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What do YOU do to keep your finances straight?

Discussion in 'The Lounge' started by laketex, Dec 30, 2002.

  1. laketex

    laketex 3/4 ton status

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    Damn I'm tired of giving my bank so much in NSF charges. It seems that the deposits never hit the account before the withdrawls do. We operate pretty close to our budget at all times too. I know this is probably a weird thing to be asking a bunch of guys, but taking care of this crap is my responsibility in this relationship (she's worse with money than me /forums/images/graemlins/shocked.gif)

    Anyway, we used to have 2 bankcards, and she had a checkbook. We balance it all out about once every 2 weeks. Now since the receipts weren't getting recorded, she has a checkbook and I have a bankcard. Now, mine aren't getting recorded in time and I'm always worried we'll lose one somewhere. Anyway, do any of yall have any reccomendations for me? I feel this is pretty much common sense but I'm just not bucking the curve in this instance. Any insight greatly appreciated.

    Bryan
     
  2. gokartergo

    gokartergo 3/4 ton status Staff Member Moderator

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    I don't let my wife have a ATM card or touch the checkbook with out me knowing first..We have been doing it this way for the last 3 years..We have been married 16..It works pretty good this way...
     
  3. POWERMAD

    POWERMAD 1/2 ton status

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    I am just now getting mine in order, it is gonna be a long pull though.
    I have decided that rule # 1 is going to be that the female will have no control over the finances.
    rule #2 see #1.
     
  4. K5Dan

    K5Dan 1/2 ton status

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    i do mine online banking it pretty much all shows up and keeps track i dont write checks unless emergency just pay bills online im a guy and i have to do it because wife was no good at it late payment nsf ext. but online it keeps track makes it real easy for me and i know what trasactions take place
     
  5. Pure Insanity

    Pure Insanity 1/2 ton status

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    I dont know how well this would work for you but for a while we put an extra 100 in the bank and forgot about it. Always had a cushion in case of mistakes. Worked for a while till things got tight.
     
  6. MudNurI

    MudNurI 1/2 ton status

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    Here's what we do- it took some getting use to!

    First off- John was the one losing ATM receipts..then he'd say "I think it was 20.00 when really it was 40.00"...

    Now- neither one of us have an ATM. But, we put ALL receipts in a basket on the kitchen counter, EVERY day when we walk through the door. this is more to keep track of what we are spending cash on than anything else, as that's what we use...though sometimes he uses the credit card.

    Another thing- you said you reconcile very 2 weeks or so, we use to do this as well- WRONG! Now, Sunday afternoons we sit down go over the receipts, the bills that have come in- what ones are "ours" what are "companies" etc.... then on Sunday night they are paid.

    We also have his check direct deposit, and the only money that goes in the checking account, is money for bills, household bills. We basically have it set up so that there is a cushion of a probably $50.00 in at all times. Some times, when it's property tax time etc.. were closer, but since we started the direct deposit, and deposit only the amount for the bills, we haven't been NSF...

    To find the amount to be deposited, we took our last year of checks, we use quicken too- which is EASIER!....divided them by 52, and that's the amount to be deposited. (though I rounded up to an even $20.00 amount)..say instead of 430, it was 450 each week etc...

    We have found by having cash on hand- we spend less. We don't even carry our checkbook out of the house much any more....We also stopped using the checkbook for groceries, I could never stick to our budget but now that I only have X in cash, I stick to my list, and spend less.

    We also took all credit cards out of our wallets- well, almost, he still has the Sears card, and I kept Old Navy, and JC Penneys...we also have company cards, but we try not to use anything but cash.

    Sorry this is so long winded
    Brandy
     
  7. Sandman

    Sandman 3/4 ton status Author

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    Online banking, an excel sheet to track bills. I pull the money out that I can spend for the week and I dont carry checks or credit cards. Seems to work out well for me.
     
  8. Stickseler

    Stickseler 3/4 ton status

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    The wife handles the bills and I've got 2 direct deposits from work. The 1st is $100 a week for both of us in gas and food. The rest goes in our main account and goes to the bills. About ever 3 months we look at our surplus and pay off credit cards...we're down to 1 /forums/images/graemlins/laugh.gif it also helps that it's @ 4.9 APR fixed /forums/images/graemlins/grin.gif
     
  9. Skigirl

    Skigirl 1/2 ton status

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    1) I cut up the ATM. Haven't had one in 10 years. Best thing I ever did.

    2) Got a checkbook with duplicate checks, so I have an automatic copy whenever I wrote a check. No muss, no fuss.

    3) Put a $100 slush into the checking account and never used it.

    4) Made a budget for essentials that I'd normally spend cash on, like food, gas. Wrote one check for that amount, and when it was gone, there was no more to spend.

    5) Always added up all the bills before I paid them, made sure the checkbook was balanced before I wrote a check, then prioritized the bills and paid them until I only had enough left in the account for an emergency.

    6) Figured out how to make more money.

    7) Never built up debt again after I paid off accumulated debt many years ago.
     
  10. tRustyK5

    tRustyK5 Big meanie Staff Member Super Moderator GMOTM Winner Author

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    ATM cards are almost as evil as credit cards. It's way too much work to keep track of...let's face it we all get lazy. We both know what bills are coming off our paychecks, anything thats left is for gas, food and day to day stuff. I usually bring this amount of cash home from the bank. I tell my wife "that's what we have to live on til you get paid..."she does the same.
    When i was working I'd normally be able to set a couple hundred aside in the account too. I know what we need to live on, so the amount I brought home in cash wouldn't vary. If there were no unexpected expenses that money was 'saved' and left to accumulate. if there was an emergency like a repair on the grocery getter then the extra was used for that.

    This works pretty good as long as we both work./forums/images/graemlins/crazy.gif Our finances at the moment are a disaster...I haven't seen a dime in 6 weeks.

    rene
     
  11. chevyracing

    chevyracing 1/2 ton status

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    I re-financed my house and came out $90,000 ahead, so everything is paid off except my house. (as of January 6th) Between my wife and I we make pretty decent money, luckily. Our new house payment is a little over seven hundred bucks a month but we will send an extra three thousand five hundred toward the principle, should be debt free in about 5 or 6 years...

    John
     
  12. K5Jimmy

    K5Jimmy 1/2 ton status

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    We have separate accounts....she has hers, I have mine, and we have a "house" acct...I make twice as much as her, so I contribute 2/3 to the house acct to her 1/3...(works out that I pay twice as much)...we both pay the house account first, and what we have left in our own accts is used for extras...we each have only 1 credit card to be responsible for...we have an agreement to discuss any purchase over $200 regardless of what account it comes out of...we are debt free, so that makes it really easy...
     
  13. Rob 85K5

    Rob 85K5 1/2 ton status GMOTM Winner

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    bum MS Money or something other software off of a friend. It makes it so muck easier to track and balance the checkbook. I can also access my account online and reconcile it with MS Money. The online banking & MS Money is cool cause you can see what checks you have written that haven't cleared. You can see what is really left.
    I still write checks for the bills usually 2 weeks ahead.
    She carries the check book and I use the ATM, just put the reciept in your wallet. I have a wallet with a divider in the bill area. Cash one side, reciepts on the other.
    We are finally down to 1 credit card and should be done with that in a month. We are going to put it in a block of ice in the freezer. That way, we still have it but it better be a good reason to chip into an ice block for it.

    Do not deposit your paycheck at the ATM. It takes about 3 days to clear, the night deposit is good for the next day.
    I found that out the hard way.

    One last thing that we do is try to liveo n one income. We deposit her check into the savings account and only tap it for the mortgage payment. That way we actually save,for us, half of her pay. If we have an emergency or a larger than normal purchase, then we write a check and transfer the exact amount to checking.
     
  14. driney

    driney 1/2 ton status Premium Member

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    I never carry checks. I get a certain amount of cash every week for personal items, and use a credit card for everything else. When I get the bill, I have 25 days or so to pay it in full. That way if I need to wait until payday, to stay out of the savings account I can. I use Quicken to track expenses, and it really helps track my cash flow.
     
  15. newyorkin

    newyorkin 1 ton status

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    We don't keep ours strait. I totalled up our late charges one month, and it was like over $100. Then I get pissed and don't want to pay any of them and start fighting with the biller, so it gets worse. Procrastination is killing us.

    Hopefully when the house is closer to liveable, we'll have a nice little office, and actualy space to organize and file stuff, then I'll set her up with quicken so we can get this crap together.

    Other than that (LOL), my wife takes care of everything. I make it, I spend some, she spends almost nothing, but keeps us from going into actual "debt"...

    I did set up a pair of seperate accounts at a seperate bank with a savings that I've been trying to funnel some of my direct deposit into, and a checking that all Ebay/Paypal money dumps in and out of. I don't ever touch that savings account. It's not even a savings or emergency fund, that's a kids-will-need-college-one-day fund... The checking is an online and emergency slush fund, and our main checking is where I continuously pump money out of to burn on atm fees...
     
  16. bablazer73

    bablazer73 1/2 ton status

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    When I was out on the road as a truck driver, my wife did the bills, one time I came home and found a bunch of bills taht didn't get paid! I took the check book away, opened a new account under MY name alone! I have to have an atm/debit card though, I don't carry much cash. I closed all our credit accounts. she never paid many of hers and only paid the one I used on the road! I have a Paypal account which carries most of my truck funds, online access and debit card. and is linked to my credit union. both accounts are in my name. still trying to figure out how to recover!! married 14 years!
     
  17. fourwheelerjeff

    fourwheelerjeff 1/2 ton status Staff Member Moderator

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    </font><blockquote><font class="small">In reply to:</font><hr />
    we will send an extra three thousand five hundred toward the principle

    [/ QUOTE ]

    are you sending that every month /forums/images/graemlins/eek.gif /forums/images/graemlins/eek.gif
     
  18. chevyracing

    chevyracing 1/2 ton status

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    Yes, we send between three thousand and thirty five hundred extra every month. When we refinanced our house we rolled all of our bills into one and paid them off. We were making payments on two 2002 honda rancher 4 wheelers, a 2001 19 foot Stingray ski boat, 35 foot fifth wheel, the house, two kasea dune buggies for the kids, 2 Harley Davidsons, my 1999 Dodge/Cummins dually, and my wifes Durango as well as the misc. bills like heat, water, credit cards, etc.

    Our house was almost paid off so we borrowed 90 grand against it and paid everything else off. All of the other bills came to more than what we were paying for all of the other stuff combined. All of the other bills combined came to almost six thousand a month. So by shooting the total of about 4 thousand three hundred to the house payment and principle we can take the extra seventeen hundred bucks and put some in savings and use the rest for what ever we want.
    I am not saying this is the best way out or it may not even be an option for some people, We are fortunate in the fact that our house was put on land we owned outright, therefore we did not owe billions on our house like some people do. A house is a great investment but it can sink you pretty quick too. There are couple who work where I do and they make around eight or nine thousand bucks a month, but all they have is a house with a payment that exceeds everything I have to make payments on. Granted their house is in the city and is bigger than mine but I can not phathom making the payment they have to make. What happens if they lose their job, just one of them. It takes a while to find a job that pays the same.

    Anyway, enough about that. The moral of the story is it is a great time to refinance if you have equity in you home. Make sure you tell the appraiser it is for a refinance, not a sale. Also make sure you have plenty of comps in the neighbor hood that will help your appraisal out. Living where I live that bit me in the butt. Banks want comps usually within eight miles. Where I live in an eight mile radius there may be 1 house a year for sale.

    John
     
  19. 8_YOUR_H2

    8_YOUR_H2 1/2 ton status

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    Just let those charges pile up and file bankruptcy every 7 years.
     
  20. White Knight

    White Knight 1/2 ton status

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    Wife mate keeps up with all the bills, its her ten year period, every ten years we switch responsibilities. We on line bank as much as we can, send checks for rest. Balance every other day on line and I carry plastic, with credit/atm....she carries same. Live real close to pay check to pay check, however we don't have NSF or pay extra interest. Only thing we owe on is her car.....EVERYTHING else in our home is paid for.....don't get me wrong we've had problems in the past but WE worked through them. Been married now 30 years.
    LT I haven't know many newly weds that haven't had some trouble, people used to going it alone all of a sudden are hooked up with someone else's choices. Hang in there bud it'll work out.

    L8R
    White Knight
     

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