2. Bank Accounts

MoneySlinger Needs Three Bank Accounts

It’s important to understand that there’s a physical component to MoneySlinger. To operate MoneySlinger you’ll need three dedicated bank accounts: Normally they’ll be two checking accounts (identified as Blue & Red) and one for savings (Gold).

With that said, is doesn’t matter specifically if they’re “checking accounts” or “savings accounts”. They could just as well be money market accounts or investment accounts, for instance. It’s not the particular type of account that’s important…it’s the fact that the money categorized within each MoneySlinger account can be “contained” separately in each bank account, and the cross accessibility (electronically moving money from one account to another) is what’s important. You’ll find that managing your money using averages, along with the physical separation and containment of your money are a match made in heaven.

MoneySlinger does not electronically log in to any banks

MoneySlinger calculates and informs you what money to deposit into each bank account at each Session. You manually track your Blue expenses in MoneySlinger. Red expenses are not tracked at all beyond the lump sum you deposit in there. This is one reason why we have multiple accounts. So MoneySlinger does not log into your bank and upload, download or import anything in order to manage your personal finances perfectly. This is not a checkbook reconciler…it’s a cash flow manager.