Best way to keep track of money?

[Leafytrees]

I manage our bills and money. We're finally in a position to pay into savings and pensions, and I'm just wondering how people keep track of money and investments?

For a long time we just had a current account. I'm now panicking that I'll forget where some savings are (I've put some in fixed rate accounts) or that dh won't know where everything is if I die. Is there a good way to keep track that's not Google notes on my phone? Dh and I currently have a mutual agreement that he doesn't have access to most of our money as he's struggled with running up debts in the past, though we share a joint account for day to day costs. He is 100 times more responsible than he used to be.

Spreadsheet updated annually with balances.

Do you have a Will? You could put a written list of your various accounts with it, though make sure you keep it up to date. And that DH knows where to find them!

Thank you both. I hate spreadsheets but maybe I need to give in and make one.

I don't have a will. Also really need to do that as well as getting sorted on the management side.

Try Microsoft money, excellent way to keep track of your money and accounts and you can download it for free.

Don't add specific accounts to an actual will as it will go out of date and it will also cost you every time it needs updating.
Add details of all accounts to a separate document or spreadsheet and keep these with the will.

Is this an app?

@Softdough
No, it's not an android app, it's a programme for your computer. Though it is no longer supported Microsoft it runs fine on windows 11.

Don't download the sunset version, that only works on US currency!

I listen to the Meaningful Money podcast and he recommends a summary sheet of where all the accounts are, updated annually or every time there is a significant change.

I wouldn't have thought you need to put amounts, just a short summary of the details like account number, which bank etc. Keep it with your passports and other important documents, then should the worst happen, it's available to anyone sorting out your affairs.

You can download a copy from the website:

meaningfulmoney.tv/2021/03/23/the-financial-paperwork-checklist/#

It's also a great resource if you feel you want to learn more about managing your money, building wealth and planning for retirement.

if you want Microsoft money, you can find information on it and download links at www.garethjmsaunders.co.uk/category/microsoft-money/

@BarbaraofSeville thank you, a checklist sounds like a good step towards getting organised.

@Brahumbug thank you but I had a look and it says Microsoft Money is no longer supported by Microsoft. I don't really want to use something that's on its way to obsolescence as I know I'll have to change just as I get into the swing of it.

Microsoft Money isn't really on its way to obsolescence, it got there years ago (although as @Brahumbug notes it does still work). You might find the lack of a mobile app problematic, and if it's only on a PC you'll also have to back it up (not difficult but something else to think about).

I use YNAB www.ynab.com/ - this isn't free to use but most YNABers find it pays for itself. That said, there are now similar apps with a lower price tag, if you do a search on Mumsnet for YNAB you'll likely find discussions of the alternatives.

I have used ynab for the best part of a decade, as an accountant and personal finance nerd I find it excellent, very simple once you're in the swing of it

I use an app called Emma and connect all my account and credit cards on it. Have a look it’s got all the reoccurrence bills and categories etc

@Leafytrees
Microsoft money isn't supported, but it works fine on windows 11 and will keep on working for years 😁. Another good one, though not free, is Jiosoft. The support for it is excellent. (My DH uses it)

If you're not keen on Microsoft Money I would suggest a simple note book ( although I know it's probably also "on it's s way to obsolescence"), or a pad with different tabs for different accounts or investments. You can also get purpose made books.

@Saltywalruss I like a notebook (and surely they'll never become obsolete like a program will, plus they don't need constant support and development) but fear one would end up hidden in among the hundreds of other books in our house. I also quite like the idea of something that saves me time by adding and subtracting for me!

I also worry about writing passwords down on paper!

We do this.
Have a small book that holds details of all accounts, shares, PB's etc.
I don't bother updating the balance of each account as that can be done by logging on, just know a ballpark figure of what is in each.

OH has little interest in finance but knows how to get hold of the book and would deal with it as & when required.

You can still keep the passwords in a password manager on your phone (yes, please do not write those down) but keep track of your finances in an notebook. If you wanted!

There’s a free program you can download if you have a pc or laptop called Cashbook from VT software which is a very simple bookkeeping software ideal for recording your ins and outs and keeping tabs on transfers between bank accounts, bank balances, etc. You can easily produce reports such as a balance sheet showing current balances on each bank account and also tweak it for investments, pensions, etc to see everything at a glance.

You can keep a track of all your accounts in one place and track all your income, expense, assets, liability and budget through a software app call Wealthposition.com
By doing this you can see exactly where your money is going and what you are spending on.