How to track individual spending on a shared credit card?

kboucher

Hi there!

I am using Quicken Simplifi and just getting started. My husband and I are newly married, have not yet combined finances yet, but use a shared credit card for expenses like groceries or going out to dinner. I'm tracking our finances separately for now so I'm wondering if anyone has suggestions on how to track individual spending for a shared credit card (right now, he pays me his half the credit card bill monthly). Before using Quicken, I was keeping track of all my expenses on a spreadsheet and any charges made on that card I would just cut in half. Hopefully this makes sense and someone has a suggestion! Thanks in advance!

com1padres

You could create an expense category called "Husband's Half" or even a new account with that or a similar name. If you go out to dinner for $50, record $25 as meals and $25 as that new account or category. This will ensure that your credit card balance matches the real credit card balance. When he pays his half, you record the payment as an offset to that same account so that the expense all zero out for his half of the expenses. If you set it up as an account instead of a spending category, you could them tell Quicken to keep it as a separate account so that it is not impacting your net worth,

NotACPA

Look into using TAGS when you record and expense. Perhaps using each person's initials as the tag

Ps56k2

btw - the Simplifi product is different from Quicken Classic desktop - so you might repost over there … and Tags are also avail

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