Anybody else do this?

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Bob Wright

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Debt and credit cards was a recent subjuct here abouts and this is sort of my policy: When I use my credit card to make a purchase I enter the purchase in my check register and deduct the amount from my (measley) balance. Then when the credit card bill comes in, I credit those purchases back into my account and write a check against it.

Bob Wright
 
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No, we don't do this. But we pay our credit card balance every month. We never carry a balance on them.
Isn't that what Bob is saying? Tracking what is spent on the credit card and then writing a check to pay it off at the end of the month.

We use a credit card for most bills and purchases. Then pay the bill at the end of the month. Interest rates on cred cards are so sky high, it's suicidal to carry a balance on them. We certainly don't pay any interest to the credit card companies.

I should say company, as we only have one credit card. Which is often where people get in trouble. More than one card and boom, they just spent more than they make in a month.
 

woodsy

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How about requesting, and saving, every receipt from every card purchase, and then discarding them after they check out with the amounts on the credit card bill? Much simpler, and uses less of our own paper goods.
 

Bob Wright

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How about requesting, and saving, every receipt from every card purchase, and then discarding them after they check out with the amounts on the credit card bill? Much simpler, and uses less of our own paper goods.
The check registers are free from my bank, so no expense to me. And, yes I do save receipts and compare them to mu credit card bill. By using my system do pay off the balance each month. I have two credit cards, one for general purchases, and one for medical bills. My medical expenses are all on one statement, which is a help to me and my bookkeepping.

Bob Wright
 

Paul B

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I pay off the balance on my credit cards each month. I charge everything as I don't like to carry cash and some places won't take a check. This last month hit me hard with over $5K in medical and hospital bills. Cancer is a b---h!

Groceries and such go on a separate card and usually ran about $200. Last two bills were a bit over $300 and I didn't buy anything different from my normal grub.
Paul B.
 
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On the beach and in the hills
My wife is woefully low tech and mathematically challenged. How she ever got a masters Library "Science" still leaves me scratching my head. As computers became more and more present in libraries she struggled. Through sheer determination and repetition she managed to keep up.

As a consequence and considering I'm most likely to go first I have set things up both electronically and on paper. The kids and I can bring up the spreadsheets and know our entire financial situation at a glance.

On the other hand, my wife would be lost. So I still have all of our bills and other financial correspondence delivered in paper form. With a checkbook and stamps she can run the financial side of her life.

The only problem with this is that just about every company we do business with constantly tries to switch to only electronic communication. They now, from time to time, send emails saying that since we have used electronic payments they are, without prior consent, switching to electronic billing. It takes constant monitoring to keep things coming by snail mail.

My point of this ramble is that she still writes checks or pays cash for things. With fewer and fewer establishments accepting checks she is, more and more, becoming a cash only customer. It's actually somewhat entertaining to watch the conduction of business between my wife and say a grocery store clerk.

Given a check most clerks stumble on the proper store procedures. I've seen a few call the manager for help. Cash can be even more entertaining as I was two "adults" struggle to determine proper change. Again, managers have been called.
 
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gunzo

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Whatever works for ya Bob is good. The part I like about it, however you go about it, is that you've kept up what you spend & with whom you spent it with before you get the bill.

I sometimes get a CC bill & am puzzled by some of the charges for the time my memory can go back to the little things that may have happened a month back. A couple hundred spent at Midsouth or Grafs not hard to remember, but the $12.33 at Acme sales for phone cord or something is easy to forget.
 

gunzo

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Off subject but I am starting to deliberately go back towards cash.
I'd love to keep it that way, but getting hard to do. Does any shipper take COD? Gas stations won't let ya pump without paying first.

Credit or Debit card sometimes seems mandatory. And FWIW, one of my daughters whom is in the buis says cut up the debit card, no protections. If ya have to use a card, use a good CC. And as Bob does, keep a record to compare to the bill.
 

eveled

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Big benefit we have now to be able to log on and check balances and charges on our phones. In real time.

I am one of the ones who use a cc for everything. Money is so dirty, I've gotten some nasty smelling bills as change and stopped using it.

I keep about $900 in hundreds and $100 in twenty's on me for emergencies. But rarely use it.
 

Tenbore

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Nope. Sounds like a hassle. I write it in my register when I pay it. Usually before the statement even comes.
 
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One benefit of computers is that you can check balances and charges in real time and it's easier to monitor for fraudulent charges.

Quite often, like about once a week, my wife asked me about what I bought with the credit card. It's frightening! I have to remember on the spot how much that hot dog at Quick Trip cost. Yikes!!! Or what I bought last Tuesday for $6.32???

Separately, last time I ordered from Starbucks, it was $16 for 2 coffees. No joke. Two medium coffees that they put the olive oil in. Very good, but pricy! OMG!
 

gunzo

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The
One benefit of computers is that you can check balances and charges in real time and it's easier to monitor for fraudulent charges.
Buuuutttt the more info you have stored online, the more susceptible a person is of fraud or identity theft????

Asking.
 

Ride1949

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Every time I use my credit card I get an immediate email notice stating my card has been used for xxxx amount. I just put it in my financial statement folder with a note on what is was for. Review at payment time.
 

375hh1973

Single-Sixer
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Jan 29, 2017
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Michigan
I don't own a checkbook or write checks

Pay off the credit card every month.

Get lots of miles
 

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