Credit Card Monthly budget
Hello I have a 0% interest credit card I am planning to pay at X dollars each month until its paid off before the interest start to accrue. This account was not able to link to my typical YNAB account like the rest so I manually inputted this as a credit card and it is showing up under my Credit Cards with in my budget- great!
Now I'm stumped in regards to scheduling this monthly payment. I want to remember to transfer the funds to this account but when I go to select the category after creating that future repeating transaction the credit card accounts tab does not appear to be available. Any suggestions? I don't want to assign this to another account besides the one I am seeing in my original budget. Ideally if I can set this up to "pay" the amount on my card plus deduct that same amount from my card balance that would be great!
Thanks for the input. -Elizabeth
Hi, Elizabeth! Here's some info that will be helpful for you as you pay down this credit card:
- When you set up a credit card in YNAB, a category for that card will automatically be created in your budget as a spot for you to budget for your payments.
- In that Credit Card Payment category, you can set a Pay Off Balance By Date goal to prompt you to pay your card off incrementally over time. You'll want to budget directly to the Credit Card Payment category monthly.
- When you make that monthly payment, make the payee a transfer from your checking account and you'll see the activity show up in your Credit Card Payment category! :)
- Oh, and be sure to celebrate when you finish! 🎉