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  • Category: Miscellaneous

    How many of you write up your expenses daily

    In big families there is a habit of writing the expenses incurred daily in a diary or note book. Though there is no necessity to show accounts to somebody they are writing the expenses by practice. In our house this practice is followed since many years. In our house my grand father kept a long metal string with wooden base in which we used to keep all letters received and bills. How many of you follow like this in your house
  • #608964
    My father is having a habit of writing all expenses very clearly in a book. His expenses when he was 18 also can be seen today. We also used to write the expenses in a diary when our brothers and sisters were staying in Vizag together. In the month end, we used to total the expenses and what were many is left our we were sending to our parents. After my marriage, I have moved out of that place as I got a job in a distance place. There also my wife started maintaining the accounts and that practice is continued till now. It is a good habit to note down the expenditure somewhere so that we will understand what are our expenses and is there any chance to save anywhere.
    always confident

  • #608967
    I am having the habit of writing income and expenditure for the month so that we can have the fiscal control on some overheads which might be done without our notice. By having the written statement of expenses incurred every month, we can compare the same and also comes to know on which we are spending more and where we are saving. And what is the expenses over income and what amount is saved for the month is also known. One thing is sure , if we are not maintaining our budget and spending, then who will do it. But writing account is no way concerned to stopping on spending of necessities.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #608986
    This post reminds me of earlier days in my life. I got married in 1972 and I had to go for a rented house in my work place in order to take my wife with me. At that time my salary was just a three figure number, though I was working as a teacher in a University. (it was a Gazette post in those days!). Hence I had to spend every Paise very cautiously. The rent itself consumed about 25% of the income. So I went on noting the expenses everyday. This habit slowly slipped away from me together with increase in my income.

  • #608989
    Yes, we ( my wife & myself) do! call us old fashioned but it has helped us a lot. We started this when we were in England for work. Coming from a middle-class family, we automatically used to convert pounds to rupees and often would find things are expensive. We started writing up all the expenses for the fear that we would run short of money (most of the major expenses were set up on Direct Debit for payment). It took some time for us to get over this fear.

    It's always a good practice as many wise men have said 'never live beyond your means'. In our family for us, it's a simple Indian dream - have a house, some savings, fund kids education, and planning retirement. Apart from people who are well off, the rest would find it hard to achieve this if we did not how much we are spending. Warren Buffet, the wizard of stock market has said that "it's better to save and spend the rest rather than spending and saving the rest"

  • #608992
    I may not be jotting down daily expenses, but I have a habit of decades to make monthly budget and review it once or twice to see whether I am able to adhere to the budgeted levels.
    Budgeting an sticking to budgetary levels in spending becomes imperative as I also belonged to a middle class family where the income and source of income was limited; need for spending unlimited. So one has to prioritise and try to match both sides and make a small savings also. It required some sacrifice and not succumbing to normal human temptations.

    I can say with confidence that it is my budgeting habit and savings habit that has helped me to achieve the simple dreams of a middle class salaried Indian. God was also kind to me to have given me a normal health without much health issues till date and hence I could have a house, educate my son to a basic reasonable level of graduation,plan my retirement to maintain an average middle class standard of life and have some cushion of saving to keep me going with my necessities.
    Though I never could splash and indulge in much leisure and pleasure, I made the best of small pleasures like a family outing once in a while, take family for a dinner out once in a while etc. I have most essential and necessary appliances and gadgets, but none of them are luxury grade but economical and budget grade.

    However I feel (thank God) very much contented and happy. The prayer now is let God continue to keep me like that. My spouse has given a solid support to go in tandem in all these matters, and that has made things more easy and comfortable.

    Today my so also has got the habit of noting down his expenses and assessing whether he is within limits in spending.The only difference is that he uses 'apps' unlike my habit of using pen and paper.

  • #608998
    My father who is presently 87+, meticulously writes down the daily expenses everyday. I don't write down my expenses, but make a monthly budget and try to stick to it.
    Beware! I question everything and everybody.

  • #609005
    There is nothing wrong to maintain the data base of what we incur and what we earn. That will surely have control over our spending spree. Those who are against maintaining such records cannot be explained.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #609007
    I used to maintain an expense diary when I was just married. It was the first time that I was handling 'big' money and felt so responsible, paying bills and settling accounts. I had started this practice of putting money in designated envelopes. So, there was an envelope for major expenses, such as grocery, LPG, entertaining, electricity, eating out, petrol, maid's salary, newspaper bill etc.

    However, I stopped maintaining these accounts, within a year of marriage. The reason being, that I soon mastered the art of budgeting. I know what my monthly expense is. And withdraw a fixed sum each month. I usually have a little money left at the end of each month, which I carry forward into the following month and withdraw that much less. I run the house with a fixed amount, in hand.

    There are no impulse purchases nor do we spend without restraint. I know what the big-ticket items are and set aside appropriate money within my monthly expense, for those. Of course, now with online shopping, there's been a change in the pattern, but not much, because I still shop at the brick and mortar stores.

    "A love affair with knowledge will never end in heartbreak." -Michael Garrett Marino

  • #609008
    It is a very interesting and to some extent peculiar thread by the author as many youngsters today may just amuse, what is the need of writing, just see in the end of month what you have as balance and find out what you have spent!

    My father had his habit and probably I got it from him in my early student life about 50-55 years ago. When I was in my secondary education I was awarded some scholarship from the college and that was a big amount that time and I was given liberty to keep it with me and keep records in case my father wanted to check it. This made me to write a note of daily or weekly expenses and in long run it became a habit. He never checked it as I did not default. I found this fact very early in life that you spend only till the money belongs to someone else ( even your father! ). As soon as you realize that it is yours you stop any unwanted expenditure. This was a great lesson I luckily learned at that tender age and today when I look back I find that my good habits in financial management have paid their dividend.

    So, yes, I still have that habit of writing daily expenses and believe me it works as a great deterrent for spontaneous and foolish shopping as well as for extravagant expenditures. Some people do not like this habit and feel that those who do it are great misers. I do not know what is the relation between keeping a diary and miserliness but one thing I know for certain is this habit keeps you alert in your financial matter.

    Knowledge is power.

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