Goal advice: differing target dates, one category?
I currently have three Car categories:
1. Car Insurance & AAA membership : $1300/yr every December (with a Savings goal of that much by December each year)
2. Car Registration & Smog Check : $180/yr every June (with a Savings goal of that much by June each year)
3. Car Servicing : ~$600/yr at random intervals (with a Target goal of $300 by no given date)
I'm trying to figure out how to merge them into one Automotive category and still have a single Goal set up that makes sure I have the necessary funds when I need them.
I can't quite wrap my head around the new Goal systems. I'm also worried that if I end up having to pay an uncharacteristically large amount on car servicing for the year for whatever reason and I didn't account for it, even if I put more money in the budget, that it will throw the Goal off whack.
Anyone know how to do this right? Thanks so much for the help.
What's wrong with having 3 car categories? I have 5 under my Auto master category (Gas, Repairs & Maintenance, Insurance, Registration, AAA). Your first two goals should be Spending By Date like you mentioned but I would make the third one a Savings Monthly Contribution. Figure out how much you think you need on average each year and divide by 12 to get your monthly savings amount.
YNAB hasn't implemented the goal you want. The math isn't trivial in the general case, so the easiest thing to do is use separate categories.
I also suggest you plan a date to have the $300 car servicing funded. Adjust that date until the monthly contribution is acceptable in light of all the other demands on your money.
After reaching that point, plan a date that you want to have $600 available, possibly less aggressively saved so other categories that previously waited get some money.
The way I have it set up. I have a general category called Car Expenses that includes 5 sub categories called:
+ Car Insurance
+ Car Parking
I supplements these subcategories on a monthly basis ant let the amount accumulate. I will have the amount ready when a bill comes in. Also, I have an other category called Emergency Fund of $2000.00 just in case I don't have enough money when the bill hits.