We paid most bills by check back then. As I recall, we only had one credit card and didn't use it very much. We both had checkbooks and I was not careful at reconciling when the statement came in. Hence the bounced checks. I seldom get surprised at what I see in the details, but I do create reports that help me make decisions. For instance, a couple of years ago, I created a report on how much we were spending on cable tv and I was able to compare that to what we would spend if we went to a streaming service. We saved over $100 a month by dropping cable. (Of course inflation and the addition of other streaming platforms has pretty much erased that savings. LOL)
Your inquiry is obviously written from the perspective of a person living well within their means. There was a time in my life where I needed to know exactly where we stood on a daily basis. After my wife and I were married and I was starting out in my career, we let tracking spending fall through the cracks. As a result, we became late on some payments and bounced a couple of checks. I was embarrassed and frightened by the fact that I was clueless about where we were financially. As a result, I began to track with great detail what came in and what went out on a daily basis. Originally, I used the check register and a notebook. Later, I found some software that allowed me to do things electronically. As I gained more experience with the software, I was able to use it to track spending trends, plan for future expenses, and track our net worth. We were blessed to be able to put 4 children through college, save for our retirement, and eliminate our mortgage long before I stopped working. The need to have "to the penny" accuracy on a daily basis waned over the years, but the habit of checking and recording has stayed with me. Maybe after a few more years in retirement I will stop tracking is such detail, but I doubt it. It has just become a comfortable part of my routine.
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We paid most bills by check back then. As I recall, we only had one credit card and didn't use it very much. We both had checkbooks and I was not careful at reconciling when the statement came in. Hence the bounced checks. I seldom get surprised at what I see in the details, but I do create reports that help me make decisions. For instance, a couple of years ago, I created a report on how much we were spending on cable tv and I was able to compare that to what we would spend if we went to a streaming service. We saved over $100 a month by dropping cable. (Of course inflation and the addition of other streaming platforms has pretty much erased that savings. LOL)
Post: Detailed tracking expenses and spending. Is there real value?
Link to comment from March 11, 2025
Your inquiry is obviously written from the perspective of a person living well within their means. There was a time in my life where I needed to know exactly where we stood on a daily basis. After my wife and I were married and I was starting out in my career, we let tracking spending fall through the cracks. As a result, we became late on some payments and bounced a couple of checks. I was embarrassed and frightened by the fact that I was clueless about where we were financially. As a result, I began to track with great detail what came in and what went out on a daily basis. Originally, I used the check register and a notebook. Later, I found some software that allowed me to do things electronically. As I gained more experience with the software, I was able to use it to track spending trends, plan for future expenses, and track our net worth. We were blessed to be able to put 4 children through college, save for our retirement, and eliminate our mortgage long before I stopped working. The need to have "to the penny" accuracy on a daily basis waned over the years, but the habit of checking and recording has stayed with me. Maybe after a few more years in retirement I will stop tracking is such detail, but I doubt it. It has just become a comfortable part of my routine.
Post: Detailed tracking expenses and spending. Is there real value?
Link to comment from March 10, 2025