On Feb 5, 2009, at 8:00 PM, lterenzi wrote: > I have this up and running. I made a simple spending plan to start out > slow. Mostly Bills, Dining Out etc. I entered all my transactions and > that is matching my bank account perfectly. > > I assume the goal is to not have any unassigned transactions. I had > about 20 and dragged them into the appropriate buckets. I am down to > about 13 now. If the buckets went negative I just did a manual flow > from my Salary bucket to being it back to Zero since I actually did > spend our Salary on that item before I actually created the spending > plan. > > Is this the correct way to do this (at least for getting your first > month rolling)? > If your first Allocate Income didn't cover all your expenses, then yes you might have to manually create money flows to cover expenses.
> Is the ultimate goal to always have your Salary bucket be Zero after > allocation? > No, the ultimate goal is to have extra money so you can pay down debt and create a financial buffer against unexpected expenses. This may mean that your income buckets always go to zero because you are pushing money to savings or transferring to credit card accounts but you want to reduce your spending so you can do this. > Also, what if there are things that just fall outside of the plan? I > got some checks in from other sources like medical reimbursements, > rebate checks > Those can go to your emergency fund (savings? investments?) or assign those to the buckets where the original expenses were assigned to balance out the spending and rebates. > Kind of getting it but still confused. Def gonna stick it out though. > I feel good knowing that no matter what my Transaction register > matches my bank and works like any other financial program. Now I just > need to get the whole cash flow layer under my hat... > > I kind of rambled here but if you can pick out any nuggets that may > have been dug up here I would appreciate it. > > I have decided to drop iBank and move exclusively to MoneyWell. I know > in time I will have this down! Keep checking out our website, more videos, articles, and FAQs are being posted all the time. Thanks for choosing MoneyWell! Peace, Kevin Hoctor [email protected] No Thirst Software LLC http://nothirst.com http://kevinhoctor.blogspot.com --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "No Thirst Software User Forum" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/no-thirst-software?hl=en -~----------~----~----~----~------~----~------~--~---
