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