Hi everyone,
I am looking to improve my financial management and would love to hear about the best budgeting methods you have tried. What strategies or systems have worked well for you in terms of tracking expenses, saving money, and sticking to a budget?
For a few months, I lived off of just cash and a cheap notebook and pencil. Forty years later, I still essentially do the same thing, lol. Very little use of debit cards (just gas and the occasional internet purchase), none of which involve credit cards. I do not have a bank app on my phone, but I do receive a daily balance text.
Checkbook registers are fantastic if you can still find them (my bank offers free checking and savings registers).
I also keep track of the household inflation rate by keeping all receipts.
I used pen and paper for years. I had a category called entertainment that included eating out, gas, haircuts, clothing, hobby spending, gifts, and all other personal spending. Me and my spouse got equal amounts and this eliminated a lot of transaction tracking and also ensured fairness. We didn’t have children, so this helped with the process as well. We hardly ever fight over money.
You don’t have to use apps or websites. Pen and paper or an excel spreadsheet can suffice. Finding ways to lump small transactions into a single category could make it easier to track your expenses and save some time.