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I track every cent. I used to just carry a small notebook with me and write in it every time I bought something. Now I share a budget with my girlfriend though
by c22 10y ago
I track every cent. I used to just carry a small notebook with me and write in it every time I bought something. Now I share a budget with my girlfriend though so we keep a notebook at the house to track things. I just keep receipts in my wallet then every few days I take them out, record the amounts, and throw them away.
- deleted 10y ago[deleted]
- gbajson 10y ago1. What's the point of it? 2. How much hours/week does it cost?
- infinite8s 10y agoThe main point of accounting is planning for the future. If you know how much money flow you have over given time periods then you can plan ahead for large upcoming purchases, or possibly paying yourself if you wish to bootstrap a business, etc.
- c22 10y agoI honestly don't do much with the data, in fact I rarely look at it. I do use it to determine sane budgets for various categories of my life, and I sum the entries every few days so I can tell at a glance how close I am to exhausting those budgets. I also find that there's a psychological benefit--when I have to track every purchase I spend less money. I spend considerably less than an hour a week making these entries, perhaps around 15 minutes. If I was interested in having a more nuanced view of my finances with graphs, &c I'd probably leverage software to save me time.