Going back and changing credit card setup
How do you go back and change the setting on your credit when you skipped that option during set up.; i.e. budgeting to pay the balance off
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You can add a goal to pay off over time, or if you want it to be PIF now, just budget enough that the green payment available number equals (positive value) the current balance (negative) on the card. Even if your setup was months ago, it's easier to just deal with the current budget month.
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Hi Ivory Hammerhead !
There is no need to go back in time! As adriana mentioned, you can budget in the current month to pay that credit card in full.
If you'd like to set up a goal to pay it down over time, here are the steps on how to create a credit card goal. Choose the option to Pay Off Balance by Date or Pay Specific Amount Each Month—whichever works best for your budget! -
How do I do this as a change to an existing Credit Card..." budget in the current month to pay that credit card in full."?
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Marty Move enough money to the credit card category so that it is equal and opposite to the card's balance.
Say you owe $3,000 on the card. Your credit card category has $1000 available. You need to move $2000 from other categories to the credit card category. If you can't do this and still have enough money for the other things you need to spend on, then you are riding the credit card float.
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A related question. I pay in full each month. I have been a ynabber for years, and have been using the web-based version for a little over one year (fresh start).
1. My current CC balance is $2717.76. This is the working balance and the cleared balance as I have no uncleared transactions, including the most recent transaction, which is PIF. Thus, I have all cleared, reconciled transactions for this account. So in my budget, I budget this month to make the available to match, $2717.76. Is this correct?
2. I feel as if I am being dense, but, if I have no new transactions, all are reconciled and I have recently paid the full balance, why does the register show any balance at all?
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Violet Lobster For a PIF CC, you shouldn't have to budget to the credit card payment category once the Payment balance matches your CC balance in the opposite direction. It is supposed to stay in sync once there unless you manually pull funds out of it. (However there are a handful of idiosyncrasies that can get it out of balance in which case you need to fix it.)
New CC purchases will get add to Payment and payment transfers will reduce Payment.
As to your second question, if it's truly paid down to 0 and you haven't had any CC purchase after that, then it would by 0. But in practice, that's not usually the case. Best practice is to pay off the statement balance and not the full balance each month. This leaves the difference between the statement balance and outstanding charges in the Payment category. Even if you do pay the full balance, chances are that you've made subsequent charges since then which would leave you with a non-zero Payment balance.
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Thank you for the reply. We will see how it does not that I have the available balance matched to the CC account. On the second point, I just don't see it. I adhere to the best practice of paying off the statement balance.
I appreciate your help, but have struggled with this since converting to the web-based version.
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Violet Lobster Are you paying the statement balance as soon as you get the statement, or on the due date?
If you pay on the due date, which is 3 or 4 weeks after the statement closing date, then your current balance will reflect 3 or 4 weeks of spending that's not on the statement.
Even if you pay immediately, most cards take a couple of business days after the closing date to generate the statement, so you'll still have a couple of days' spending outstanding.
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Violet Lobster If you’re always a PIF CC user and you don’t care to use and learn the new CC system, I can show you how to make CCs work exactly like they did in YNAB 4. This is what I have done as I don’t need the middle man of the new system. Let me know.
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Violet Lobster said:
I pay in full each month.Violet Lobster said:
I adhere to the best practice of paying off the statement balance.Paying the statement balance is not "paying in full" when you've made any purchases between the closing date and your payment date (as most people do). By having the entire account balance reserved in the Payment category, you are ABLE to pay in full at any time IF you wanted to do so. That is what I would call "paid in full status", for lack of a better description, which is the goal within the budget. It's merely that there is no reason to actually do so, and indeed there are advantages to paying only what they've requested (the statement balance).
