markngolf Loc: Bridgewater, NJ

Many years ago I used Quicken, kept a checkbook and balanced it monthly and had spreadsheets, ... for financial records. Around 2004 I realized my "checkbook" was online, always in perfect balance and felt my arduous record keeping was superfluous for accuracy. As long as I did not make errors and had access to my online banking account, I did not need to keep a checkbook. I stopped recording payments. If I felt insecure, I could always download monthly statements.

Now, many years later, my "system" of record keeping is:
1. Make sure my credit card entries are valid (online)
2. Check my online banking entries, almost daily
3. Almost all of my monthly payments are on auto pay either from a credit card or auto draft from my checking account
4. I manually write an online check for irregular/current bills
5. Occasionally write a check for gifts, and other incidentals
6. Use credit cards for almost all daily expenses (shopping)
7. My use of cash is limited. I also have a record of withdrawals online
8. I make online deposits of occasional checks using a camera
9. All income is via auto deposits to my online bank account

So, why would I need software (Quicken or other) for accurate accounting? If I want to know if I can afford a purchase, I simply look at my online balance. Or, my credit card companies provide a yearly categorized listing of expenses. Also, my bank offers online software similar to Quicken. I did use that, but gave it up years ago.
note: My income does not change other than a cola adjustment.

Any input? If you want to tell me I'm crazy, I already know that.

Thanks for indulging me.
Mark

Longshadow Loc: Audubon, PA, United States

With Quicken (or a variant) everything is in one place; various reports can be created (ie. donations list); transactions can be scheduled as a reminder.
(And we have multiple bank accounts.)

stanikon Loc: Deep in the Heart of Texas

I do most of the same steps you do but I also use Quicken almost religiously. The reason is that I have an inherent distrust of most of the online services. As an accountant of 40+ years, I have learned through much, often painful, experience that we do not live in a perfect world. Your system, while good, assumes that the online world is error-free. You might be right but I still don't trust them. Independent verification is the name of my game. The time I spend keeping my own books is negligible when compared to possible losses through the mistakes of others.

John_F Loc: Minneapolis, MN

Twice in the past 10 years I have discovered overcharges from credit card charges. I always record the receipts in a checkbook booklet and use it to checkoff bank statement entries. I dropped Quicken over 10 years ago and have never missed it.

markngolf Loc: Bridgewater, NJ

Good reasons!!
Thanks
Mark

markngolf Loc: Bridgewater, NJ

Thanks,
Mark

markngolf Loc: Bridgewater, NJ

I understand.
Thanks,
Mark

Architect1776 Loc: In my mind

With nothing complex you are on track.
90% of my personal spending is cash only.
Do not use personal credit cards, should get one but have not gotten around to it. Other 5% is a debit card for gas as I get a 25 cent per gallon discount for using it.
You are not crazy. my wife keeps our finances the same way for years and no issues.

BlueMorel Loc: Southwest Michigan

Live like we do: no credit, only debit cards, mortgage paid, donations made but not tracked, no taxes because we take out from our retirement only as much as will keep us at zero tax level. Bills are mostly paid online or automatically. Vacations, house repairs, cars, etc, paid in cash from savings. Last thing bought in credit was our house, which we paid off eight years early. Our last four vehicles were paid for in cash.

Country Boy Loc: Beckley, WV

What ever floats your boat as they say. I still use a checkbook, cash and cards for on-line purchases and since I am also retired, I don't fret the extra minutes it takes.

markngolf Loc: Bridgewater, NJ

Thanks for the response and verifying, "I'm not crazy"!
Mark

markngolf Loc: Bridgewater, NJ

Unlike you, I seldom purchase for "cash". If no interest or such as my car, a low interest credit is available, I use it. If I buy a lb. of apples, I use my credit card. I never have a balance due, pay it off every month. If I'm short of cash for a purchase, I find a no interest CC for 15 months and pay it off when due. However, we have a $200,000+ mortgage that will not be paid off in our lifetime. Just a different way of doing things.

Thank you for the response.
Mark

Architect1776 Loc: In my mind