![]() ![]() Using the formula above, she took the starting value, subtracted the investments, added the deposits and subtracted out the ending balance. Sally looked at her bank statements and determined that the ending balance for all three accounts totaled $5450. Her total deposits for the month were $6800. She was paid $6300 from work and deposited that money in Everbank. Sally sold some collectibles on Ebay and deposited the $500 she earned in Ally Bank. So she saved a total of $700 from these three checking accounts. Her total starting value is $5650 – capische?ĭuring the month she withdrew $300 from Ally Bank and $400 from Everbank and invested that money in different mutual fund accounts. Line 3 represents the starting value Sally had at the start of the month in each of three accounts. They pay great rates for checking, make it easy to do business, have an easy to use web site and provide world-class service. Tip: I recommend you consider Everbank for online banking. Let’s take a look at an illustration for Sally Saver. Subtract the value of the three accounts at the end of the month.Add all deposits made to any of these three accounts during the month but ignore any inter-account transfers. ![]() Subtract the value of any investments you made from any of these 3 but do not include inter-account transfers.Add up the total value of three accounts at the start of the month.Let’s assume you have three checking accounts all being used for personal expenses. We discussed the 4 step method below and it solved her problem. The problem was she had 3 checking accounts and that made it confusing. She understood that in orde r to achieve her financial and life goals she had to know what it cost her to live on average each month. I recently got an email from a very nice lady who just couldn’t track her spending and she wanted to get a handle on this muy pronto. All you need is an excel spreadsheet and your bank statements. I’m about to share a system that will help you track your spending for free in about 15 minutes a month regardless of how many checking accounts you have. When you have multiple checking accounts the process becomes geometrically more difficult – until today. It’s hard enough to follow your finances if you have one checking account. ![]()
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