Written by Cathy
Recently the article Creating Financial Network Maps for Budget Planning has become the most viewed article at Rainy Day Pennies. It is linked in the following places:
See Some Other Financial Network Maps @ Bargaineering.com – Jim has an excellent video on how and why you should try making a Financial Network map.
How to Get a Handle on Your Money @ Sympatico MSN Finance – Financial columnist Gordon Powers sums up financial network maps.
Should You Follow Suze’s Advice? @ The Centsible Life – Kelly gives pointers on how to determine whether your emergency savings should be as large as Suze Orman suggests (8 months). She mentions my maps that calculate both regular income and a layoff situation.
Thanks for the mention, all!
I had a couple of people ask me how I made my financial network map. I used the professional version of software called XMind. There is a free version available that is a cross platform java application usable by Windows, Mac and Linux. There is even a thumb drive portable version, and a plugin for Eclipse useful for software engineers! Other choices can be found at the Lifehacker roundup of the Hive Five: Five Best Mind Mapping Applications.
Some readers said my map was complicated. I think of it as detailed! Mind mapping, of which this is a derivative, is an extremely flexible way of collecting information. It can be as verbose or concise as you need it to be. You can tailor it to your unique situation.
For inspiration, check out these links:
Man vs Debt Financial Network Map – Baker at Man vs Debt created a financial map for his current situation and one for after he relocates to Australia.
My Financial Network Map – Kyle at Suburban Dollar was inspired by Baker who was inspired by Jim to make his maps! Kyle has joint and separate accounts with the spouse, very similar to how my partner and I manage our finances.
The Wife and I Finally Implement a Plan – My Journey to Millions and his wife finally agreed on having a budget, and started with a financial map.
Rethinking My Bank Accounts – Stephanie at Poorer Than You put together a financial map as a new plan of attack on her debt.
My Financial Network Diagram – Live Money Smart shows all you need is a pencil and paper to make a financial map. And maybe a scanner to post it!
My Financial Network Map and Virtual Envelope System – Sacha Chua has a very nice financial map organized by ‘envelopes’.
My Financial Network Map – Dash to Debt Freedom shows an attractive financial network map can be put together quickly!
Jabs Family Financial Network Map – Matt Jabs created his map in Visio. The main benefit he saw was an overall picture without being overwhelmed by the numbers.