Moneydancing, part 2
Today I played with the “tags” field in Moneydance. It’s the counterpart to Quicken’s “classes” field.
In Quicken, I had two classes for our two vehicles. I did that primarily to track fuel consumption, as I was curious to see the difference between my Accord and my wife’s Civic Hybrid. I didn’t put much thought into classes beyond those two. When I saw the “tags” field in Moneydance, I immediately thought of how I’m used to tagging things – Delicious bookmarks, Wordpress posts, iTunes songs, Journler entries, et cetera. That made the wheels start turning.
As of right now, I’ve added two tags: “vacation” and “fuel hedge fund.” Money I’ve pulled into a couple of savings accounts expressly for some upcoming vacation time is tagged…vacation. The fuel hedge fund is one of two automatic transfers to online savings (FNBO). As it’s an internal transfer (two Moneydance accounts), I can’t subcategorize it – so tags work perfectly. (The fuel hedge fund is the difference between the amount we’ve budgeted for gas and how much gas actually costs. I analyze this each month and adjust the transfer amount accordingly. This prepares us for price increases at the pump. I borrowed that idea from Ramit Sethi.)
Oh, about the fuel consumption – my wife spent about $1000 less on fuel last year than I did.
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