MikeMC I can tell you that after spending weeks watching videos and trying to wrap my head around this nothing was better then actually using MW for a few days. Once you get it rolling it seems to explain itself as you go.
Just tonight I caught myself saying to my wife "Well this probably takes care of our dining out money for a week or so..." I knew this because the bucket told me how much was left... Genius in simplicity... On Feb 2, 1:44 pm, Kevin Hoctor <[email protected]> wrote: > On Feb 2, 2009, at 12:16 PM, witsix wrote: > > > I think I understand that I can start tracking transactions without > > starting to track cash flows yet. I've created a spending plan > > already, so am reading to go with that. However, I won't receive my > > first paycheck for the month of February until Feb. 13. I've created > > my checking accounts and entered starting balances as of Feb. 01. I'm > > also entering transactions, but am wondering if I can do that without > > assigning buckets, since I haven't flowed any income into those > > buckets yet. I notice the transactions show up as unassigned, but > > don't know the ramifications of that. > > Go ahead and start tracking your cash flow. All you need to do is > click the green triangle below the x-axis on the chart and put in how > much money you have available to spend as of Feb. 1, 2009. MoneyWell > will put that in the income bucket you select and you can start > allocating that money to your expense buckets today! Watch our > Starting Cash Flow Tracking video for more help: > > http://nothirst.com/tutorials/MoneyWellStartingCashFlowTracking/ > > > I'm thinking that on Feb. 13, I will enter my paycheck income, and > > flow income into my spending buckets accordingly. Then, any > > transactions that occur after that will be assigned to a bucket. Does > > this make sense? > > Yes. And once you get your next paycheck, you'll just click Allocate > Income and have it fill your buckets as well. > > > Also, what if I have a bill that comes up that doesn't yet have enough > > money in the bucket? For example, I just got a huge car repair bill. > > Although I'm setting up a bucket for car repairs, there won't be > > enough in that bucket for awhile. > > How are you paying for it? You must have pulled the money from > somewhere. If that's the case, then you would drag that bucket to your > Automobile bucket and put in the amount so you can create a money flow > to it. > > If it's being paid for on a credit card, then you enter it in that > account and assign it to your Automobile bucket. You might have to > take money from another bucket to pay for it. In this case, it might > be a Debt Repayment bucket. > > The bottom line is, if you have paid for something you still need to > track it even if it sends a bucket into a negative state. You'll just > need to work out how to get it back to zero and how to avoid this in > the future by building up an emergency fund. > > 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 -~----------~----~----~----~------~----~------~--~---
