Before I get in to today’s post, I just want to take a minute to say thank you to everyone that volunteered yesterday to help me out and provide an article for PDITF while I am gone participating in wedding shenanigans. I’ll be getting in touch with each of you over the next few days to discuss details. Thanks!
I’ve been a very naughty ninja lately. I’m breaking one of my most important PF rules: Manage your money. For the first time, in probably two years, I don’t have a handle on my financial situation. It’s a very odd/disturbing/uncomfortable feeling. Fortunately after, a few hours checking my bank accounts, doing a little quicken reconciling, and a sexy date with my TI-83, I should be back to normal.
I’m totally obsessed with knowing where my money is going, and when it is going there. This means if I have $5,000 in my checking account and $2,000 in charges on my credit card bill, I would immediately transfer $2,000 to my online savings account so that money can start earning a higher yield than my checking account. This would leave $3,000 in my checking. I’d eventually send another $2,000 to my credit card, to pay that bill in full when it came due, which then leaves my checking with $1,000 for emergencies.
But instead of initiating bank transfers, I’m just trying to calculate/predict how much cash flow I will have by the end of the month. I know I have a redonkulous balance on my credit card (honeymoon, furniture, wedding stuff) and an even more redonkulous sum of money in my checking account (haven’t transferred money out in over a month). I know that my checking exceeds my credit card statement, but for the first times in recent years, I don’t know by how much. And even worse, I haven’t initiated a transfer of that excess in to my savings accounts.
Right now, I’m the perfect example of WHAT NOT TO DO when it comes to managing your money. Tomorrow, I’m buckling down and figuring all this mess out so I can ease the financial anxiety I’ve been feeling these last couple weeks.
Am I going to PF hell for letting my finances get away from me? Do even you BUDGET NAZIS get a little lazy sometimes? How do you keep your money moving, even when you don’t have the time to sit down and tell it where to go? What software/method do you use? Slap some sense in to me will ya?!
I know many of you will suggest establishing automatic payments, but auto payments are not my thing…they kind of freak me out.