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Household Bookkeeping Strategies
I was wondering how other families manage their finances. I have been using quickbooks pro and recording all money that comes in and all money that goes out. At any given time I can print out a balance sheet and see where it's all going. THEN my computer died and I had nothing backed up. SO I am at square one. Wondering if all the time I spent entering in every credit card reciept was worth it, reconciling all bank and credit card statements. Is there another way to approach this that takes less tim and still keeps a family organized? WOuld love too hear how others deal with this sort of thing. thanks!
Set up all my savings/401ks/college fund deposits (about 25% of gross salaries) through work; Pay 1.5 times my mortgage payment monthly (about 15% of net); Get most statements electronically; Pay nearly all my bills electronically. View my credit cards on line frequently to track purchases; View my check online and then set up payments corresponding to when I get paid; Select billing due dates on any bills I can (to more easily track payments).What's left after everything comes out of our checks and after our fixed expenses (about 45% net) are paid (including those pesky property tax payments and other yearly insurance expenses) is money we spend as we like. If we know an expense is coming up (travel or house work), we plan how much it'll cost and when we can do it. Then we adjust our spending accordingly. We don't have much of a slush fund...if we have a surprise expense, we just tighten our belts in the months going forward. We also check our credit reports yearly, casually track our net worth, and casually track our investments (not much glamour in index funds). HTH anon
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