Multiple budgets that interact
I would like to set up my household budget, budget so much for me personally, and budget so much for my wife's personal use. Would then like to set up the app on my smart phone to manage my personal finances, set up my wire's phone to manage hers, and allow either of us to manage the household budget from those apps. Can do?
Thanks for your reply. Now, I'm trying to set it up and need some help.
I have selected "Make a Fresh Start;" and, happily, I now have all of the categories I've been working with.
In the past, I've included all of the categories for all three: mine, hers, and ours. And I now want to create a budget on my app for my personal items; one on my wife's phone for hers, and then remove the personal items that currently appear in the household budget on the PC.
Can you give me a hand here? Can I just transfer some of the categories from the PC to one or the other of our phones?
Actually, that's the way I've been doing it; but we're trying to make it appear like a "new life" in which each of us has a fixed amount to spend (which each of us will manage on our mobile devices).
So far as the household budget is concerned, I'm planning on having my wife manage it on a day-by-day basis and being able to access it if she needs some help.
Keeping our personal budgets separate has been a desire of ours for a long time.
Given that this is the goal, what is the best way to do that? I suppose it's simply to set up different budgets on each phone and add only the accounts we'll use with those budgets. That seems to make sense.
As I understand it, since the budgeting/categories are "unrelated" to the bank accounts, we can reconcile the accounts from any of the devices. But we would each reconcile only the accounts each of us uses.
Is there any downside for doing it this way?
BTW, thanks so much for taking the time to respond to my queries.
Thanks, everyone, for the help. I think I've got it now. :o)
It looks to me like it will work just fine.
I'll let this forum know how it's going, when I start working with the budgets.
I intend to start when we move into our new home (on St. Patty's day, next). That way, we can start from scratch and do it right.
This is the scheme that my wife and I use, though I'm the one running the household budget. It's very important to have each account only tied to one budget, or you'll constantly have to account for various transactions that don't apply to the budget you're working in. For us, this works fine, because she has her checking account, I have mine, and then we also have a joint checking and savings account.
This also allows for differences in budgeting methodology between us. I track my cash in ynab (only to the dollar level - change doesn't count), my wife doesn't - she counts the money as spent when it comes out of the ATM. I am more of a hard-core budgeter, she lets things get overspent and then fixes it with the next paycheck. Drives me nuts, but since it's not part of my budget or the share budget, I can cover my ears and say "la-la-la-la-la."
If you have a budget linked to accounts and then create another budget linked to the same accounts, will it mess up the first budget? The reason I ask is that we have our main budget and I'd like to create a "test budget" to use for trying things out without messing up our budget. For real-world feel, I'd like to link to our accounts, however, I don't want to mess up our real budget... If I download the transactions in the test budget, they will still be downloaded to our real budget as well, right...?