Hi. My setup of YNAB has evolved and I have been successful in reorganizing existing accounts and categories in YNAB to support this evolution. I know that I'm in a rare group of people, feeling smug about having to report interest income and pay taxes on it. This means all the dollars in your budget need jobs—it doesn’t matter if that job is immediate, a few months from now, or years down the road. nolesrule Thanks. maybe twice, just to see what they looked like. The location of my money (account) has nothing to do with the purpose (category). Review: YNAB vs. Quicken YNAB. 1. They earn interest. Once that goal category is fully funded (accomplished), I may open a new saving account, move the money from main savings account into new saving account, and treat the new acctount like a tracking account (a.k.a out of budget). I am more discerning about priorities, and Christmas usually loses out at that time.  I suggest Inflow: To Be Budgeted. Since interest varies, I target an amount that will consistently be there as part of my nominal plan (or template or goals if you use them). You don’t have to track your HSA in YNAB–after all, that account … Bruce There are certainly things I can think of to make them more useful (show hidden categories, rearrange category groups to compare for just the reports, drill down into categories in multiple groups and "all other categories," showing graphs of budgeted and available amounts, and making it easier to change the date range, to name a few - all of which I've requested at least once). I may spend some time trying to understand them, but at first glance, I haven't found a ton of value in them...  We'll see. You can customize as much as you want to align with your own priorities and spending/savings. Follow YNAB to get support and lots of great ideas on budgeting, https://www.youneedabudget.com/the-relationship-between-your-budget-your-accounts-its-complicated/. I just transfer it to my savings account (which i don't have in YNAB… :), Hi - I know this is an old thread, but I just wanted to ask a question about this. So I actually just put it directly in there, instead of putting it into TBB and then possibly forgetting that I intended for it to move into Christmas spending. I suppose I could put it into TBB and then directly into Christmas. A certain amount each month, and then at some point I decided I'd add interest income into it as well. Well, yes, it’s nice to get a little bit of interest on the money you’re saving anyway. With Rule 1 in the YNAB Method, you'll Give Every Dollar a Job. One of my biggest joys with YNAB has been looking at the reports and seeing the steady growth, year over year, and one of those growth markers has been my annual interest income. Been waiting 5 years for the Stealing From the Future fix... YNAB book topics online: https://support.youneedabudget.com/r/q5w48j. I know I would have paid the same in taxes; that's unavoidable. But Still...  shrug. Money will sit in those accounts … And I don't really use the reports, so I don't really care if it messes up the reports. Short for You Need A Budget, YNAB is one of the better established budgeting tools. Thanks for your feedback. Truly, it's one of very few pleasures I've ever had as a result of taxation. Big banks are greedy misers. YNAB also gives you the option of adding accounts for “Tracking” purposes only, like investment accounts or a mortgage. I use an "Interest" payee to keep track of exactly how much I receive in interest. This is fantastic if you like to maximize every penny you have earning interest. Embrace your true expenses. Should this be a) Income to be Budgeted or b) Financial:Interest? Yes, give it a category. No, really, are you kidding us? After you let that needlessly cryptic message sink in, really it's up to you. Is there a way of satisfying this so that that message goes away? All of my savings accounts are on budget and the funds in them are budgeted to various categories. Like any statistic, take them with a grain of salt. They are not to be budgeted, they are savings accounts earning interest. Thanks for trying to rescue me from myself. That's a number with a comma in it, a long, long way from my first year with it's piddling $2.85 interest earned for the entire year. Nolesrule is exactly right! Before I used YNAB, my spending decisions were generally driven by the balance in my checking account… The Savings Monetized (Sort of) If your average checking account balance is $6,000 (not at all unusual for a YNAB Budgeter following Rule One), you’ll earn $30 per year … This skews your reporting, because it hides how much you actually spend on Christmas. Health Savings Accounts. Yes, I do. Khaki Network Yes, give it a category. But Net Worth has always been nice to watch, the spending trends/proportions are moderately interesting, Toolkit's balance over time is interesting, and the Income vs. I have made my budget categories and have my accounts (Linked) entered in nYNAB. Expense report has given me good information that was a bit unwieldy to get in All Accounts (like real data for split transactions). It sure would be nice if there was a keyboard shortcut / Quick-Budget button to put the contents of TBB into the selected category (or distribute them even across multiple selected categories). If you are actually going to use YNAB now that you've migrated, since it appears you really weren't following the method in YNAB 4, you should read this until it clicks: https://www.youneedabudget.com/the-relationship-between-your-budget-your-accounts-its-complicated/. You want to categorize that interest as Inflow: To Be Budgeted. I entered my interest as you suggested, using Interest as the payee, but it is telling me that I need to enter a category. Example, my BMO savings account had a .05 interest … I just want to put interest back into my savings account. Budgeting so you can … When income comes in I enter it as a transaction with the payee as "interest", and set it to be available this month before sticking it in my interest category. You are saving that money for something or somethings, otherwise you wouldn't be saving it. When I got paid, I would dutifully transfer money from my checking account to the appropriate savings accounts Then I would go over to the budget and make sure my savings categories all matched up with my savings accounts. I'm not saying follow my lead. In YNAB … You Need a Budget combines easy software with Four Simple Rules to help you quickly gain control of your money, get out of debt, and save more money faster! As we are paying off our credit card, home equity or other loan debt, we are still accruing interest on the account. I'm a little confused as how to categorize savings account interest. Anyway, I suppose I could put it into TBB and then directly into Christmas. All money coming into your budget should go to that category unless it's a refund or reimbursement. For a very simplified example, let's say you get $500. But I can see what you're saying, and any other time any other source of extra income comes my way (bonus, windfall, 3rd paycheck of the month etc.) By the way, you don't have to use any of the default spending categories that come with a new YNAB budget. In 2019  I felt so accomplished when it added up to a 4-digit number. Are you kidding us? It just makes it easier for me. It's simple to account for the interest charges and fees that come your way if you're carrying a balance. 2. Stash Beginner is just $1 a month and is … Also, here's an article on how that Interest & Fees category is intended to be used: docs.youneedabudget.com/article/140-credit-card-interest, If you still have questions, please don't hesitate to ask! I'm simply saying it works for me. Stash has 3 tiered plans from you to choose from. None of my categories or groupings of categories add up to any particular account balance (3 checking 3 savings, 4 CDs, 1 giftcard, 3 cash). I know that is the standard, and appropriate place for it to go, but I, at some point decided that (in addition to my normal monthly budget amount) I would add all my interest income into my Christmas category. I have an "Interest" category in my savings master category. I'd likely still have the same bank balance. We keep 2 savings b/c the first smaller account does instant transfers for emergencies, whereas the Ally bank takes 2-3 days to transfer, but makes better interest. Today we discuss how you can combine your physically separate savings accounts into one savings account, and the use YNAB (as it was intended!) That's why savings accounts are Budget Accounts--you'll give each of your savings … If there was $435.19 in the new computer account… For the 1 general account, I maintained a separate spreadsheet to keep the breakdown. I need a little help understanding how to manage and budget for some of my savings. ... A discussion subreddit for popular budgeting software You Need A Budget. Some investment accounts, such as TFSAs, lack that functionality, but the system works well with your primary chequing/savings accounts… Credit Card Interest & Fees. So how did YNAB become one of the best budgeting software, rivalling even Mint? You budget all $500 of it to groceries.You have an automatic transfer that puts $50 into a savings account. Follow YNAB to get support and lots of great ideas on budgeting. There is no seperate savings account now for that goal. Personal Budgeting Software for … Once that goal category is fully funded (accomplished), I may open a new saving account, move the money from main savings account into new saving account, and treat the new acctount like a tracking account (a.k.a out of budget). But we’ve always dreamed of the day when we could cut that down to just one account. Some expenses are fixed: utilities, rent, cable. Our interest rates have fallen a lot since the recession, and from what I've casually and personally observed, have yet to recover. They figured out how to make budgeting fun. It was launched in 2003, mainly as an app for the owner and his … I'll see how I feel when I get my next interest income. Others are variable: vehicle registration r… Account Types: Budget vs. Tracking. Hi All - I decided to give interest earned a job of going towards Emergency Expenses - at least for now. lol...  Ok, you've inspired me to at least take a look at the reports and see what I'm  missing. nolesrule Yes, I've heard that argument, but you know how many times I've used the reports? Just because you budget something doesn't mean you have to spend it. Any help with this would be greatly appreciated. I always put anything over that amount toward whatever top-priority category I'd like to accelerate or increase. YMMV. As a True Expense, I'd expect that you already have a target amount in mind to spend for Christmas. Thanks. Just a little tweak I have for making it slightly easier to fill my Christmas category. Purple Hammerhead Budget categories are for spending (or for savings... aka deferred spending). See image. How do I account for them? 1 In the Immediate Obligations category group, create a category to hold your interest … I have a goal (wish farm seed in community speak) to save up for a funeral in cash. Funds might be saved for a few days (Mortgage) or many years (Roof Replacement). Decide what you want to do with each dollar that comes into your bank accountbefore you spend it. YNAB. For Natalie and Larry, YNAB helped bring them from living paycheck to paycheck to saving enough money to reach their dream of adopting a child (a big win!) YNAB revolves around 4 easy-to-understand rules: 1. This is why YNAB suggests just having a checking account and not having a savings account at all.  I suggest Inflow: To Be Budgeted. Currently I have 2 savings account, 1 for university and 1 to hold any "extra" cash to benefit from some interest … Stash. This is the only category I do this with, and I have a specific amount per month that I budget to the category in addition to this abnormal, divergent abuse of my budget. Health Savings Accounts (HSAs) are tax-advantaged medical savings accounts, and they’re on the rise in popularity. When you add an account in YNAB, you'll notice that there are two types of accounts to choose from: Budget Accounts and Tracking Accounts.It's important that they be set up as the correct account type, because their type will indicate how they behave in your budget.. A Budget Account … I even got a T5 tax form from my bank that had to be filed with the Canadian tax man because I crossed a reporting requirement threshold in 2019. The cat cannot catch all the mice if it is kept out of the kitchen. You Need A Budget - 2.94k Followers, 260 Following, 3178 pins | We teach the YNAB Four Rules to help you stop living paycheck to paycheck, get out of debt, and save money faster. This is to help keep track of your net worth, but I use Personal … nolesrule  I can live with that. I guess I can see why you wouldn't bother using the reports; there's nothing particularly useful (or wonderful) in them. That one could be used for some sort of interest charge, such as a credit card finance charge. I don't use averages for this category. I wouldn't notice anyway. Now, granted, inflowing direct to category wouldn't change anything. Yeah, I see what you're saying, in this case, I've kinda said "when it comes to interest expense, Christmas is my highest priority." Several of these are  savings accounts which are just that, savings accounts and will not be used for expenses. Budgeting Your Savings. That one could be used for some sort of interest charge, such as a credit card finance charge. But why then are there interest categories ? That’s why for the past 15 years at YNAB, we’ve recommended folks keep one checking and one savings account. The purest would say everything must be on budget. All of them. Your eyes are drawn to it by design so you'll fix it. So for me, that makes no difference. and along the way their savings account earned a penny of … Money transferred from one to the other is instantaneous. I can see that this is going to be distracting because my eyes will keep coming back to this. Savings is really just deferred spending, so EVERYTHING in YNAB is savings. However our online banks and credit unions are more generous. Bruce It also skews your averages calculated on the budget screen even if you don't look at reports. They're moderately interesting, but maybe not earth-shattering. And another time or two when I was trying to hit "All Accounts" tab and actually hit "Reports". So you create categories named for those somethings and put the money there. However, I realize you have to say that, so other people, who may actually care about the reports will know not to follow my example. By the way, you don't have to use any of the default spending categories that come with a new YNAB … You still have $500 in your groceries category, it's just now $450 in checking and $50 in savings account. Purple Hammerhead Budget categories are for spending (or for savings... aka deferred spending). It's just a quick shortcut that makes me have to think less, and one more step towards automating the budget. I have a bank checking account that my salary flows into. But what about interest? I'm migrating from YNAB 4 and am halfway through my trial period. I also have some separate American Express high interest savings accounts for long term savings; one for a roof fund, one for house repainting, one for vacations, etc. Feel free to post any news, questions, budget strategies, tips & tricks and advice related to YNAB… On the other hand, if I had a savings account that I added to and withdrew from, then I'd put the account on budget and mingle the money into categories on the budget. 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