27 Mar 2022 08:14

Joined:	20/04/2018
Level:	Gold
Points:	52222

Points:	5

Keeping record of household expenses -- a worthwhile habit

My parents, who are now dead and gone, would religiously write the monthly expenses and my mother would "review" such expenses and save money by whatever means possible. Even in those good old days -- thirty years ago -- the prices of edible oil were quite high, and my mother would avoid the deep fry items for the next month. She was a Finance Manager par excellence, as she admirably brought up four children and today, all of us have incomes that would have a multiple of at least forty of the last income of my father, who retired from the prestigious BHEL as a senior HRE professional. The salaries shot up through the roof after my father retired. That is the very sad part of the story.

Today, none of us write any account. We would spend the money, and then look backwards as to what happened. Since no one would even know where the money went, it is our shame that the household maid would remind us of an Amazon parcel that reached our house two weeks ago, and accounted for a neat Rs.6000/-

That generation is gone, or is on its way out. Today, how many youngsters, married with children, have accounts of their household expenses. If there are interesting cases, members may please record such instances.

#754413

27 Mar 2022 13:55

Joined:	10/12/2016
Level:	Platinum
Points:	88513

Points:	4

Keeping a track of expenses is a good practice but few people do it today and just check their bank balance to find out what they had spent during the month. Those who keep note and track of their expenses continuously find where they are spending much and where they had not. This gives them a good control on stopping some of the expenses and diverting money for more important items. Though presently I am not very particular for noting down my expenses and their categories but earlier I was doing that religiously and to that extent was much benefited by that as my unnecessary expenses nosedived during that period. I strongly believe that youngsters should adopt to this habit for better management of their earnings and keeping a track as well as tab on their expenses.

Knowledge is power.

#754423

27 Mar 2022 16:56

Joined:	12/10/2009
Level:	Platinum
Points:	250432

Points:	5

The author has raised a very important post and it is concerned with our house accounting aiming at profit and loss account. I have the habit of noting the expenses on the right side and the income on the left side of the dairy every day. There are reasons for maintaining such accounts. That how we are making expenses, whether over and above the income, or equal to income and having some saving over last month. Invariably I found that expenses are increasing as the prices are increasing and the over all expenses every month also increased between 2000 to 3000 and that proves are savings kept in bank is draining out. Every item has become costly between 7 rupees to 50 rupees and how to control the expenses is the great trait. This month there would be further expenses as extra expenses of gifting the relatives for marriages taken place.

K Mohan
'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease

#754435

27 Mar 2022 19:15

Joined:	02/06/2009
Level:	Platinum
Points:	120063

Points:	5

I remember earlier once or twice we have discussed this topic earlier. Our parents and grandparents used to maintain accounts of house expenses very correctly. This was more so with the salaried people. They used to write their income and expenses and used to see how much is their savings. Once we write down the expenses we can review them once in a while and see where we are spending more and where we have to reduce. This analysis is possible only when there is something in writing also. My father used to ask the seller to note down the quantity, item and rate on a piece of paper and he used to compare these new chits with old ones and used to see where the prices were going up and where there was a reduction.
I also used to keep a record but these days I stopped that. But the majority of our payments are through bank and online mode, our bank statement may give us a piece of good information about the expenses etc.

drrao
always confident

Keeping record of household expenses -- a worthwhile habit

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