How to handle transferring Money from a Checking account to a Savings Account

Hi, 

My girlfriend and I both have been contributing money to a pet savings fund to cover medical expenses. I just started using YNAB this month but the way it generally works is that I have an auto withdrawal of say $100 from my checking account which is linked to YNAB and it goes into a separate account at a different bank which is also linked on my YNAB budget. 

I have a corresponding Pet Savings Budget in YNA

My question is how do I handle those bank transactions in YNAB to get it into my budget correctly?

First, how do I handle the $100 dollar withdrawal from my checking account?  Do i deduct that from my ready-to-assign? 

The corresponding $100 is then deposited to the 2nd linked bank account - how do I classify that? 

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  • Hi,

    There are two steps here.

    Assigning - When your income arrives, assign $100 to the pet savings category in YNAB.

    Transfer - When you actually do the transfer between the accounts, make a transaction in your chequing account using the payee "To/From 2nd Account". It will not require a category because you are moving money from one on-budget account to another on-budget account. This one transaction will then show the moving moving FROM your chequing account and INTO your second account. 

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  • If your girlfriend isn't on YNAB and is also contributing to the pet fund, when she adds money to the pet account, the simpler is to enter the transaction as an inflow but categorise directly to the pet category.

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  • You've gotten good advice here! Here are some resources that might help along the way, too:

    • This Help Doc will show you how to record the transfer transaction
    • This one will help you understand the independence of your accounts and your categories

    Let us know how it's going! 

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