What do you track?

[CyclingInvestor]

I track investment results and net worth quarterly (although all transactions are in
spreadsheets, so I could retroactively figure out more if I felt like it).

I do not track expenses, and never really have. I always saved for a target % of my
income first, and allowed myself to spend the rest.

 

[Cut-Throat]

Cut-Throat -- I haven't used memorized transactions (what, this process can be even easier? sweet!)

I pulled out the manual but it wasn't very helpful on how to set up and use memorized transactions when downloading data from a bank/C.U. A couple quick questions if you have a moment: (1) the Memorized Transactions List lists payees as well as dollar amounts -- what if the dollar amount is always different? (2) when does the automatic categorization take place -- next time I download?

Any tips would be much appreciated! thanks

What version of Quicken are you running?

When you memorize a Payee it will be available for automatic categorizing. The next time you download your Credit Card transactions, it compares the payee to your memorized list - If they're the same it will use the same category - Does not look at dollar amounts. So - all your charges to the same gas station, grocery store, phone bill, restuarant - get the same category! - I think you need to be on a Quicken release of 2004 or later.

 

[Hydroman]

S When you buy everything on a credit card and download to Quicken, it tracks itself. So why wouldn't you

Because I spend much less when I limit it to the green cash on hand.

 

[Linney]

What version of Quicken are you running? - I think you need to be on a Quicken release of 2004 or later.

Ah, I'm still using 2001 deluxe. It does have the memorize transaction feature so I'll give it a try anyway next time I download.

 

[48Fire]

I would encourage young dreamers to track their significant other's satisfaction along with all of the bean counting. Since I was a born plotter/cheapskate, and my wife was a spender, we needed to compromize to stay in the 24 hours a day of bliss mode.

When times were good, I would even break one of the cardinal sins, and borrow a small amount from the 401k to take a frivolous trip to some far off tropical island. So I agree with the balance discussions. Otherwise, you may end up with your entire ER plan derailed, and your clothes on the front porch, and the doors locked. Believe me, I have seen it happen to several over the years.

 

[Helen]

When I was formulating my retirement plan I did an annual analysis for a few years to see where my money was going.

I then put a plan together detailing how much I would have to save in which accounts per year until I reached my retirement goal. I incorporated guesstimates of annual raises and where I would put the money.

Now I just follow my plan and increment the savings on an annual basis. What ever is left over we spend as we please.

 

[mb]

Have tracked net worth for about 15 years.

Started tracking expenses just this year.

MB

 

[Cut-Throat]

I agree tracking every cent seems to only make sense if you have a behavioral problem that needs fixing, newly retired and need the reassurance, or wanting to put some real numbers with your long-term planning...I am trying to think of anything else...maybe if you are just obsessive, but that's ok, too

I hardly track every cent! - One thing I've noticed about a lot of folks on this forum is the All or nothing approach to things. It seems Balance is out of reach for some! I think It's as ridiculous to 'Track every Cent' as it is to Track to Nothing! :

Tracking expenditures when you use a credit card is automatic. I spend no extra time at it. I have a bucket called 'Misc Cash'. ABout $100 a month goes into this category. I have no idea where it goes! But it only makes up about 2% of our Budget. So I don't care! - The point is that I know it's only 2%. If the Misc Cash category crept up to 10%, then I'd know there was a problem.