Savings Account Totals and "To Be Budgeted" Amount

I have 10+ savings accounts that I put money into each month. When each month starts and I receive  my pay check in my checking account, the "To Be Budgeted Amount" includes the total of all savings accounts and the checking. I don't want my monies in the various savings accounts to have a "job". I only want to budget the amount from my checking account. How do I accomplish this, or do I need to delete all of my savings accounts?

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    • HappyDance
    • YNABing consistently since 2014
    • HappyDance
    • 1 yr ago
    • 2
    • Reported - view

    linked YNAB blog article: The Relationship Between Your Budget and Your Accounts: It's Complicated

    This linked article helps to explain how in YNAB, we don't budget by account(s) anymore and learn to rely on our budget categories to guide spending.  We give every dollar a job in the budget. That job might well be a savings job, and you might not intend to spend it for a year, five years, or in the case of an emergency fund (hopefully) never.

    I too started YNAB with 10+ savings accounts. Soon after starting, I saw the power of using categories to guide my spending instead of specific bank accounts or the balances in them. I started transfering funds and shutting those accounts down.  I could now safely keep my Christmas money and my medical/dental fund and my car repair money and my emergency fund money all in the same savings account without fear of coming up short or accidentally spending the wrong funds. Best practice is to have your savings accounts be on-budget, create the appropriate categories for what you intend those funds do, and budget the balances of those accounts to those purposes.  Once budgeted, the funds stay in those categories until you spend them or move them.

    Reply Like 2
    • HappyDance   Thx for your response. You are correct that each savings account has s future purpose. How can I assign a job for this money several months out. I am trying YNAB outbonvthecfree 34 day trial and cant seem to budget more than s month out. Otherwise I would go out in December and assign my savings account dollars a job. 

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      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 1 yr ago
      • 2
      • Reported - view

      Steel Blue Flute 

      If you budget $2000 to medical/dental (as an example) in this month, and then don't spend it between now and December, it will be sitting there ready to use in December.  In fact, those reserved dollars will sit in the medical/dental category until you either spend them or decide to move the dollars to something more important to you.  You don't need to jump ahead to December to budget the $2,000. Add your account today, budget the $2,000 to the appropriate category today.  The funds will be sitting there ready for you to use when you need them in the future.  If next month, you want to add a little more, say $100, budget an additional $100 to medical/dental in May, and watch the category balance increase by the same amount.  If in June, you have a car emergency and need to use $500 from medical/dental, you move $500 from medical/dental in June to car repair.  The categories are digital envelopes.  I love -- love -- this program.

      Whether the funds are in 10+ accounts or 2 accounts, you can still budget what you want to reserve for medical/dental or any other category.  Don't feel rushed in any way to alter your account structure until you are ready and comfortable with the idea.  I think it took me six weeks to start consolidating my smaller accounts, and maybe another six months beyond that before I finished closing some of the other emergency-type accounts.

      Reply Like 2
  • Why don't you want the money in your savings accounts to have a job? You have 10+ savings accounts for a reason... probably 10+ reasons. Those reasons are jobs. Those jobs are categories in your budget.

    The blog post that HappyDance links to is a perfect read for your question.

    Reply Like 2
    • tjlmama
    • wife, mom, scientist.
    • tjlmama
    • 1 yr ago
    • 1
    • Reported - view

    Make a category for savings.  Name it whatever you want.  "budget" however much is in your savings accounts to that category.    Then it will stay there.

    Reply Like 1
    • great, simple thought. I like it! Thx

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  • I'm not a fan of having a single "savings" category. You are saving that money for reasons. Create categories named for those reasons. It'll help you see that you are approaching your savings goals, and also if you plan to spend it, (consider saving for a vacation, or an IRA contribution, or a new car, or summer camp for the kids), you already have a category you can use to assign to the spending transactions.

    Reply Like 1
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 1 yr ago
      • 3
      • Reported - view

      nolesrule 

      Me either.  And I'm betting that Steel Blue Flute has at least 10 specific savings goals or categories that really make sense to Steel Blue Flute.

      I have a master category for emergency funds (named Life Happens) and about 5 different subcategories under it, all to deal with different types of occurences.  I have another master category for mid- and long-term savings goals (named Save it up!) and around 5 different subcategories under that one where I'm tucking aside money for my next car purchase, a vacation, a replacement computer, new furnishings, and retirement investing.

      Reply Like 3
      • Six Hats
      • monkeychicken
      • 1 yr ago
      • Reported - view

      HappyDance  I like the sound of your structure, don't suppose you could go into a bit more detail?

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      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 1 yr ago
      • 1
      • Reported - view

      Six Hats 

      Sure.  I've posted my category structure before.  Here's what it looks like:

         

           

       

      I group rent and utilities in one. I group all my subscriptions in one, but  I separate out five different giving type categories, and I have three food/grocery categories plus a sundries category for all those household items you buy at the grocery store: paper products, light bulbs, laundry soap, aluminum foil, tooth paste, etc.

      Loony fund is just my administrative category. I generally keep between $100 and $150 in it to run errands for others or cover a minor overspend in another category.  Lucky Bucks is my infrequent contribution to a lottery pool at the office.

      Reply Like 1
      • Six Hats
      • monkeychicken
      • 1 yr ago
      • Reported - view

      HappyDance What's "Get Out OF Dodge"?

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      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 1 yr ago
      • 1
      • Reported - view

      Six Hats 

      It's a moving fund. I'm a renter, and for many years I would be at the mercy of my landlord's rent increases, basically too poor to move to a cheaper apartment, or having to deal with a less than ideal roommate situation, again for the same reason. That's why I always have a bit of a moving fund ready to go as part of my emergency fund. Now that I've got healthy YNAB categories, my Get Out of Dodge Fund has enough in it to pay a deposit and first month's rent on a comparable apartment and hire the muscle to move me all in cash.

      Reply Like 1
    • HappyDance And the Zombie Apocalypse Category...?

      Reply Like 1
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 1 yr ago
      • 1
      • Reported - view

      Keith Borders 

      Ha. 🙂  The Zombie Apocalypse is just my emergency or crisis fund - for completely unexpected unknowns. In the last 3.5 years it has been predominantly used to help a relative from being evicted or going hungry due to unemployment.

      Reply Like 1
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