Cleaning up multiple savings accounts

I started YNAB in February. We have a checking and saving account at Wells Fargo, then eight savings accounts at a credit union that have our emergency fund, savings for a replacement car, Christmas savings, and so forth. This is how I have done it for years. Now that I am using YNAB, I realize that is way too complicated, but I don't know how to undo it since I set YNAB up this way. Should I transfer all that money to my Wells Fargo savings account and start over? Every time I transfer from one account to the other, it creates a transaction I don't know what to do with, and I am afraid of making an error and not having the money when I need it.

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  • Hello, NancyM333 !

    Yes, I think transferring all the money to a single savings account is a great idea. Here's how to enter a transfer in YNAB—it all comes down to choosing a special payee.

    When you enter those transfers, YNAB won't ask for a category, and the transfer won't have any effect on your budget. That means if you already budgeted the money from your Christmas account to a Christmas category in YNAB, the money will stay in that category, safe and sound, even as you consolidate accounts!

    Please let me know if you still have questions—we're happy to help anytime.

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  • Thanks so much, Matthew!  I really appreciate the link and will do that now. I think my desire to consolidate accounts is a sign I am trusting this budget!

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