EC Aunt here! I discovered there is this thing called “Money Map” from The Frugal Gene. I really loved the rainbow-colored map Lily built and decided to build our own. Cuz I really love building excel charts. I once built an excel chart explaining how we organize all the cupboards in our kitchen.
Income Line: Mainly plain old paycheck for ER Uncle. Paycheck and RSU for me. I am a minimalist so I do sell things I no longer use (clothes, beauty products, etc) but the side hustle income is very small. We rent our our spare bedroom suite on Airbnb for fun and money.
Pre-tax Line: We both max out our 401K ($36K total per yr) and our joint HSA ($6750 per yr). We no longer qualify for any IRA anymore ;(
Tax Line: We are at 33% bracket based on our AGI and sadly we don’t have very much deductions. Fortunately Washington State does not have income tax yet. Our Airbnb income is taxed for income and self-employment. Good news is for self-employment tax, my employer paycheck maxed out on the social security portion, so we are only paying for the medicare portion. We withhold additional tax through our paycheck.
Bank Line: We love combining our accounts as much as possible to keep things simple.
End Flow Line: We use credit card for 99% of our spend. so much more convenient vs carrying cash. We keep some money in our savings account as emergency fund.
Below please see a summary of all accounts:
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I like the simplicity here! Haha- ours is moving all over the place, I like this streamlined approach 🙂
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Ours in general is pretty simple as we are only a tiny family of 2. 😛
I love your blog and have been following your 1 year mini retirement journey!
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I love how everyone has their own designs for their maps! I got married this year so I feel you on the lack of deductions. Do you funnel the money you used to contribute to the IRAs to a taxable account?
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We are no longer qualified for any IRA anymore. 😦 So now after 401K and HSA are max out, everything else has to go to taxable account.
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Hi kitten! Great map! I added you to the list on our blogger forum here: http://forums.rockstarfinance.com/t/chain-gang-3-lets-map-that-money/3727/18
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It says I do not have access. 😦 Amazing! Blogger forum! It’s funny I don’t consider myself a blogger (this is my husband’s blog) and I don’t even like writing like most other bloggers. But I really love the social part of blogger community!
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Ohh OK that means it’s a locked thread. Well you guys can join if you need but I’ve already link you there anyways so you don’t need to do anything 🙂
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