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My wallet is made to hold both my checkbook and register as well as my cards. When using the debit card I just enter it as a check without the check number (but with the date) and subtract it from the account. It makes it doubly easy to monitor purchases when going over my bank statement.
When using the credit card, I add a little CC to the transaction description and subtract the amount from the account immediately, adding it to a running CC total in the bottom margin. That way I never overspend and always have the money to immediately cover the total credit card bill. It helps me stay disciplined and makes the credit card a tool rather than a temptation.
Since one reason that I keep a credit card is in case I ever have to use it for an emergency, I also round up each amount, which over time has built up a healthy emergency savings in my CC accounting. I have never felt any urge to tap into this since the comfort of knowing that it is there is worth more than any impulse purchase.
I also do this with my credit card. The only reason I even use it is because it's a Disney card that earns points towards Disney dollars. I use it for everything I can - gas, groceries, home improvements, every purchase possible, utilities (phone, cable), insurance and even medical payments - to earn the points, but I write each and every transaction into my checkbook register as if it is a check or debit purchase. To separate it from other transactions, I enter it as DIS and do all those entries in red. When time comes for the bill to be paid I can reconcile the transactions against my statements easily because all the transactions are in red, the money to pay the full balance is already accounted for so I pay the balance off and I NEVER carry a balance .. all this plus I'm earning points toward our Disney vacation this summer that can be used toward our hotel or park tickets among other things!!
Saving money truly is a struggle, for all of us. When we spend money, whether it be on food, clothing, accessories, entertainment, etc., we don't realize how much we actually spend each day. We normally just pay it off, enjoy our purchase, and don't pay attention to how much we just spent. Writing what you purchased and how much you spent on it (either on a notepad or the "Notes" app on your phone) is an easy, FREE way to visualize your purchases daily. Doing this makes you aware of what you've spent and when you look at the list at the end of the day, you can reflect and see what was necessary and unnecessary.
All you have to do is set up a little system on your phone and when you spend money, simply pop it into your phone notes and move on. I personally have used this tip and my spending has decreased an easy 60%. This is ridiculously easy and I strongly recommend it.
I hope this helped, let me know how this works for everyone! Have a nice day. :)
ThriftyFun is one of the longest running frugal living communities on the Internet. These are archives of older discussions.
|I am sure a lot of people have trouble with making note of using a debit or credit card - (My husband does.) I like to put a post-it note on my card(s) and note the date and amount on the note so I can transfer it to my checkbook later. (The new super sticky ones are really good for this.)|
By Pam from L.A., CA
|Keeping Track of Debit Purchases||05/15/2006|
|A debit card is not as secure as a credit card.|
If you have a choice and need two credit cards, one for charges you are going to pay off at the end of the month and those that you pay a monthly fee that is the way to go.
I realize what works for one, does not work for everyone.
|By Syd (Guest Post)|
|Keeping Track of Debit Purchases||05/15/2006|
|What I do to keep track of debit purchases is keep all my receipts in a pencil bag with my debit card and every time I use my card. I add my receipts to the bag along with my card and at night I post all totals to my monthly spending template on the appropriate date.|
|By Frances (Guest Post)|
|Keeping Track of Debit Purchases||05/18/2006|
|I grew up in the age of writing checks. I rarely do anymore, so I only keep a few in my wallet, but, I still keep a check "register" in there. When I use my debit card, I just write the store, the date and the amount, like it's a check, but write debit in the check number space. That way I have a place to keep a running balance - adding deposits - deducting debits and checks. I never forget to write it down, but keep the receipts in there with the register, just in case. So, if the receipt gets lost I don't have to worry about what the amount was and I know AT ALL TIMES how much money I SHOULD have in the bank. My ex-husband used to think that if the ATM said we had money, we had money! Thank God I don't have to deal with that anymore.|
|By LynnT (Guest Post)|