Simplifying the Financial Records

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weltschmerz
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Simplifying the Financial Records

Post by weltschmerz » Tue Feb 13, 2018 1:45 pm

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Toons
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Re: Simplifying the Financial Records

Post by Toons » Tue Feb 13, 2018 2:00 pm

Quicken Software
Since 1993









:wink:
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

kaudrey
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Re: Simplifying the Financial Records

Post by kaudrey » Tue Feb 13, 2018 3:17 pm

Hi,

I have an Excel file that does a variety of things, but never to the level you describe. I have a net worth tab, which I update monthly, which just lists my different asset accounts and the house and deducts the mortgage. It goes back to 2003.

Another tab keeps track of savings, but since I save the same amount every month (unless a big expense comes up), I set this up at the beginning of the year for the whole year, and then just adjust if necessary.

My "Expenses" tab only keeps track of large categories (Travel, Medical, Car, House (mgt/taxes), Capital Expenditures (house repairs), Pets). These are things that are either monthly or less often, so it's easy to keep track.

The Portfolio tab lists all of my holdings so I can check my asset allocation. I update this quarterly.

These feed into "Retirement" spreadsheet, which is really a combo of actual results and projected future results. It has income, account values, and expenses and savings from the prior three tabs, plus a few other categories (taxes, for example), and then the difference between income and all of the other expense categories just gets lumped into "Living Expenses". Going out, this sheet projects income/expenses/portfolio balances, so I can see what I should have when I retire.

It sounds complicated, but I probably spend about 2 hours a month on it, tops. It all flows together and after years of tinkering with it, quick updates once in a while let's me see everything I need to see.

J295
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Joined: Sun Jan 01, 2012 11:40 pm

Re: Simplifying the Financial Records

Post by J295 » Tue Feb 13, 2018 3:45 pm

Tracked expenses pre retirement and relied on brokerage statements

Post retirement track assets at least quarterly

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lthenderson
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Location: Iowa

Re: Simplifying the Financial Records

Post by lthenderson » Tue Feb 13, 2018 4:22 pm

I use an Excel spreadsheet to input the balances of all my retirement assets once a month to get a general picture of how it is progressing. I use Quicken but mostly just to keep tabs on spending amounts per year, no fine detail.

bayview
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Location: WNC

Re: Simplifying the Financial Records

Post by bayview » Tue Feb 13, 2018 8:46 pm

kaudrey wrote:
Tue Feb 13, 2018 3:17 pm
Hi,

I have an Excel file that does a variety of things, but never to the level you describe. I have a net worth tab, which I update monthly, which just lists my different asset accounts and the house and deducts the mortgage. It goes back to 2003.

Another tab keeps track of savings, but since I save the same amount every month (unless a big expense comes up), I set this up at the beginning of the year for the whole year, and then just adjust if necessary.

My "Expenses" tab only keeps track of large categories (Travel, Medical, Car, House (mgt/taxes), Capital Expenditures (house repairs), Pets). These are things that are either monthly or less often, so it's easy to keep track.

The Portfolio tab lists all of my holdings so I can check my asset allocation. I update this quarterly.

These feed into "Retirement" spreadsheet, which is really a combo of actual results and projected future results. It has income, account values, and expenses and savings from the prior three tabs, plus a few other categories (taxes, for example), and then the difference between income and all of the other expense categories just gets lumped into "Living Expenses". Going out, this sheet projects income/expenses/portfolio balances, so I can see what I should have when I retire.

It sounds complicated, but I probably spend about 2 hours a month on it, tops. It all flows together and after years of tinkering with it, quick updates once in a while let's me see everything I need to see.
You don't eat? :D

I ask because this looks very reasonable and workable, but food is our largest lump expense, generally nudging ahead of the mortgage payment. And while it could certainly be reduced, it couldn't be eliminated.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

kaudrey
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Re: Simplifying the Financial Records

Post by kaudrey » Wed Feb 14, 2018 10:02 am

bayview wrote:
Tue Feb 13, 2018 8:46 pm
kaudrey wrote:
Tue Feb 13, 2018 3:17 pm
You don't eat? :D

I ask because this looks very reasonable and workable, but food is our largest lump expense, generally nudging ahead of the mortgage payment. And while it could certainly be reduced, it couldn't be eliminated.
Hi,

Yes, I do eat! :happy I have just decided that eating is part of "living expenses", because I have to eat to live! I guess my goal isn't to look for areas to reduce; so I'm not overly concerned with normal costs of living. And, true, the mortgage and related expenses are a normal cost of living, but it is also easy to keep track of because it's the same every month, so it just gets totaled on January 1 for the year, and I don't have to keep adding stuff to it.

As long as I am meeting my savings goals, I don't worry about the "living expenses" too much, and I am not a spender by nature, so that has never been a problem. And, I just can't be bothered having to enter in things that happen often (grocery shopping, gas for the car, etc). The "Car" category has insurance and oil changes and repairs, etc, but not gas. Gas is also "living expenses".

It really depends on your goals. I don't need a detailed budget, but I do like to know some of the larger items as I outlined, for help in future planning.

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climber2020
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Re: Simplifying the Financial Records

Post by climber2020 » Wed Feb 14, 2018 10:17 am

I do not track anything. I look at my bank account every morning to make sure it looks right, and I look at the charges on the one credit card I use when I pay off the balance once a week. I check my investments once in a while as well. All of this takes me about 2-3 minutes.

bayview
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Location: WNC

Re: Simplifying the Financial Records

Post by bayview » Fri Feb 16, 2018 5:26 pm

kaudrey wrote:
Wed Feb 14, 2018 10:02 am
bayview wrote:
Tue Feb 13, 2018 8:46 pm
kaudrey wrote:
Tue Feb 13, 2018 3:17 pm
You don't eat? :D

I ask because this looks very reasonable and workable, but food is our largest lump expense, generally nudging ahead of the mortgage payment. And while it could certainly be reduced, it couldn't be eliminated.
Hi,

Yes, I do eat! :happy I have just decided that eating is part of "living expenses", because I have to eat to live! I guess my goal isn't to look for areas to reduce; so I'm not overly concerned with normal costs of living. And, true, the mortgage and related expenses are a normal cost of living, but it is also easy to keep track of because it's the same every month, so it just gets totaled on January 1 for the year, and I don't have to keep adding stuff to it.

As long as I am meeting my savings goals, I don't worry about the "living expenses" too much, and I am not a spender by nature, so that has never been a problem. And, I just can't be bothered having to enter in things that happen often (grocery shopping, gas for the car, etc). The "Car" category has insurance and oil changes and repairs, etc, but not gas. Gas is also "living expenses".

It really depends on your goals. I don't need a detailed budget, but I do like to know some of the larger items as I outlined, for help in future planning.
Makes sense! :beer
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

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