Ask HN: How do you track your finances?

#1

Post by hugohamelcom » Thu, Apr 07, 2022, 1:09 PM UTC

Recently attended a workshop, and I'm curious to know how you track your finances. Personally, I've built a custom spreadsheet, and I'm happy with that, but I'd love to see how other people are doing it.

1. Do you use a spreadsheet? Did you build it yourself? Did you buy one that was already done for you?

2. Do you use an accounting software (Quickbooks, Xero, Zoho, etc.)?

3. How do you like your current solution? Is it too complicated? Is it too overkill in terms of features for your needs?

4. What would make it better for you?

In the workshop, they recommended also using tracking tools like Mint to follow all your expenses, not just business, but also, personal.

I'd be curious to know how many other people track it all to the penny like this.

Re: Ask HN: How do you track your finances?

#2

Post by swah » Thu, Apr 07, 2022, 1:35 PM UTC

I have not succeeded in tracking all my expenses - the only spreadsheet I have is one with a row for each "bill" I have to pay X months on the X axis.

This lets me at least compare values for each month easily. But of course my variable expenses are all under a CC card bill...

Re: Ask HN: How do you track your finances?

#3

Post by KhalPanda » Thu, Apr 07, 2022, 1:39 PM UTC

YNAB. I've used it for a few years (since YNAB 4). The automated import and categorization of transactions, combined with envelope budgeting is all I need. About as frictionless as it can realistically get, for my use case.

Re: Ask HN: How do you track your finances?

#4

Post by atanasb » Thu, Apr 07, 2022, 2:02 PM UTC

I've had this conversation with a number of financial-savvy friends. It seems that we all have different methods depending on what you're after.

For myself - I hate spreadsheets and updating and categorising data. I have also tried a number of tools that will "attempt" to automagically present useful reports. But I've found that in 90% of cases - I'm well aware of what I spend on and how much I spend.

The data that really interests me personally is - savings, pensions, asset wroth tracking and scenario simulation. I find that looking at growth over the past 3,6,12 months motivates me to do even better or look for more efficient ways of organising my finances.

At the moment here's what I do:

- Following a guide like (UK Personal Investing Flowchart)[https://ukpersonal.finance/flowchart/] to judge where I am at and what my short/long term goals are.

- I have automated transfers at salary date (T+3 days to account for variations) to investments and savings.

- I do a monthly scan through of current and credit accounts to make sure nothing unusual occurs as well as monthly credit-rating check.

- For crypto investments I use (Delta)[https://delta.app/en]

- For Stocks and Shares I track current positions via Yahoo Finance.

- Lastly - every now and then I check-in to see how my Pension accounts are doing. So far I've gone through 4 different pension providers and tools - but none of them see to have good forecasting, scenario tools.

As a side topic recently got shown (Casual)[https://causal.app/] by a friend - I've been contemplating giving it a try.

Re: Ask HN: How do you track your finances?

#5

Post by drakonka » Thu, Apr 07, 2022, 2:18 PM UTC

I just have a monthly number for all expenses excluding rent and try to stick to it. It doesn't always work, but I kind of stay in the ballpark.

Re: Ask HN: How do you track your finances?

#6

Post by sloaken » Thu, Apr 07, 2022, 2:48 PM UTC

I have tried several things, and have given up on a lot as they seemed more work than they were worth. Although it has been about 8 years since I looked into it, maybe I should again.

Spreadsheets 1) Current accounts - Charge Cards, Rent due, utilities, bank accounts. I update every 2 weeks when I get paid. This has worked out well as it forces me to look at our primary accounts and I catch things before they become problems. My significant other, knows this and has caused a change of spending habits, all for the good. In my balances, I have a baseline adjustment so every year the first paycheck all my current accounts balance to zero, this way as the year goes on I can see where I am. It also keeps me from considering as a total how much I have saved over several years and then feel like I can spend it.

2) Yearly - sometimes more often, I do a spreadsheet of investments and retirement money. I also add in large assets like the value of my cars, although they are not worth much. I also re-balance my investments then, or at least start to decide what to change.

Re: Ask HN: How do you track your finances?

#7

Post by [deleted] » Thu, Apr 07, 2022, 3:05 PM UTC

[deleted]

Re: Ask HN: How do you track your finances?

#8

Post by hugohamelcom » Thu, Apr 07, 2022, 6:40 PM UTC

sloaken wrote: post #6

I have tried several things, and have given up on a lot as they seemed more work than they were worth. Although it has been about 8 years since I looked into it, maybe I should again. Spreadsheets 1) Current accounts - Charge Cards, Rent due, utilities, bank accounts. I update every 2 weeks when I get paid. This has worked out well as it forces me to look at our primary accounts and I catch things before they become…

That's really similar to what I do, but I believe that you might be tracking a bit more than I am, on a more granualar level, which is good. I might do some changed based on my process based on what you are doing.

Re: Ask HN: How do you track your finances?

#9

Post by hugohamelcom » Thu, Apr 07, 2022, 7:00 PM UTC

atanasb wrote: post #4

I've had this conversation with a number of financial-savvy friends. It seems that we all have different methods depending on what you're after. For myself - I hate spreadsheets and updating and categorising data. I have also tried a number of tools that will "attempt" to automagically present useful reports. But I've found that in 90% of cases - I'm well aware of what I spend on and how much I spend. The data that r…

Thank you so much for sharing all these links, they are so useful!

Re: Ask HN: How do you track your finances?

#10

Post by hugohamelcom » Thu, Apr 07, 2022, 7:05 PM UTC

swah wrote: post #2

I have not succeeded in tracking all my expenses - the only spreadsheet I have is one with a row for each "bill" I have to pay X months on the X axis. This lets me at least compare values for each month easily. But of course my variable expenses are all under a CC card bill...

If you'd like to keep using a spreadsheet, let me know, I've built something for myself that I sell. Just message me, I'll show you :)

Otherwise, if you don't want to invest in anything pre-built, here's the free version of it, that is still useful in my opinion: https://gumroad.hugohamel.com/l/sheeld-profitloss

(Hopefully that won't be considered as self-promotion, but if it does. Admin/Moderator: just message me so I can change the message, so it's not considered as self-promotion.)