Originally Posted by rayvt
It is simple and easy and transparent to keep track of major cach inflow/outflows, and the balances of all your various accounts in a simple Excel spreadsheet. Once a month I log onto all the accounts to get the balances and enter them in the spreadsheet. Takes me all of 30 minutes. And I don't enter pennies or even whole dollars. For record keeping purposes I round to the nearest ten dollars.
I use a similar method for expenses and investments. I keep monthly summaries of items. I have paper companies of bills and transactions, and keep them for about 10 years (have a business). What is measured, is managed.
I think we are discussing different types of people. Some measure nothing. Some measure just enough. Some are accountant-like, needing details on everything.
I know from experience that you can miss the obvious when you are gathering data. Since we are frugal, and investigate large purchases, we won't gain much more by knowing a loaf of bread was purchased 6 times this year. We are probably 90% of the way there, just by our inclinations. For instance, we turn off the light when we leave a room. It could be that the last 10% of savings is driven by an-internet capable quicken with smart phone notifications and blue-tooth reminders when you sit down in the car.
To each, their own.