#7498016 - 01/15/14 01:17 PM
Re: how do you guys manage money month to month
[Re: phoenixrage]
|
4age
XD XD XD XD
Post Master Sr
Registered: 09/11/01
Posts: 3969
Loc: North York, Ontario, Canada
|
We split the costs here.
For example, one person takes care of mortage, prop tax & the other takes care of groceries and utilities. Each person takes care of their own auto.
Regarding "how much you should spend" it's easy. You budget yourself--no spreadsheet necessary. Say your monthly individual income is 4k. Assume your "portion" of the fixed costs is 2k. That leaves 2k for your auto, discretionary spending and saving. If you don't know how much you put on your cc on a monthly basis, then I don't know what can help you  Check online banking regulary and you'll be fine.
Now, if you're really far gone...go find a financial advisor and put a structure to the income that your household is raking in.
|
|
Top
|
|
|
|
|
#7498033 - 01/15/14 01:22 PM
Re: how do you guys manage money month to month
[Re: 4age]
|
Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38067
Loc: Ca�ada
|
|
|
Top
|
|
|
|
|
#7498049 - 01/15/14 01:29 PM
Re: how do you guys manage money month to month
[Re: Senor Eduardo_82]
|
Risky Business
Post Master Supreme
Registered: 05/17/10
Posts: 46514
|
We keep it pretty simple.
We have a joint account where both incomes/expenses go into. We also have 2 joint credit cards, we only use one, the other one is a backup.
All three are linked to MINT App on our phones and it categorizes everything month to month making this extremely simple. We both see our joint spending at any point in time, it send you alerts if there are out of the oridnary expenses (wife buying shoes for example  ) etc.
|
|
Top
|
|
|
|
|
#7498054 - 01/15/14 01:31 PM
Re: how do you guys manage money month to month
[Re: Euphoricuck]
|
Risky Business
Post Master Supreme
Registered: 05/17/10
Posts: 46514
|
I don't know about other banks, but TD's app is a pos.
|
|
Top
|
|
|
|
|
#7498056 - 01/15/14 01:32 PM
Re: how do you guys manage money month to month
[Re: Euphoricuck]
|
LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 108455
Loc: Barrie, Ont,
|
Pay all the shit, whatever is left over goes somewhere else.
_________________________
-Bill The GN would OWN you, your children and your children's children. Left foot, right foot, just keep moving!!! -Jeffrey P. Murphy 
|
|
Top
|
|
|
|
|
#7498082 - 01/15/14 01:40 PM
Re: how do you guys manage money month to month
[Re: Euphoricuck]
|
Risky Business
Post Master Supreme
Registered: 05/17/10
Posts: 46514
|
dat brava doe
|
|
Top
|
|
|
|
|
#7498131 - 01/15/14 02:00 PM
Re: how do you guys manage money month to month
[Re: Balhar]
|
Risky Business
Post Master Supreme
Registered: 05/17/10
Posts: 46514
|
let me make it clearer.
we have no debt outside of the mortgage on the house
both cars are paid off etc etc.
we have money going into RRSP and RESP
but the problem is just spending money on shit.
groceries, clothes, shit for the kids, eating out etc etc.
i just want a better way to track what we actually spend our money on.
yes we are saving money each month and putting it aside, but i think it could be a lot more.
i will look into some of these options. keep em coming
umm.....ok, that's what Mint is for.
|
|
Top
|
|
|
|
|
#7498144 - 01/15/14 02:03 PM
Re: how do you guys manage money month to month
[Re: Euphoricuck]
|
LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 108455
Loc: Barrie, Ont,
|
Mint sounds pretty cool.
_________________________
-Bill The GN would OWN you, your children and your children's children. Left foot, right foot, just keep moving!!! -Jeffrey P. Murphy
|
|
Top
|
|
|
|
|
#7498146 - 01/15/14 02:04 PM
Re: how do you guys manage money month to month
[Re: SuPeR-MaRiO]
|
Risky Business
Post Master Supreme
Registered: 05/17/10
Posts: 46514
|
All three are linked to MINT App on our phones and it categorizes everything month to month making this extremely simple. How does this work? How does it categorize it? Does this require some input/config from you initially?
When you sign up for mint you have to link your bank accounts/CC accounts if seperate, etc. Once this is done, it will automatically categorize your expenses, but there will be a bunch of uncategorized stuff. You basically go through a list of items that aren't categorized and there is a drop down menu next to it allowing you to choose a category. Let's say you do this at the end of every month it will learn your spending/vendors and you will be set. Then log into your phone and see spending in a variety of ways.
The really neat thing about mint is that it eliminates inter company transfers. Let's say you took 2k out of your chequing account to pay off your VISA, mint doesn't double count. It knows that 2k is for a visa so it doesn't cateogrize it as an expense, since it has already taken into account the visa expenses which the cash is paying for.
This is what the interface is like: (old one, new one is better)
|
|
Top
|
|
|
|
|
#7498586 - 01/15/14 04:04 PM
Re: how do you guys manage money month to month
[Re: Big Tasty]
|
Risky Business
Post Master Supreme
Registered: 05/17/10
Posts: 46514
|
You should be able to export all your transactions within a certain time period to a csv file then open it in xls. Should have descriptions for each transaction and can easily be grouped to categories.
Used to do that for years, hated it. Doesn't take into account for inter account transfers, categorizing is a pita, especially if you are managing multiple accounts, etc.
|
|
Top
|
|
|
|
|
#7498852 - 01/15/14 05:49 PM
Re: how do you guys manage money month to month
[Re: Risky Business]
|
JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29176
Loc: Toronto
|
All three are linked to MINT App on our phones and it categorizes everything month to month making this extremely simple. How does this work? How does it categorize it? Does this require some input/config from you initially? When you sign up for mint you have to link your bank accounts/CC accounts if seperate, etc. Once this is done, it will automatically categorize your expenses, but there will be a bunch of uncategorized stuff. You basically go through a list of items that aren't categorized and there is a drop down menu next to it allowing you to choose a category. Let's say you do this at the end of every month it will learn your spending/vendors and you will be set. Then log into your phone and see spending in a variety of ways. The really neat thing about mint is that it eliminates inter company transfers. Let's say you took 2k out of your chequing account to pay off your VISA, mint doesn't double count. It knows that 2k is for a visa so it doesn't cateogrize it as an expense, since it has already taken into account the visa expenses which the cash is paying for. This is what the interface is like: (old one, new one is better)
Interesting - I don't think I need this right now but it's definitely cool
_________________________
-Jeff
|
|
Top
|
|
|
|
|
#7498867 - 01/15/14 05:55 PM
Re: how do you guys manage money month to month
[Re: JEFFOS]
|
spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
|
mint is awesome
i signed up for it a few years ago... i dont use it just yet on a daily but it's def nice to have
one thing that pisses me off, and i dont know if this is just my bank or not, but when paying for gas with debit it NEVER says the retailer description
only description is "Purchase POS"
and i find that is like that for MOST gas stations
and its ONLY for gas stations. everything else has an identifiable description.
makes it a little tricky to categorize gas
/rant
|
|
Top
|
|
|
|
|
#7499143 - 01/15/14 07:54 PM
Re: how do you guys manage money month to month
[Re: spd-dmn]
|
LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 108455
Loc: Barrie, Ont,
|
mint is awesome
i signed up for it a few years ago... i dont use it just yet on a daily but it's def nice to have
one thing that pisses me off, and i dont know if this is just my bank or not, but when paying for gas with debit it NEVER says the retailer description
only description is "Purchase POS"
and i find that is like that for MOST gas stations
and its ONLY for gas stations. everything else has an identifiable description.
makes it a little tricky to categorize gas
/rant
Might be your institution.. BMO will usually give me the vendor and partial street address on the payment which is pretty cool.
_________________________
-Bill The GN would OWN you, your children and your children's children. Left foot, right foot, just keep moving!!! -Jeffrey P. Murphy
|
|
Top
|
|
|
|
|
#7499295 - 01/15/14 09:09 PM
Re: how do you guys manage money month to month
[Re: zaius]
|
Euphoricuck
Post Master Supreme
Registered: 11/05/03
Posts: 92703
Loc: Canadistan
|
i'm paranoid about letting a 3rd party company know all my investments/
_________________________
|
|
Top
|
|
|
|
|
#7499303 - 01/15/14 09:12 PM
Re: how do you guys manage money month to month
[Re: Wildout]
|
Risky Business
Post Master Supreme
Registered: 05/17/10
Posts: 46514
|
Mint doesn't cost you anything, they make their money with ads catered to your needs. For example, when I open the app on my phone it might give me a promo for MBNA 0% interest card, or some bank account from ING with no fees, nothing intrusive.
As far as security of the information, I am not really sure what's there that's so sensitive. Let's say the info gets out of how much money you have/make/whatever...who cares? I don't, and the chances of that happening are probably as slim as someone hacking your bank info in a different way.
Mint has been well reviewed by shit ton of financial blogs, to my knowledge security has never been an issue. Again I am not holding my breath, but at the end it's all useless info anyway. It's just a read only access app, you can't do transactions through it. It takes all of your accounts and consolidates them into one for the sake of spending habits only and then allows you to track you spending by monthly averages, categories, it notifies you via email of large withdrawls/deposits/banks fees, etc.
What's good about mint is that it also shows you your net worth, if will combine your RRSP/TFSA/RSP/Savings/LOC/CC/Chequing/Mortgage (if you choose to), and it will show you what your net worth is and over time it will show you your net worth growth/decline, whatever the fuck you are doing in life.
I personally don't include more than I have to, for me it's just CC's and bank accounts to track spending. Investments are useless for mint as I don't need to know daily fluctuations and I personally don't care to know about them as they are out of my control, expenses however are in my control.
|
|
Top
|
|
|
|
|
#7499333 - 01/15/14 09:27 PM
Re: how do you guys manage money month to month
[Re: Simon_the_Pieman]
|
Risky Business
Post Master Supreme
Registered: 05/17/10
Posts: 46514
|
I know dat feel br0 
|
|
Top
|
|
|
|
Moderator: c2k, LNXGUY, TheRealCSnapper, The Mad Paki
|
|
