The Credit Card Lesson of the Day: Keep your receipts!

I keep all my receipts in an envelope labeled with columns for itemizing; groceries, eat out, gas, pet, gifts, household, personal care, & extras. Extras would be clothes, liqueur, trips, etc. Each month has an envelope, and I total all my columns each month and then I really look at them. Once I’ve done that, I file them. If I ever need a receipt to refer to, or return something, I know right where to find it based on what’s written on the envelopes. I check my cc statement online about once a week, or so, just to make sure it’s legit, and I pay my balance in full about a week before it’s due. I’ve only forgotten to pay my card on time once so far. I think I like the idea someone had to sign up for an auto pay for the card I use all the time, should I ever forget to make a payment on time again. I use one main card for mostly everything to get flight miles, and a couple other cards so I can get free shipping/returns, and bonus points from certain retailers ordering online. Otherwise, I’m a cash paying freak for many of my daily (groceries, gas, eating out, hair cuts, etc) expenses. When I’m out of my set amount of cash, or running close, I quit buying stuff. This is how I rarely go over my monthly budget. If I’ve charged something big (trip, expensive clothing or gift, car repair, etc) I don’t put anything else on my cc until it’s paid off. It’s a rule I have. I will allow 2 or 3 months to pay off a purchase if I’ve deemed it worth it, but I just know there will be no more purchases on that card until it’s paid off in full. How I roll, and for the past 10 years, so far so good!

I have a pretty similar process – I don’t always pay it the next or same day – but within a week I do. I usually wait for the charge to be posted on my credit card so I can verify the charges before paying it.

I don’t do anything very different from you, except I pay my cc bill once a month.

All my receipts are kept until I enter them into my budgeting Excel spreadsheet, usually every evening. It takes longer for the spreadsheet to open than for me to enter things in usually. Most weekdays I don’t even have expenses, so it’s pretty easy. Plus, my brain auto-records each purchase/place/time automatically now in a sort of snapshot–so even when receipts aren’t available my brain keeps the amount and what I spent it on, safe.

In the spreadsheet, I record the amounts, the budget category they fall under (“eating out”, “groceries,” etc.), usually a short description (“italian after PhD defense with Tracy July 1”) which also sort of acts like my diary. If need be, I also assign the expense a further category to track, say, my alcohol or transportation spending. At the end of the month, when my cc statements come through, I go through each cc statement and match up the charges. I have my cc’s all set to auto-pay in case I forget one month.

Neat to get a look into what other people do!!

I normally pay the credit card in full once a month, because I have a 45 days interest free period. I also log everything I’ve been spending every day and at the end of the month check the values with the credit card online statement.
You seem to be very thorough! 🙂