMI... You gave yourself away... You have too much money...Us "wealth confiscators" are coming by to pay a visit today.
I just remember that the number I got off Quicken screen does not include the income tax to be paid. Ugh! You are right. The wealth confiscators are coming for me soon. Before April 15 anyway.
__________________

__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
52 and looking at ER in 2015- super dreamer? supernova72 Hi, I am... 42 01-14-2013 10:48 PM
FED policy maker says low rates to 2015 rbmrtn Stock Picking and Market Strategy 27 09-05-2012 09:01 PM
class of 2015? palomalou Life after FIRE 3 08-24-2011 04:47 PM
Fidelity Freedom Fund 2015 BillNOVA FIRE and Money 0 08-20-2008 05:39 PM
extra expenses? lowered expenses? 72t? retiringat50 FIRE and Money 6 01-08-2008 09:30 PM

 

 
All times are GMT -6. The time now is 09:22 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.