Joker wrote: To be quite honest with you guys, I used to just put all my receipts in an envelope and then spreadsheet the expenses at the end of the year. I am still quite a pack rat of all things financial, but it would probably be better to do this as it happens. You could at least keep track of your net that way.

Whatever works for you is usually what I recommend.

To be quite honest with you guys, I used to just put all my receipts in an envelope and then spreadsheet the expenses at the end of the year. I am still quite a pack rat of all things financial, but it would probably be better to do this as it happens. You could at least keep track of your net that way.

I use credit cards for most things I pay for in order to earn points and rewards. They do a good job of showing what I've spent over time. I'm not one of those people who is unaware of where I'm spending and where I could chop the fat if need be. I keep a list of things I've signed up for and pay for (Netflix, Amazon Prime, etc.), how to cancel them, and what date I have to do it on. That way if anything happens like I get injured or lose my job, I know what immediate steps I need to take. Instead of panicking, I have an action plan. I used to like Mint, but it was more useful when I was first learning the ropes.

FrankN wrote:

Moneyes wrote: I swear by my spreadsheet. In my line of work I have projected earnings and expenditures on my sheet for the next 2 years. Which is how long the current contract for my services is for.

How accurate have your projected earnings and expenditures been over time?

I would say about 80 to 90 percent. The differences being in taking on more worked when asked. When that happens, the expenditures go up. More gas, re-doing the timeline a little as to when maintenance needs to be performed, etc.... It throws everything a little out of whack, but I'm used to it happening every now and again.

But since I'm a 1099 guy, I have the first right of refusal when asked if I want to do more.

This is where I'd get an F. I check my accounts online for anything strange and I have it all connected through Mint (which is helpful maybe half the time?) Other than that, I'm not too on top of financial happenings. If I was struggling, I could see a purpose to knowing more about what I spend where and how often. As things stand though, I feel pretty good.

Moneyes wrote: I swear by my spreadsheet. In my line of work I have projected earnings and expenditures on my sheet for the next 2 years. Which is how long the current contract for my services is for.

How accurate have your projected earnings and expenditures been over time?

I swear by my spreadsheet. In my line of work I have projected earnings and expenditures on my sheet for the next 2 years. Which is how long the current contract for my services is for.

Pinky wrote: In my opinion, there cannot be too much backup when it comes to dealing with the IRS and taxes. I keep folders with receipts for various rental properties, repairs and maintenance, as well as payments received on those properties.

You are recommended to keep 7 years worth of your business receipts and 5 years of personal I believe.

In my opinion, there cannot be too much backup when it comes to dealing with the IRS and taxes. I keep folders with receipts for various rental properties, repairs and maintenance, as well as payments received on those properties.

Joker wrote: I agree as well, Lexie. I, however, use my bank statements to help track my expenditures. I verify my ins & outs with my statements as well as my spreadsheet and receipts. That way I have a backup in case of catastrophe. I backup to an external drive also. Probably overkill but I like being sure.

A lot of bank statements can be directly inserted into excel or other financial tracking software.

I agree as well, Lexie. I, however, use my bank statements to help track my expenditures. I verify my ins & outs with my statements as well as my spreadsheet and receipts. That way I have a backup in case of catastrophe. I backup to an external drive also. Probably overkill but I like being sure.

Lexie wrote: We use a spreadsheet. Ever since our bankruptcy, we have managed to keep track of every single penny that comes in and goes out of this house. We keep gas receipts, grocery store receipts and cash receipts. It's a real eye-opener to enter all these into Excel and see where your money is going.

So true. I keep all of my records in excel and try to keep track on a weekly and monthly basis.

We use a spreadsheet. Ever since our bankruptcy, we have managed to keep track of every single penny that comes in and goes out of this house. We keep gas receipts, grocery store receipts and cash receipts. It's a real eye-opener to enter all these into Excel and see where your money is going.

I use a spreadsheet. I have used Quickbooks, but it wasn't always flexible enough for some transactions, especially shares and buying new updates for the tax rules each year is expensive. In terms of time, I keep seven years worth of complete records in case of a tax audit, although I've got notes going back further.

In the event any of the saved items flow into your IRS Taxes, generally three to six years. Might need the proof for an audit. Also, I back all my computer data off to an external hard drive that can be connected to any other computer (I have a second computer too). Then I can be up and running in minutes.