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My money in action

February 5, 2009

cashflow1It looks kind of like some weird bug, huh?

It is less complicated than it used to be, now that I set up my IRA and rent money to go directly where they are supposed to be.  (I’m allowed to direct deposit into multiple accounts, which is way handy.)  Most shuffling of money still goes through the checking account, though it now rarely houses more than $500.  (I usually pay my credit cards down to zero each pay day.  For no good reason, I just like to.)

I think, if you stare at it for a minute, you can actually see my paycheck dollars flooding out through the little arrow that says “Rent”.  I can!  Complete with a “woooooosh” sound!

I’ve gotten so used to my system and overly-detailed spending tracking, budgeting, and various savings funds for each goals.  I’m not exactly sure how well it will all will mesh.  T has one big fund (I told him it must be a “Misc” fund then), but he did say he’d be ok with saving his receipts if I felt the need to keep tracking.    We don’t live together, so our joint purchases have been limited to a tent, some DVDs, and food/alcohol.  We split those roughly evenly.  🙂

This was inspired by a post on Dog Ate My Finances, which linked to an older post on Make Love, Not Debt.  Isn’t it so much simpler when it is just one person’s accounts to keep track of?

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9 Comments leave one →
  1. February 5, 2009 10:09 pm

    Wow, I think I’m gonna have to make a flow chart for my money too. (I make stuff like this in powerpoint everyday at work but I never thought to do with it my personal finances.) Thanks for the idea!

  2. February 6, 2009 1:47 am

    Not really because after all you both spend money from one account and you dont really know how much money you have any given time because you dont really know what your partner is spending money on. It would create cash flow problem for me since I want to know exactly how money is being spend.

  3. tom permalink
    February 6, 2009 6:46 am

    I love visio!

  4. February 6, 2009 7:17 am

    I’ve never gotten that intimate with my finances, flow charts and all. Other than pre-paycheck deductions it all goes into checking to be moved on to its final destinantion. Speaking of, it’s payday. Yay.

  5. February 6, 2009 7:31 am

    @tom – I was thinking the same thing. Looks like Visio to me. 🙂

    I actually have two checking accounts. One is aptly named “Bill Pay Checking”. All money for revolving bills goes into this account. The “remainder” (plus day care costs) goes into my “Regular Checking”. That way, I never even see the money set aside for bills. It goes in and out of the bill pay account without my interaction. My savings also goes directly to the savings account. It does help that we can direct deposit into up to four different accounts.

    @SP – Who do you use for your MMA? I see that DiscoverBank has a deal for 2.05%. Is that good? I really don’t know where to start with this. I do know that my bank’s savings account, at 0.45% is just a terrible place to keep money.

    Thanks,
    BayouJosh

  6. February 6, 2009 7:54 am

    Holy flow chart.

    Maybe I’ll make one too… *hmm*

    I’d like to know percentages actually 🙂

    Fabulously Broke in the City
    Just a girl trying to find a balance between being a Shopaholic and a Saver.

  7. February 6, 2009 8:16 am

    @Bayou Josh – I currently like my high yield savings (ING) much better than my money market, which is at vangaurd (prime). My money market seems to lag the best interest rates. I keep the minimum in it (3000) it because I can have check writing for my rent.

    @Misformoney – It actually is more simple this way, for me. A one time set up, then less transferring of money here and there. That, and I was really getting annoyed with my rent money causing my checking account to have such wild fluctuations.

    @Fabulously broke – Honestly, i considered adding little numbers/percents. Maybe adjusting the line thickness based on it… 🙂 But I really thought it should be a 5 minute project rather than an hour! Percents could be figured from my budget…

  8. February 6, 2009 11:34 am

    I like your chart, it’s similar to the way my finances are set up. I have to do some of it manually since my income is weird, but it’s what works for me. The thought of combining two individual systems horrifies me a bit, though. 🙂

  9. February 8, 2009 7:11 pm

    hell yeah, that’s an awesome chart! i’m diggin’ it.

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