Personal Finances in a Tough Economy

With the rapidly dwindling economy and the scarcity of dollars, my husband and I recently decided to keep better track of our personal finances. We decided the best way to do that was using QuickBooks software.

Step 1: We set up a company for our personal accounts.
Step 2: We entered in our bank accounts including opening balances for our selected start date.
Step 3: We each enter our own bank & cash transactions on a weekly basis.

Now we can see exactly how much we are spending and where we are spending it. This will make it much easier to target those areas we are over spending and begin budgeting our money.

Once we have a couple months of data in we will be able to develop a budget.

The best part is you can use all the fun reports, graphs and pie charts that QuickBooks offers to see where you stand at any point in time.