DH says everybody keeps track of their finances by logging receipts

[shewhowines]

After another long night of DH huffing and puffing "doing the finances", we had the age old discussion of him saying he needs to, because that is the only way and most people do it like that (his mum does), and me saying 90% of people don't do it his way.

He makes me keep every receipt and he logs every single item we buy, on a complicated spreadsheet. He uses this to forecast our expenses so that he can transfer money if necessary. Can I just add, he is not controlling as to what I spend. It's just if I spend it, or get money out, I must keep the receipt. The system obviously works, but it is sooo time consuming. I wouldn't mind, but then I have to put up with him moaning.

I say that most people work retrospectively. They scan through their credit card bill to make sure there are no errors, and correlate this with their bank statement. Money can be transferred if necessary, at that point.

I am right aren't I? Nobody keeps their receipts and meticulously logs every bloody transaction.

Another accountant who does not keep detailed accounts.

I keep all my credit card bills - and check them back against my receipts
same with the bank statements
and I keep all records for 7 yearsand bank records for ever

but no, I do NOT add up what I spend on what.

the ex of a friend of mine kept a notebook of all the women he's slept with with a star rating tbh that would worry me more than someone tracking their expenses!

talkinpeace keeping detailed personal accounts when you're an accountant is a bit like coming home and doing a hobby which is identical to your job, but unpaid.

kew
an ex of mine did that. When he died they used it as the guest list for his wake

his ex-wife was a bit pissed of though as she only found it when they were splitting up and she hadn't even scored 5*!

As long as he didn't keep...trophies. Imagine.

Bleuch. I wouldn't put it past him though.

Lottie Point taken

We use moneydance which you can enter on the ipad and iPhone and it syncs with the PC.

Let's us know how much we have until payday and makes sure that we pay the credit card off in full every month. Dh deals with this side of finances.

I have an excel spreadsheet that had all of our savings accounts on with the current balance, interest rate (gross and net), interest received (gross and net) and when any bonuses run out. When an annual savings bonus runs out I go to money saving expert and open whatever is the best rate instant access account at the time.

This is because we both have to fill out tax returns so it makes life easier for the interest received section.I'm self employed and so have up to 8 different savings accounts at one time for tax bill, future stock purchases, holidays, general savings plus we both have a cash and shares isa each and the dc's have child trust funds and savings accounts.

Basically dh deals with spending and I deal with savings. We are not loaded by any means but I like to know that I've got enough stashed away for each holiday and my July/January tax bill and stock purchases. It's a cash flow measure as if left it in the current accounts we just spend the money.

But there is NO reason you need to do this.
NONE.
You can see your bank balance at any time. Download it, transfer to excel.
Same with credit cards.
Your husband is wasting so much time.
What a numpty.
And yes. I do accounts for a living.

One thing that has struck me having read all of this though is that DH and I rarely use a credit card except for on-line purchases or holiday purchases and also don't tend to use a debit card for purchases of less than £20.00. That I think makes the checking of bank statements/credit card statements more straightforward and encourages us to keep a note of what we spend day to day because we tend to part with cash. I honestly believe that one spends less on non essentials if one uses cash because you can see it diminishing.

Also, and this is a bit old fashioned I know, I like to have cash. I like to be able to lay my hands on £20 quid and usually have at least £50 on me. I think, one thinks more about what one spends when one is handing over actual, real, crispy money. If you are tempted by a coffee and a cake, it's easier to think "I've got £35 in my purse, and I need to pay the window cleaner, and give dd £15 and actually I don't need to go to the bank again, if I don't buy coffee and a cake".

I do this on a phone app. I put it what I spend as I do so and also have direct debits etc on it.

I like to know that when I look at my bank balance and see £200 it's not actually £200 because in a week a direct debit for £20 will come out and then a few days later my phone bill will go out, which my bill has told me will be £40.63, so actually I only have £139.37.

That way I don't spend £200 and then 2 weeks later find myself in my overdraft. It works for me, but I woder if that's because I have very little self control when it comes to spending so I really need to know what is actually available and what isn't!

Also, we are skint and on a very tight budget so have to be super careful.

But surely you set yourself a budget so that you don't go overdrawn in advance because you know what will come out when ?

oblomov it's not just about being in the red or the black. It's about building up a picture of spending so you can see where to cut back, plan for the future etc.

The people who are trying to justify this are majorly missing the point.
People have tried to explain but they are just refusing to listen.

I reconcile the credit card at work, to the receipts. I analyse every receipt , for someone's personal tax return. I go cash flow. And budgeting and forecasting. I go for work.

But what people are describing here, for their home finances, are unnecessary, obsessive and OCD.

Personally, I think you are missing the point but we can agree to disagree!

Wips, then you do it for a couple of months, sit down and say to each other , goodness I spend £16.30 on xxx, I'm going to stop that. Let's agree to only spend £30 on xxx.

But that's not the issue here.
OP and others are describing obsessive , controlling scenario.

Not what I just described.

Glitter twins, were you referring to me? What point am I missing?
And if I am, then lots of others must be missing it, because I am not alone in thinking that this is totally ott.

I come from this as, having worked in accounts for 25 years.

Definitely not controlling here. Tracking the money allows a quick and easy year on year comparison on car insurance costs, car servicing etc for example so we know we aren't being ripped off.

Well DP who is an accountant has also done this for 25 years!!

Horses for courses.

Glitter, that's not the same thing. I compare this years quote to last years quote, for nearly everything. Both at work and at home.
But that's not the meticulous checking off that we are referring to here.

things like that would suck the life out of a relationship for me. what is the point of logging everything that you spend? I understand keeping on top of things but surely as an adult this can be done without being so pedantic?

What happens if you don't get given a receipt (buy a bag of apples at the market/put some loose change in a charity pot) or you lose the receipt? Do you then have to spend hours accounting for the missing £9.53? where is the £9,53? what happened to the £9.53?

GAH

Won't somebody pleeeeease think of the £9.53???

If I have spent cash it's already recorded and accounted for at the point of withdrawal. But then I just keep track of what I've spent, not where the money goes although it's still pretty easy to work out wine mostly