Credit Card - rectify difference

I don't use the web based version very often but i just noticed the "rectify difference" option that appears to "force" the total budgeted for the credit card to match the credit card balance.  Not sure when this function came into being, but thanks YNAB.

As an anal accountant, in years gone by I would normally spend hours of time to determine the source of the issue etc.  But the new easy breezy me clicks the button and problem fixed. All accounts are reconciled so I am good.  

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    • WordTenor
    • Can we agree that goals are dumb and immature? Sure.
    • WordTenor
    • 3 mths ago
    • 2
    • Reported - view

    It's a toolkit function. 

    Great tool to use if you understand what it is doing and the effects on the budget, not great for many nyoobs who push it without understanding, though I prefer to go back through and figure out why there was a discrepancy to begin with.

    If I'm not mistaken it draws that reconciliation from TBB, so double-check that you haven't created a Stealing from the Future situation after you use it. 

    Like 2
      • MXMOM
      • MXMOM
      • 3 mths ago
      • 1
      • Reported - view

      WordTenor ah ok.  that makes sense.  I resisted the toolkit for so very long because I wanted to make sure I understood how YNAB proper worked for exactly the reason that just happened. Not knowing that it wasn't native YNAB code.  I wanted to be a YNAB support person so thought I better know the YNAB app through and through. Well that ship has sailed so I installed the toolkit but I seldom use my computer anymore that I hardly do any YNAB stuff there. 

      And I am right there with the issues that it can create.  Luckily I am a super bright (just not so anal) accountant that I can see where that money goes/comes from.  

      Like 1
      • nolesrule
      • Stealing From the Future fix is an improvement but is incomplete....
      • nolesrule
      • 2 mths ago
      • Reported - view

      MXMOM it's one of my favorite features of the toolkit, because for me it means I have cash back rewards i need to move into the rest of my budget. 😁

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      • MXMOM
      • MXMOM
      • 2 mths ago
      • 1
      • Reported - view

      nolesrule oh yes!!!! Love those cashback dollars.  Last year we got $1085.  Take that Dave Ramsey!!!

      Like 1
      • WordTenor
      • Can we agree that goals are dumb and immature? Sure.
      • WordTenor
      • 2 mths ago
      • 3
      • Reported - view

      But did you become a millionaire using the cash back points? 😂🙄 See he’s still right. 
       

      Sorry had to comment. Most ridiculous straw man argument in the entire personal finance sphere. Honestly I wonder if DR knows how dumb he sounds to people who aren’t his target demographic. 

      Like 3
      • nolesrule
      • Stealing From the Future fix is an improvement but is incomplete....
      • nolesrule
      • 2 mths ago
      • 4
      • Reported - view

      WordTenor nope, but I did get there faster because of it. It allowed me to save more and invest more. $14295 of cash back rewards in 7 years of YNAB spending money I was going to spend anyway.

      Yeah, it is a dumb argument.

      Like 4
      • nolesrule
      • Stealing From the Future fix is an improvement but is incomplete....
      • nolesrule
      • 2 mths ago
      • 2
      • Reported - view

      WordTenor also, that's the same guy who will tell you to invest using his advisors who are putting you in high expense investments and sucking out fees. The cash back has effectively reduced my annual ER on my net worth by 0.26% (calculated using a linear average for the net worth delta).

      Like 2
      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 2 mths ago
      • 1
      • Reported - view

      WordTenor Rob Berger, who started Dough Roller, has an "experiment" going where he invests all of his cash back rewards. I'm not sure exactly how long ago he started this. Maybe a year or two but he's already up to $22,000 or something like that. It really can add up. You probably won't make a million dollars alone from cash back rewards in your lifetime but I can easily see them adding up to over $100,000 if you were to reinvest them.

      The other day, I just happened to look and I had over $700 available to cash out between two cards, so I did. I'm not going to target it exactly for reinvestment but it will inflow into my budget and be used based on my priorities. Is it better to have it or not have it? That's an easy answer. Will it make you a millionaire? Probably not by itself but it will contribute to it.

      Found his YouTube discussion about it (ignore the M1 Finance plug):

      https://youtu.be/fDgNYhRChLs

      Like 1
      • WordTenor
      • Can we agree that goals are dumb and immature? Sure.
      • WordTenor
      • 2 mths ago
      • 2
      • Reported - view

      Superbone Yeah I don’t know if the eyeroll didn’t carry? I’m saying DR has set this as a strawman—no one who uses CC rewards is planning to get rich off them. So to say “Don’t use them! Nobody ever got rich off them!” basically lets him easily knock down an argument nobody is making. I think it makes him look even stupider,  but I’m not the right audience for him anyway. 

      Like 2
      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 2 mths ago
      • 3
      • Reported - view

      WordTenor No, I totally got you. How could I not?! You ARE the Word Tenor after all. Every word, every character, every emoji serves a purpose. I could not have understood you ANY better. 😃

      I use to listen to Ramsey too and cringed every time he said that. I was just giving a real example of what one could do with only cash back rewards if you fully invested them and how they alone could turn into some real money over time.

      The opposite side of the Ramsey nonsense is that there are many millionaires, some on this very board, that do get and use credit card rewards. I mean, why would anybody turn their back on free money?

      Like 3
      • MXMOM
      • MXMOM
      • 2 mths ago
      • Reported - view

      nolesrule I think the main issue with credit cards is that they let you spend more than you have.  YNAB's super elegant way of handling credit card spending ensures that never happens. And then the credit card becomes a tool. We get about $1000 (net of fees) back in cash every year. 

      When I was using DR system (Gazelle budget not EveryDollar) I literally made a credit card payment for every single transaction to make sure that I wouldn't have a problem. So if I spend $6.80 at the coffee shop, i would do a $6.80 payment to the card.  Because he doesn't support credit cards, his software doesn't either. I get that a lot of people (myself included) got into a lot of trouble using credit.  But with YNAB, every couple of weeks I look at the available to pay to the credit card and make a payment in that amount.  I could wait for the statement but this way I just do it a couple times a month.  

      And we stack this with other points programs. In Canada we have Optimum which is used mainly at Shoppers Drug Mart.  As a basic points program, its ok. But if you know how to work it, it is awesome.  So between cash back and Optimum Points, we are saving money that we can then redirect to other things.  

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      • MXMOM
      • MXMOM
      • 2 mths ago
      • 2
      • Reported - view

      Superbone Never leave FREE money on the table!!!! That's my mantra!!!!!

      Like 2
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