Manage Your Finances With A Network Map

Do you have a bunch of credit cards, bank accounts, brokerages and other money-related accounts? Create a map of your accounts and bills to get a better picture of your financial world.

Financial blog Bargaineering shows you how to diagram your accounts: first list all of them on a separate sheet, then link them together in the diagram, with your main checking account at the centre. Add investment accounts and credit cards. Then link services you pay regularly (Foxtel, internet, etc.) to the cards.

This hand-drawn diagram uses arrows to show how money flows in and out, plus letters (A, DD, etc.) to reflect direct deposits and electronic transfers.

You could definitely make your own financial network map as simple or detailed as you wish, even using Visio if you prefer.

Ramit Sethi’s diagram on I Will Teach You to Be Rich is similar and illustrates how he has automated his money:

The point is to get the big picture view of your accounts so you can see if you need to simplify, where you might have any weaknesses, and so on. Check out the Bargaineering article below for more on how to set up your own map or share your thoughts with us if you’ve already created something similar.

Your Financial Network Map [Bargaineering]

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