I didnt mean to say that the goal was to spend all your money... I am fully aware that this is to build a buffer. What I wanted to ask in my head is not what came out in my post.
Luckily I have no credit cards to worry about so it's all Savings... On Feb 5, 9:10 pm, Kevin Hoctor <[email protected]> wrote: > 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 LLChttp://nothirst.comhttp://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 -~----------~----~----~----~------~----~------~--~---
