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Yielding Wealth | Personal Finance

Me and My Cash Flow Problem

by miranda on March 25th, 2008

Do you have a cash flow problem?When you have more than one account (and I’m sure that you probably do), it is important to keep track of them. I normally set aside time each week to look over my cash flow and double check my accounts to make sure everything is as it should be.

I’ve gotten lax. So I ended up with a cash flow problem.

I do nearly all my banking online. This is because I get paid through my business via PayPal and I make account transfers from investment account earnings online. It’s very convenient.

I am now preparing to pay the remainder of what I owe in taxes, so I’ve been shifting money about to get it into the proper checking account. At one point, I wasn’t paying much attention, and put the money into a different account. Then I wrote a check from the account I thought I put the money into. And, since I haven’t been following up as well as I should be…

It was a big shock when I finally looked at all of my accounts.

Now I’m in frantic mode, initiating wire transfers and hoping that it all pans out. The good news is that I’ve enough that a bounced check (one written to myself from another account — happily not one written to someone else) isn’t going to set off a chain reaction. But I’m not going to enjoy paying the fee.

The lesson? Set up a cash flow chart and follow it. Also, pay attention and follow up.

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POSTED IN: Family finances, Money advice, Personal Finance

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