Anybody else do this?

[Bob Wright]

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

 

[Tensaw]

No, we don't do this. But we pay our credit card balance every month. We never carry a balance on them.

 

[Armybrat]

No, we don't do this. But we pay our credit card balance every month. We never carry a balance on them.

Same with us.

 

[Kevin]

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.

 

[Dan in MI]

I budget about $50 over my historical CC average and pay it off every month.

 

[woodsy]

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]

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]

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.

 

[Jeepnik]

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.

 

[thinckley]

Cash can be even more entertaining as I was two "adults" struggle to determine proper change. Again, managers have been called.

Toss in a couple of $2 bills and watch the chaos ensue!!!

 

[nvbirdman]

I do the same as Bob. If I use my credit card, it comes out of the checking account right away.

 

[Dan in MI]

Off subject but I am starting to deliberately go back towards cash.

 

[gunzo]

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]

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]

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]

Nope. Sounds like a hassle. I write it in my register when I pay it. Usually before the statement even comes.

 

[Kevin]

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]

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]

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]

I don't own a checkbook or write checks

Pay off the credit card every month.

Get lots of miles

 

[Boxhead]

Not a clue. I manage incoming funds and she manages outgoing funds occasionally asking "did you buy something from???".

 

[GasGuzzler]

Nothing wrong with Bob's method although it is pretty antiquated. It treats credit like cash (by reconciling in the check book, checks are cash when compared to credit). This is how my parents treated credit when I was growing up. I don't carry a big balance now. I don't use credit other than at Christmas gift buying time. I use debit often and what's actually rare these days, I put the debits in my check register and balance my checkbook every month. I don't know many people that still do. Sure, use a computer program...but I have seen errors missed that way. Do it manually each month and it takes about ten minutes.

Off subject but I am starting to deliberately go back towards cash.

I started that journey about 15 years ago, maybe ten. I needed a way to save for the truck I was paying off to my Dad who only required quarterly payments. So I went to almost all cash for every day items (gas, meals on the go, etc.) but not bills or groceries. I started off my getting $100 from the ATM and putting $20 aside and using the $80 until in ran out. I'd take the $20's when I got a whole bunch and swap them for $100's once per quarter and deliver those to Dad. I eventually got to where I was taking out $300 at a time and setting a whole $100 of it aside. Easy way to stack up the Benjamins.

One benefit of computers is that you can check balances and charges in real time and it's easier to monitor for fraudulent charges.

I log into my main account EVERY morning to check if there is something odd or incorrect. I only have two automatic payments each month (I hate those as I keep so close watch on my account) because of the discount they offer. My Amazon Prime is automatic too but it's $16 a month so no biggie. Banks are stupid in the way they post so there's no way I could go without my paper trail.

 

[KWend54]

Sometimes I pay off a card when the balance gets too high (3 cards between my wife and I), other times I’ll pay less than the total, depending on the months budget. Don’t keep a record of transactions because a detailed record is only a few clicks away.

 

[Jeepnik]

One of the biggest problems with our countries financial system is credit. Not its mere existence but the fact that financial institutions extend way too much unsecured credit.

Secured credit for large purchases like houses or cars makes sense. But allowing folks to spend money they won’t make for decades with nothing to secure the loan is foolish.

I’ve had folks tell me that our economy is strong because people can buy goods and services they might well never be able to pay off.

I’m not for more laws, but one restricting one’s unsecured debt to no more than one month’s income would create a very healthy economy.

 

[vito]

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.

That's exactly what I do, even though my wife thinks I'm crazy going through this process every month for both of the credit cards that we use. I have on occasion, admittedly rarely, found a fraudulent or incorrect charge and have gotten the problem resolved quickly. I always pay the full balance, whatever it is, even if that means dipping into my savings occasionally after making some big credit card purchases. I haven't paid a penny in interest charges in many, many years on any credit card and typically get back at least $1,000 a year in the credit card rebates. Credit card debt is the worst kind, and I will not let myself fall victim to this trap.

 

[jav]

No I don’t but my wife is very diligent about writing every penny on the check register book and we don’t ever carry a balance on our credit card

 

[rotor]

I pay everything with a credit card with cashback to me so even the electric bill is lower than list price. 3% back, pay the credit card balance monthly in total so no interest. The latest thing that the banks are doing is charging a monthly fee if you don't do electronic statements and charging a monthly fee if your bank balance is not "sufficient". Even USAA is doing the monthly fee for mailed statements. This can really add up. Also be careful that your bank for seldom used accounts doesn't freeze your account. Every few months transfer funds from one account to another before the state ends up with your money. Don't assume that just because you are getting interest on an account that it is active. I know that not everyone can pay off credit cards in full but you really need to as the interest rate is ridiculous. I rarely write checks, billpay via the bank is the way to go for those expenses not charged to credit card.

 

[Shamus2022]

NO CREDIT CARDS. Rarely a check..... I have always been a cash guy. Most of my business is FTF local. IF I need a CC (rent a car for example) or buy from another state then my debit card acts as a CC. I quite simply don't spend more than I have and live on $1300/mo SS. I achieve that because I realized decades ago that, while I had a great business, I was never going to have enough for retirement (being self-employed) so I paid everything off: I have no mortgage, no car payment, no debt whatsoever. So.... no CC.

 

[Jeepnik]

Shamus, While not strapped for cash by any means, one thing I was determined to do was start retirement with no debt.

A month before I retired (I actually was going to work a couple more years but covid hit) I purchased a new truck.

While completing the sale the closer pulls our loan forms. I pulled out my checkbook. Poor guy looked confused then laughed. The salesman had just assumed I would finance the purchase. Apparently these days you get a discount for financing through the dealer.

But the deal was made so the closer stuck to it. I imagine the salesman heard about it later.

 

[Shamus2022]

Yup, My last truck was $15,000, I asked him if cash was OK and he, assuming I meant a check as opposed to a CC said , yes. The look on his face while I counted out cash was precious. I also like to point out to people that I just never get hacked.