I guess I can see why you wouldn't bother using the reports; there's nothing particularly useful (or wonderful) in them. Just because you budget something doesn't mean you have to spend it. I know that I'm in a rare group of people, feeling smug about having to report interest income and pay taxes on it. I'm migrating from YNAB 4 and am halfway through my trial period. Any help with this would be greatly appreciated. By the way, you don't have to use any of the default spending categories that come with a new YNAB … Purple Hammerhead Budget categories are for spending (or for savings... aka deferred spending). Thanks. Some expenses are fixed: utilities, rent, cable. You can customize as much as you want to align with your own priorities and spending/savings. YNAB revolves around 4 easy-to-understand rules: 1. 2. Like any statistic, take them with a grain of salt. I wouldn't notice anyway. Just a little tweak I have for making it slightly easier to fill my Christmas category. 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. Short for You Need A Budget, YNAB is one of the better established budgeting tools. 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. Budgeting Your Savings. The cat cannot catch all the mice if it is kept out of the kitchen. 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). ... A discussion subreddit for popular budgeting software You Need A Budget. nolesrule Yes, I've heard that argument, but you know how many times I've used the reports? 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). Credit Card Interest & Fees. Truly, it's one of very few pleasures I've ever had as a result of taxation. Review: YNAB vs. Quicken YNAB. Savings is really just deferred spending, so EVERYTHING in YNAB is savings. This is why YNAB suggests just having a checking account and not having a savings account at all. All money coming into your budget should go to that category unless it's a refund or reimbursement. Stash has 3 tiered plans from you to choose from. I'm not saying follow my lead. I'm simply saying it works for me. Is there a way of satisfying this so that that message goes away? They are not to be budgeted, they are savings accounts earning interest. 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. Bruce It also skews your averages calculated on the budget screen even if you don't look at reports. Currently I have 2 savings account, 1 for university and 1 to hold any "extra" cash to benefit from some interest … As a True Expense, I'd expect that you already have a target amount in mind to spend for Christmas. lol...  Ok, you've inspired me to at least take a look at the reports and see what I'm  missing. I suppose I could put it into TBB and then directly into Christmas. 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). But Still...  shrug. See image. All of them. Others are variable: vehicle registration r… 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/. I just transfer it to my savings account (which i don't have in YNAB… 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. Should this be a) Income to be Budgeted or b) Financial:Interest? The location of my money (account) has nothing to do with the purpose (category). 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). Hi. 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/. But what about interest? :), Hi - I know this is an old thread, but I just wanted to ask a question about this. If you want that to be Christmas, that's your call. I am more discerning about priorities, and Christmas usually loses out at that time. It can earn interest and I'll reconcile it whenever, doesn't really matter because I don't plan on using it until I die. Thanks for trying to rescue me from myself. It's simple to account for the interest charges and fees that come your way if you're carrying a balance. 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. In YNAB … Our interest rates have fallen a lot since the recession, and from what I've casually and personally observed, have yet to recover. For a very simplified example, let's say you get $500. 1 In the Immediate Obligations category group, create a category to hold your interest … nolesrule Thanks. Yes, give it a category. 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. Anyway, I suppose I could put it into TBB and then directly into Christmas. 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. But we’ve always dreamed of the day when we could cut that down to just one account. 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). 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. Stash. I know I would have paid the same in taxes; that's unavoidable. Big banks are greedy misers. They earn interest. Give every dollar a job. This is to help keep track of your net worth, but I use Personal … Feel free to post any news, questions, budget strategies, tips & tricks and advice related to YNAB… Your eyes are drawn to it by design so you'll fix it. All of my savings accounts are on budget and the funds in them are budgeted to various categories. In 2019  I felt so accomplished when it added up to a 4-digit number. Embrace your true expenses. 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. 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. 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. You are saving that money for something or somethings, otherwise you wouldn't be saving it. Are you kidding us? For the 1 general account, I maintained a separate spreadsheet to keep the breakdown. Been waiting 5 years for the Stealing From the Future fix... YNAB book topics online: https://support.youneedabudget.com/r/q5w48j. 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! It can earn interest … I'm a little confused as how to categorize savings account interest. Before I used YNAB, my spending decisions were generally driven by the balance in my checking account… No, really, are you kidding us? Health Savings Accounts. YMMV. 1. Stash Beginner is just $1 a month and is … It's just a quick shortcut that makes me have to think less, and one more step towards automating the budget. Well, yes, it’s nice to get a little bit of interest on the money you’re saving anyway. maybe twice, just to see what they looked like. However our online banks and credit unions are more generous. Several of these are  savings accounts which are just that, savings accounts and will not be used for expenses. We keep one checking around 1-2k, ~5k in a same bank savings account making 1% interest, then have the rest of our bigger savings in a Ally bank savings making 2.2%. Money transferred from one to the other is instantaneous. When you set up your YNAB account, you’ll be able to sync your accounts for automatic data import. I have made my budget categories and have my accounts (Linked) entered in nYNAB. 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." 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. YNAB. Today we discuss how you can combine your physically separate savings accounts into one savings account, and the use YNAB (as it was intended!) Thanks for your feedback. As we are paying off our credit card, home equity or other loan debt, we are still accruing interest on the account. So when deciding how much to budget in the future based on the averages, your average spent will be lower than what you actually spent. That’s why for the past 15 years at YNAB, we’ve recommended folks keep one checking and one savings 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). That one could be used for some sort of interest charge, such as a credit card finance charge. YNAB also gives you the option of adding accounts for “Tracking” purposes only, like investment accounts or a mortgage. You budget all $500 of it to groceries.You have an automatic transfer that puts $50 into a savings account. Expense report has given me good information that was a bit unwieldy to get in All Accounts (like real data for split transactions). They're moderately interesting, but maybe not earth-shattering. I have a bank checking account that my salary flows into. Personal Budgeting Software for … I have a goal (wish farm seed in community speak) to save up for a funeral in cash. nolesrule  I can live with that. If there was $435.19 in the new computer account… 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!) I can see that this is going to be distracting because my eyes will keep coming back to this. Funds might be saved for a few days (Mortgage) or many years (Roof Replacement). 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