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What Do You Do?

Yes, I know I'm behind already in my March Madness entries. But I've been doing something muy importante (is that even Spanish - who knows!). Before I get into that though, I'd like to know what you all do with your ... finances.

Seriously. Here's what I do (taught by my illustrious and anal father and his partner in crime, my mother), but I'm starting to believe, we're the only ones:

1. I maintain all our finances on Quicken.
2. I enter all our credit card transactions with a category assigned to each (e.g., dining, entertainment, clothing, etc.) into their own accounts (we have three cards)
3. I enter all of our bank withdrawals, checks, electronic funds payments into our banking account (same categorization, e.g., gas & electric, petty cash, gift received - thanks mom!)
4. When I receive a monthly credit card statement, I compare everything I have recorded against what the credit card company tells me I've charged, and if I find anything in error, I call the company and dispute the charge (and yes, this does happen on occasion). Once it all checks out, I make a payment (now a days, online). Then I take all my receipts for that month, staple them to the statement and file it away.
5. When I receive my bank statement, I do the same thing (often having to enter the checks at this point because I rarely write checks any more - mostly to Chris's church and the kids' schools). Once that's done, I file it away too.
6. In January, I take the files with the credit card statements and receipts in them, and I give them to Chris. What he is supposed to do is take the ones from seven years ago dispose of them (but I don't think he's doing that) and file the new ones away in our larger file cabinets in the basement.
7. In about February or March I run a series of reports, so I can do my taxes. I click a button on Quicken and it tells me how much we donated to charity, how much we spent on medical, etc. Once I get all that info, I ship it and tax forms (e.g., W-2, 1090s) to my accountant who for what I consider a totally worth it expense, fills out our returns (because of Chris's travel, there have been years where we've had to file in up to six states).

So to give you a clue as to how I've been spending some of my time over the last three days, let me just tell you for the last 18 months - none of the above has happened (well, I did pay the credit cards online but that's it).

More on this later but how do you all handle your finances? Am I crazy?

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Other Thinks (7)

I am impressed, Kim.
I just monitor all of our accounts online in their own website. Don't save receipts for anything other than donations, medical and other tax-deductible spending.
Our taxes are so complicated with so many states as well and it is worth for me to get them done with a professional.

You are so organized! Want to come give me some lessons? A look at my "office" would probably make you want to rip you hair out. I just sort of ingnore all that paper and hope that it will go away if I do. It doesn't.

Barb Cabot:

Wow that's really impressive. I can see how that keeps you busy but you always impress me with all that you get done besides cooking fantastic meals for your family. You da bomb Kim. (Now that expression has got to be really outdated. Sorry no teens in my household to update my lingo). See you in a few.


I am truly impressed and feeling very neanderthal. Is Quicken difficult? Maybe I should check it out.

I keep all of my receipts, put them in a shoe box and then shred most of them at the end of the year. I really don't know why I keep them because I don't double check them against my credit card bills (which I should do). I think I do all of this to appear organized even though I am not. I also use Quicken - but just to balance my accounts.


I do it the exact same way (unfortunately I am behind).

Krista Harris:

Kim it sounds like you have a great system, it's just a pain when it gets behind. I'm actually learning to do all our finances in QuickBooks, which is similar.

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This page contains a single entry from the blog posted on March 3, 2010 6:21 AM.

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