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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.
1506 days ago
[...] Me and My Cash Flow Problem by @MMarquit [...]
1506 days ago
[...] Me and My Cash Flow Problem by @MMarquit [...]
1506 days ago
[...] Me and My Cash Flow Problem by @MMarquit [...]
1506 days ago
[...] Me and My Cash Flow Problem by @MMarquit [...]
I’m glad it helped. It was a rather sad wake-up call for me, too!
Great post, Miranda. Thanks for being so transparent about your own lesson – we all benefit.
I’m going to deal with my finances this weekend. And start doing it regularly, too. Thanks for the encouragement.
I’m glad it helped you get caught up. It’s amazing how you can fall behind without really realizing it…
Miranda… thanks for the post… I was behind keeping track of my numbers too… all I had to do was read the first paragraph and off I went… now my accounts are balanced and I know where I am… love that feeling.!