Do You Keep Financial Records For Home Expenses

[Shaf]

It should be one thing that can help you keep up with how your money is being spent, but it's not done by many people.

It's understandable that since there are a lot of small and seemingly insignificant expenses, one would ignore them. However, there could be big and regular recurring purchases that can be documented.

I do plan and sometimes keep record on how I spend money on grocery and utility bills. This allows to know how much I may need if there are visitors or any unexpected event.

 

[anil02]

I am not keeping financial records of my home expenses, but some other member of my family is doing it. But it is my opinion that we must be keep account of our home expenses. With keeping account of expenses we also make budget for home expenses each and every month. In this way we can manage of earning in more better way

 

[Carpon]

I keep records even though am at times inconsistent with that. I try to make sure that for every money spent, I account for it even if I do not have a written record of it. Most of my record is not inked down but rather is just on my brain.
This sounds funny but I can assure you that I rarely get lost in my calculations even when I do not keep written records of what I do and how I spend my cash.

The problem I can say I have with record keeping is that I lack consistency. Sometimes I will decide to take record keeping and budgeting very serious and not slack. But most of the time, I will be unable to do so but nevertheless, record keeping had not been my weakness since I can accurately account for all transactions and money spent regardless of how small and minute it might be.

 

[Richee84]

Most people always thing that the knowledge of finance is only needed by the people who are into that line of profession but it is not always so in reality. There is no person be it literate or illiterate that doesn't handle money on a daily basis.

One way or the other we are all financial manage in our various home cause we spent and manage money by ourselves. Keeping the record of our financial expenses should not be done only for our business purpose but it can also be replicated in our various homes.

Keeping of financial record of all our spending help a lot to checkmate all our excessive spending and wastage. From record it is assume that the poor people consume more of what comes in for them compare to the rich people. The rich have more savings than the poor people and yet they spend less of their savings. All this is possible for the rich because majority of them have record for what they spent their money on.

Though is not easy to convince people to start keeping record for all their spending cause they are not use to it but it will help to control their spending pattern.

 

[anil02]

I keep records even though am at times inconsistent with that. I try to make sure that for every money spent, I account for it even if I do not have a written record of it. Most of my record is not inked down but rather is just on my brain.
This sounds funny but I can assure you that I rarely get lost in my calculations even when I do not keep written records of what I do and how I spend my cash.

The problem I can say I have with record keeping is that I lack consistency. Sometimes I will decide to take record keeping and budgeting very serious and not slack. But most of the time, I will be unable to do so but nevertheless, record keeping had not been my weakness since I can accurately account for all transactions and money spent regardless of how small and minute it might be.

It is good thing that you like to keep records of your spending but keeping it in writing is better than is brain. I think it is not easy to keep all expenses in brain. Make it habit and also set time to write expenses of whole day

 

[Suba]

Although there are currently many mobile applications to record personal income and expenses, but I don't do that, but I will make a budget if there are big expenses in the future such as year-end holidays, how much money can I spend so it doesn't interfere with my daily finances . and I won't be in debt for vacation expenses.

 

[Heartstrings]

I do keep financial records but not consistence or rather not all the time. It depends on how much I noticed I spend at that particular time,then I start to keep records, calculate how much I spent so far,what I spent the money on. That was then though as I don't need to spend much these days,I spend but not to the extend of taking it records.

Taking records for home expenses is very important,it makes you know when to manage, when you have a guest,you can easily estimate how much you will need,and it can even help you save some little Cash. I also understand that some people thinks it's only those on business that needs to take financial records, home management is very important,it makes you manage your expenses,know when you have to cut down some unimportant expenses if you happen not to have much money at that particular time.

 

[anil02]

Although there are currently many mobile applications to record personal income and expenses, but I don't do that, but I will make a budget if there are big expenses in the future such as year-end holidays, how much money can I spend so it doesn't interfere with my daily finances . and I won't be in debt for vacation expenses.

It is must to make budget for big expenses because it is more important than budget of routine expenses. For big expenses we may be need to arrange some money for other sources. But if we have habit of making budget of routine expenses it will help us in saving and this saving hekp us if we need money for big expenses.