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Dave Ramsey MTMMO and ClearCheckbook

dwend
Member since:
June 2009
Posted: Jun 15, 2009
dwend   |   Posted: Jun 15, 2009
This web site works great for anyone doing the Total Money Makeover. Here is what I did:

Make one category for every single line in my budget: House Payment, Home Repairs, Water Bill, Dining, Groceries, Blow Money, Debt #1, Debt #2, etc. each one is a category.

Set Budget limits on each category. You do this under Tools/Spending Limits. I actually only put a limit on the discretionary spending categories, like dining, entertainment, blow money etc, so, for example, I didn't put a limit on my Mortgage category.

Make accounts:
-Delete the credit card account
-One emergency fund account (Savings type), if you are at BS2, initial value is $1000 or $1000 + interest
-One checking account
-One cash account (I used this for all my recurring envelope spendings)
-Create accounts for Lump-Sum Payments
*I created a lump-sum Gifts, House Repairs, Car Payment, etc

Now at the beginning of the month (or after payday) you can transfer money from your Checking to your Lump-Sum payment accounts. These can be Cash or Checking- If they are checking, your checking balance will just reflect a smaller amount, because some of that money is already allocated to a lump-sum account. It works really well! I keep my car repairs account in a cash envelope, so I just withdraw that money and put it in the envelope, so my Car Repairs account is set up as cash.

The envelopes work like this: Say all your envelopes (Dining, Groceries, Entertainment, etc) total out to $500. Well when you withdraw your $500 from your account, you simply do that as a transfer from Checking to Cash. If you wanted, you could even make an account for each envelope.


Hope that makes sense.
Brandon
Member since:
May 2006
Premium Member
- Site Admin -
Posted: Jun 15, 2009
Brandon   |   Posted: Jun 15, 2009
Thanks for the tip! Hopefully some other people can use this method for their own benefit.
chicagogirl89
Member since:
June 2009
Posted: Jun 17, 2009
chicagogirl89   |   Posted: Jun 17, 2009
I am also working the TMMO plan and I love this site. I think it will really help me get a handle on my miscellaneous spending. Thanks!
jamesniem
Member since:
March 2008
Posted: Jun 19, 2009
jamesniem   |   Posted: Jun 19, 2009
I wasn't doing a formal plan like the TMMO, but I was getting a nagging feeling I was getting behind each month after I bought my home...I had "done the math" so I knew I could afford it when I signed the mortgage...but you know credit cards can float along...getting a little bit bigger each month...little things I "needed" for the new home...etc.

I've posted it before, but I am VERY grateful to Brandon and this site for helping me get back on track and work towards financial independence!

/Dave Ramsey DOES rock!
//so does Clark Howard
///throw in Ray Lucia FTW!
samara
Member since:
June 2009
Posted: Jun 27, 2009
samara   |   Posted: Jun 27, 2009
I went looking for this "software" because of the TMMO, didn't think I'd find it in a website, cool. Anyway, I have 2 questions, one regards using my Treo to utilize the mobile features, is there an option for that?

And two, we are self employed, and we actually have 4 sources of income. We also have to route many expenses through our business for tax reasons. Is there a way to use the simple categories, but earmark everything that qualifies as a business expense, or should I have multiple accounts. (Can I move things from one account to another easily?)

Thanks, I am looking forward to making serious progress on our finances, this sight seems much easier than quicken, and prettier, which for some reason is necessary for me, I just get lost staring at endless transaction lines. I am taking over the financial responsibilities, and this sight makes it seem feasible! (My husband has been doing them since we got married.)

Thanks,
Samara
samc08
Member since:
August 2009
Posted: Aug 11, 2009
samc08   |   Posted: Aug 11, 2009
samara, i am a treo user too...you can use checkbot from your treo with texting...works great...be sure to add a 1 in front of your number or it won't work...i added clearcheckbot: to my quick text and then i don't have to type it in everytime. i just started using this and i love it!!!
rfursea
Member since:
September 2009
Posted: Sep 13, 2009
rfursea   |   Posted: Sep 13, 2009
I really like this site too - simple, yet powerful. Thanks Brandon!

Ok - I feel silly, but what is a "Checkbot" and what is it supposed to do for me?
luxlioness
Member since:
December 2007
Posted: Nov 3, 2009
luxlioness   |   Posted: Nov 3, 2009
I was beginning to look at TMMO as a method to stay in control of my finances and interestingly ClearCheckbook already got me a lot of the way there. When I was reading the book, I kept thinking "I'm already doing that." :-) It was using this site and mint together.

I'm really grateful that a New York Times column/article mentioned this site and that I started using it. Each year that I keep my checkbook on this site the more valuable it is.
PHishHead
Member since:
June 2009
Premium Member
Posted: Nov 3, 2009
PHishHead   |   Posted: Nov 3, 2009
rfurse, checkbot allow you to update your checkbook via cell sms or AIM, yahoo and googleTM. Honestly i learned so much from this sites forums. Most common issue newcomers ahve is understanding what 'jive' means/does. Anyway, the forums here are a wonderful and helpful resource, kinda liek your local library
Toni RJ
Member since:
May 2010
Posted: May 19, 2010
Toni RJ   |   Posted: May 19, 2010
Hi!
I'm also a TMMO fan!
Love this site, I think that it does mesh very well with TMMO.
acr_scout
Member since:
June 2009
Posted: Feb 5, 2011
acr_scout   |   Posted: Feb 5, 2011
And TMMO WORKS.

I'M DEBT FREEEEEE!!!!!!

Except the house.

Thanks Clear Checkbooks.

Brandon and staff, you rock.
mcdanirl59
Member since:
January 2012
Premium Member
Posted: Jan 6, 2012
mcdanirl59   |   Posted: Jan 6, 2012
wow! acr_scout! congrats!
mcdanirl59
Member since:
January 2012
Premium Member
Posted: Jan 6, 2012
mcdanirl59   |   Posted: Jan 6, 2012
i have been using TMMO and for the life of me i'm really not finding a great way to replace the budget i've had on dave's site! i would like to have it all in one place! specifically, i love to set the budget and then see actual spending, and i like seeing the full list of everything that i have to pay and use it as a checklist to SEE that i've met all of my obligations. can anyone who's done some good budgeting using clearcheckbook help me out a little more?
Florian.40
Member since:
March 2010
Posted: Oct 5, 2012
Florian.40   |   Posted: Oct 5, 2012
Hi everybody!
It is a year, this month, since I began using Clear checkbook and it works fine.
I am interested in using envelopes, too but I can't really figure it out how.
Din I understand well that in order to make transfers or deposits to an envelope (budget) you have to attach this envelope to an account and not to a category?
Please illuminate me!
dansah
Member since:
January 2011
Premium Member
Posted: Oct 16, 2012
dansah   |   Posted: Oct 16, 2012
I've been following Dave Ramsey's plan for about 18 mos and ClearCheckBook for all that time. I not a pure-ist (meaning I don't use actual envelopes all the time) but it works for me.

mcdanirl59 - I've never signed on to Dave's site -- but I keep my budget in EXCEL. For every category in my budget I have a matching category in CCB. Running the Reports, Categories, Text - you have a spreadsheet of your monthly spending. Empty cells (zeroes) still need to be paid, and you will quickly learn categories like food, gasoline will grow, but you get an up to date account of where you're at.

Before I used to set up budget limits like explained earlier in the thread -- but I dont' use them anymore.

FLORIAN.40 -- what's great about CCB is that you can use it however you want! For me, I have a Checking Account and a Ca$h account in CCB. When I withdraw my spending for the week, I transfer the money from Check to Cash. As I spend my cash, I record the withdrawal from my cash account and give it the category it went in.

Others (those really good with envelopes) can withdraw $350 from checking and split that into the categories of the envelopes it went in -
200 - Food
100 - gasoline
50 - entertainment
If you only spend the money in the envelope and don't care that food, 150 went to the grocery store and 50 went to a restaurant you should be good.

Hope this makes sense -- I'm a believer in the program and LOVE how CCB has allowed me to take control!
BradAJennings
Member since:
January 2015
Premium Member
Posted: Jan 21, 2015
BradAJennings   |   Posted: Jan 21, 2015
Much like Weight Watchers works, TMMO works. You must be dedicated and stay with it. It is a lifestyle change, and ClearCheckbook falls in line with that change. Good work on this product.

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