Getting my budget set up this month...big expense coming this month?!
So I'm dialing in my November budget...and lucky me I've got to replace my roof this month as well, which will have to be covered with a loan that I'll pay off over the next few months. How would I input this into my budget?
Thanks for any help y'all can provide on getting my budget set up with this in mind..
If the loan proceeds enter your checking account, categorize them as TBB and budget toward the New Roof category. Record the payment to the roofing company against that in whatever account you use to pay. (I recommend a rewards credit card!)
Create a new category for Roof Loan Repayment. Over the next few months, budget toward that and record the loan payments against it.
A tracking account for the loan is optional. It merely gives you the loan balance in YNAB instead of looking at your statement. I wouldn't bother, but if you want it, the loan inflow and the ongoing payments will be transfers from/to this tracking account (in the Payee field). Categories are as previously described.