How to Deal with Cash and ATM Withdrawals
Tracking Your Cash Transactions
It is very difficult to automate cash transactions if not impossible to do so. However, there are ways to simplify the process of handling cash. The first rule to adapt in managing cash is to deposit it in your bank account as soon as possible. Second, avoid making regular payments with cash on hand but instead make as much payments as possible with your credit card and or from your checking account. If you follow these few steps you will be able to track your cash successfully and you will be able to account for it very easily as well.
Tracking ATM Withdrawals for Pocket Money
Make an ATM Withdrawal the next time you need pocket money to pay for small items or to pay vendors who do not accept credit cards. Get a small notebook or use your smart phone and write down or enter in your 'note app' how much money you set aside or withdraw. Always keep the book or smart phone with you. Every time you buy anything with cash, no matter how small, record it or get a receipt and put the receipt in your wallet or purse. Later that week, clean out your wallet or purse and enter the receipts in your book or smartphone before the receipts fade away.
Do this again for the following ATM Withdrawal and you may be shocked to find out how much you are spending on certain items. Though simple, this is one of the easiest ways to handle your cash transactions. The next step in this process as you automate your finances is to register for free at Mint.com. Then, you would access your account and add the cash as a new transaction. Let Mint.com automatically assume it came from you last ATM withdrawal. You will see an option here to split from your last ATM.
This will also help in categorizing your expenses and solve the problem of having a large accumulated amount over time as ATM Withdrawal and not knowing how the money was spent. The very small amounts you may have left over could be categorized as miscellaneous expenses. Here is an excellent article on handling cash with Mint.com:
How to Track Cash with Mint.com
It is better to tell your money where to go than to ask where it went.
See you at the next Blog. All the best!
It is very difficult to automate cash transactions if not impossible to do so. However, there are ways to simplify the process of handling cash. The first rule to adapt in managing cash is to deposit it in your bank account as soon as possible. Second, avoid making regular payments with cash on hand but instead make as much payments as possible with your credit card and or from your checking account. If you follow these few steps you will be able to track your cash successfully and you will be able to account for it very easily as well.
Tracking ATM Withdrawals for Pocket Money
Make an ATM Withdrawal the next time you need pocket money to pay for small items or to pay vendors who do not accept credit cards. Get a small notebook or use your smart phone and write down or enter in your 'note app' how much money you set aside or withdraw. Always keep the book or smart phone with you. Every time you buy anything with cash, no matter how small, record it or get a receipt and put the receipt in your wallet or purse. Later that week, clean out your wallet or purse and enter the receipts in your book or smartphone before the receipts fade away.
Do this again for the following ATM Withdrawal and you may be shocked to find out how much you are spending on certain items. Though simple, this is one of the easiest ways to handle your cash transactions. The next step in this process as you automate your finances is to register for free at Mint.com. Then, you would access your account and add the cash as a new transaction. Let Mint.com automatically assume it came from you last ATM withdrawal. You will see an option here to split from your last ATM.
This will also help in categorizing your expenses and solve the problem of having a large accumulated amount over time as ATM Withdrawal and not knowing how the money was spent. The very small amounts you may have left over could be categorized as miscellaneous expenses. Here is an excellent article on handling cash with Mint.com:
How to Track Cash with Mint.com
It is better to tell your money where to go than to ask where it went.
See you at the next Blog. All the best!
