Need advice on tracking spending.. see below...?

Question

I tracked all of my spending in 2006 which is great, but looking back I feel that I miscategorized things and some of the reports aren't showing me want I need to know. How detailed does one need to get when it comes to spending at somewhere like Wal-mart? For instance, I buy groceries there, but I also buy cleaning supplies, pet supplies, an occassional sweater, household appliances... etc. Do I categorize those as "groceries" under one unbrella or is it better to take the receipt and make categories for each thing? I don't mind the work - but I don't want to overkill either. I am looking to spend my money in better ways. What is the rule of thumb for this problem? Any help is appreciated.... If you can recommend a source or book that would be excellent!!!

Note: this isn't just about multiple line items - how can I show expense reimbursements and payments to corporate card without it looking like spending/income... stuff like that...

How Drew - get advice! Thanks... anyone else?

I meant Thanks Drew - Great Advice - that's what I get for typing and watching TV at the same time... lol

Answer 1

I'll tell you what I do. I take my receipts and break them up by store by writing it out on my budget sheets. Then I take them again and break them up by category (food, auto, clothes, etc.).

I will have two sperate breakouts: stores and categories. That way I can analyze how much I spend at each store and how much I spend in each category. You really get a good overall picture of your spending habits. I didn't think it was overkill to do it in this fashion at all. It was pretty informative.