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Am I the only person who does this? I have been paying my bills now for 3 months with my credit card vs debit card. It has been a nice thing for peace of mind knowing my checking account is safe plus the points are fun to get rewards.
I for years and years kept track of all my payments on ms money. But it is starting to drive me a bit crazy. Always in the past I entered each time I paid something with the debit like you would if you were paying with a check. Exporting into ms money was easy. But this isn't the same with paying with the credit card.
It takes me forever when I get paid to go to the credit card site, see bill, pay bill, enter it into the ledger repeat. I always worry I missed something.
Should I just keep track of the major bills and all other just incidentals pay in a lump sum?
I keep thinking at least this way I keep track of where my money goes but it is certainly time consuming. So far I haven't had any interest accrue as I pay before I get a bill.
I created an Excel spreadsheet that acts as my ledger. I enter every single thing I pay, whether from checking account (because some bills can't be paid with credit card or without a large fee that offsets the benefits of paying with a card) and have each item tracked by a category, which is budgeted to our income while also paying ourselves. I probably enter stuff once or twice a week. I budget using the last checks from the prior month as the starting point for the new month. I don't rely on the online system to tell me, because when I'm looking, half the time things like gas purchases or other delayed purchases may not show up. Those that I know take forever, or if I add a tip to a bill, I enter those immediately so I don't lose track of them, and I use the receipts as my reminder.
I pay 95% of my monthly spend on credit cards, and I balance at the end of the month when I flip the calendar and bring over the amounts I need to pay on credit cards for the new month. I pay balances in full on all cards, because otherwise I'd be better off just using debit or cash, plus you get all the rewards.
It's a bit of a labor of love for me, as I started this Excel spreadsheet in mid-2005 after going through a divorce and being left with $40k in debt from house repairs from a bad renter. I was able to pay off the debt, despite adding another $10k along the way in medical expenses, by 2012. I just kept going with it, because I knew that once I was out of debt, the game wasn't over, I was now behind on retirement planning.
The bonus is that I have a 2.5% cash back credit card, so that bonus can go straight into the coffers on roughly $4-5k/mo in spend.
Always in the past I entered each time I paid something with the debit like you would if you were paying with a check. Exporting into ms money was easy. But this isn't the same with paying with the credit card.
Entered into what? You can certainly use a check ledger to immediately write down each credit card transaction immediately after you make it, just as you used to do with your debit card.
I created an Excel spreadsheet that acts as my ledger. I enter every single thing I pay, whether from checking account (because some bills can't be paid with credit card or without a large fee that offsets the benefits of paying with a card) and have each item tracked by a category, which is budgeted to our income while also paying ourselves. I probably enter stuff once or twice a week. I budget using the last checks from the prior month as the starting point for the new month. I don't rely on the online system to tell me, because when I'm looking, half the time things like gas purchases or other delayed purchases may not show up. Those that I know take forever, or if I add a tip to a bill, I enter those immediately so I don't lose track of them, and I use the receipts as my reminder.
I pay 95% of my monthly spend on credit cards, and I balance at the end of the month when I flip the calendar and bring over the amounts I need to pay on credit cards for the new month. I pay balances in full on all cards, because otherwise I'd be better off just using debit or cash, plus you get all the rewards.
It's a bit of a labor of love for me, as I started this Excel spreadsheet in mid-2005 after going through a divorce and being left with $40k in debt from house repairs from a bad renter. I was able to pay off the debt, despite adding another $10k along the way in medical expenses, by 2012. I just kept going with it, because I knew that once I was out of debt, the game wasn't over, I was now behind on retirement planning.
The bonus is that I have a 2.5% cash back credit card, so that bonus can go straight into the coffers on roughly $4-5k/mo in spend.
I do the same thing too. However, I enter my transactions on a weekly basis, most likely on Mondays. I find it rather therapeutic.
Entered into what? You can certainly use a check ledger to immediately write down each credit card transaction immediately after you make it, just as you used to do with your debit card.
My ms money when I got home or exported the transaction
I am not sure I am understanding if my question is being answered. Example: You went to a gas station and paid $28.00 and put it on your credit card. Do you go to the credit card website and pay that individual charge right away or wait till you get paid and pay the entire balance owed on your credit card in a lump sum
I would suggest paying when the bill is due. I gain interest based on average account balance in my checking/savings accounts, so it's in my best interest to maximize that benefit especially since giving away the money prior to the due date has no benefit quantitatively, only qualitatively in that the bill is less and you owe nothing, which makes you happier.
My ms money when I got home or exported the transaction
I am not sure I am understanding if my question is being answered. Example: You went to a gas station and paid $28.00 and put it on your credit card. Do you go to the credit card website and pay that individual charge right away or wait till you get paid and pay the entire balance owed on your credit card in a lump sum
We buy everything on CC. They send us a bill once a month. We pay it immediately. Next month, same thing.
I would suggest paying when the bill is due. I gain interest based on average account balance in my checking/savings accounts, so it's in my best interest to maximize that benefit especially since giving away the money prior to the due date has no benefit quantitatively, only qualitatively in that the bill is less and you owe nothing, which makes you happier.
I don't get charged interest paying it off before it is due but do not accrue interest with my checking account. Shoot the money stays in there so short of time it isn't funny
My ms money when I got home or exported the transaction
I am not sure I am understanding if my question is being answered. Example: You went to a gas station and paid $28.00 and put it on your credit card. Do you go to the credit card website and pay that individual charge right away or wait till you get paid and pay the entire balance owed on your credit card in a lump sum
I pay my cards off in full once a month, after the statement for the month closes; it's more convenient and better for boosting my credit score (as to the scoring agencies it looks like I'm carrying a balance, even though I'm not), and no interest is charged as long as the payment is done before the due date.
Why can't you just carry a check register with you and just write your credit card transactions down in the register as soon as you make them and then at the end of the day enter them into MS Money, just as you did with your debit card? You can easily keep a running balance of your card charges in your ledger, too, so you know at a glance how big a bill you've run up and won't be surprised when you go to pay it.
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