I spotted my first Sankey diagram on Othalafehu’s site, and was immediately intrigued by the simple representation of money flowing into and out of their household.
Apparently Sankeys are the new thing, and recently I’ve seen a bunch of them, in many places. Some use yearly numbers, while others are monthly. There are Sankeys with gross income detailing portions of the money leaving as taxes and other deductions are paid. I’ve seen Sankeys with large cash flow from multiple sources, and very basic Sankeys.
J.D. Roth at Get Rich Slowly created an informative post with several examples, and details about the website with a tool to create your own SanKey diagrams.
JumpStart Family Sankey Diagram.
Our dual teacher income is a bit unique. Our Sankey represents an employed month during the school year. July and August (teacher summer unemployment) differ drastically with only rent and investment gain money coming in, while all the normal expenses flow out.
In addition to the summer drought in income, we have 2 big annual expenses. Every August and December, 9 grand chunks of money flow to Radford University, for my son JS Jack.
Our Sankey includes 3 grand of short term savings per month, based on our cycle requiring 20 grand for college, and 10 grand for summer unemployment.
While entering estimates into my spending categories, I was surprised by how quickly I ran out of bills to include. There was a grand per month unaccounted for. I felt like I estimated high on many categories, and if my daughter JS Jill ever reads my blog, she will certainly question the location of her $175.
I was feeling excited about having $8500 cash for a used Civic last week, but according to my Sankey, our checking account should accumulate a grand per month.
Join the Sankey Diagram Chain Gang.
Thanks to Othalafehu and J. D. Roth for inspiring me to create my Sankey diagram.
- Create a post including your Sankey diagram.
- At the bottom of your post link back to other bloggers before you in The Chain.
- When you tweet out your post tag your fellow bloggers.
- Try to keep your list of chain members up to date. This helps encourage others to keep their back-links up to date and in turn, helps you