I have been posting every other month about the amount of money I spend or save every day in an effort to track my finances. I had the accounts in Microsoft Money set up but I realized that they are very complicated. For instance, I have Food broken down into categories like seafood, frozen dinners, eating out, bread, and drinks(and there are more categories than this). I have Personal broken down into categories like eyes, fragrance, clothing, mouth and body.
This makes it very easy to say at a glance that I spent X amount on my eyes in any one month. I can see therefore that I increased or decreased spending on contact lens cleaners or eye drops at a glance.
On the other hand I do not really use this information at all so it is not really necessary for me to have such a detailed breakdown as to where all my money goes. I am going to remove all the detailed descriptions and simply have major categories such as Food, Personal, Fees etc. When it comes to Credit Cards I will still have subcategories like Interest Charges, Finance Charges, Balance Transfer Fees and Monthly Payments. I would like to keep track of how much I get charged each month in interest on the cards. I will also keep those subcategories on my loans as well because I think that is information that I would like to keep track of.
In June I will be keeping a running total of all income and expenditure just like I did in February and April so look out for that set of posts coming up soon.