#You need a budget credit card payments how to#
#You need a budget credit card payments full#

Your budget would be accounting for the expected gas & food expense and the necessity to pay an additional $460 towards the card. If in the current month you charged another $200 in food to the card and made a total payment of $700, you've got $40 in gas expense, $200 in food expense, and a $460 transfer in cash. You need to budget for making the credit card payment (you've got to make sure the $500 is available), but your actual expenses for the current month in this scenario is only the $40 in gas.

$40 is for your current month expenses but the $460 is paying last month's. In the current month you budgeted for and charged $40 in gas expense. For simplicity let's say you're in a 0% grace period. You put a liability on record (the CC debt) to match. So last month your food expense was (at least) $460. I mean let's say you bought $460 in food last month and had to charge it all to the card. I see the $500 transfer in my account and then only $460 reported on the sheet and go 'where did that other $40 go?' So instead I'm over-reporting I guess.

#You need a budget credit card payments how to#

It also makes it look like I'm going way over my monthly budget total in general, but I'm not because a lot of those lines have been duplicated by the credit card line.ĭo you guys have any ideas for how to resolve this? Maybe I should be deducting new spending from my payments and only reporting anything that goes toward the balance? How do I keep track of physical money that goes toward the cards in this case? Or do I just need yet another spreadsheet to track the debt and payments? So right now it looks like I've put $7,000 toward debt this year, but there's no way that's right, because if I had, there'd be no debt left to speak of. But if I only report $460 on the credit card line, I'm not getting the true picture of what actually came out of my account. Which makes it look like I've spent $540, but I haven't really, I've only 'spent' $500. If I spend $40 on gas using my credit card, then pay $500 toward that card, I report $40 in the gas line on the spreadsheet, and $500 on the credit card line.

#You need a budget credit card payments full#

Now that I'm actually making larger payments on the balance, however, I'm not sure how to track it properly, because if I put the full amount of the payment (which includes new spending plus extra toward the balance) the final amount is deceptively high.įor example. It was never in there before because most of what I paid was just to cover any new spending. I also made myself a plan to pay off my debt by the end of this year, so I added a line for credit card payments to the sheet for this year. I created my own Excel spreadsheet(s) to track my monthly spending which has been working pretty well. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.