(As you might have come to expect, I have the pleasure of sharing another guest blogger’s great post. This week, it’s Amy Silver with a post on methods of tracking your family’s finances. I know it’s pretty tricky something just keeping up with my own finances, so I can just imagine what it must be like to try to manage an entire household’s book. Enjoy the suggestions!)
Families can be expensive and with all those extra mouths to feed and people to buy clothes for, you can soon begin to lose track of your expenses. If you find your finances beginning to slip through your fingers while you lose track of what you’re spending, here are a few ways that you can help you keep on top of your cash issues.
Designate a home ‘accountant’
Share a bookkeeping document
Personally, I like using Google Docs- given that everyone has a Google account. You can share a spreadsheet and have everybody fill in what they’ve spent. This way it’s editable from anywhere and accessible to multiple people at once.
Use financial services that you can monitor easily
However, there are other prepaid credit cards that allow you to control the balance when you use them, which can be much easier to manage. For example, the REACH card’s account tools allow you to quickly and easily view your transactions online as often as you like. You can even make use of the service to create your own budget and stick to it, and have text and email alerts sent to you to help you control your spending.
Use an app
- Mint – This app automatically brings together all of your financial accounts and stores the information in one place so that you can have an easy overview of your money. The app will also suggest other services that may help you out. [Roger's Note: You do need to open a Mint account through a computer in order to use the Mint cell phone app properly.]
- Yodlee – Yodlee is similar to Mint in that it brings your accounts together, but also allows you to pay bills directly from your phone. It also offers money management services for corporate customers.
- MySpendingPlan – One nice touch to this app is that you can print off certain vouchers and coupons that help you save on key purchases. Investment ideas are also provided by the service.
There are a number of ways to keep track of your money these days. Which will you use first?