Crypto for Day to Day expenses
I have started to use Crypto Card for my day to day expenses like groceries, fuel, eating out. My salary is in AUD. Crypto card is in USD/SGD. I transfer 100 AUD to Crypto Card.
How do I reflect Crypto Card expenses in YNAB correctly? I am not sure how I would tackle this and not mess with budget altogether.
I dont think there is any easy way to do this really. Multi-currency can be tricky. You would need to have some kind of average exchange to make it work I would think .
If you are always transferring 100AUD, I suppose you could make an estimate and have a catagory that catches the exchange. But that is more of an accounting thing than a budgeting thing.
Alternatively, you may be able to work it by using two budgets. One set up in AUD and the other in the crypto currency. In the AUD budget you would record the outflow of the AUD to a category called Crypto Cards. And then the second budget you would import your Cryopto currency in the amounts that it was exchanged at - say $85 or whatever. Then you would track the crypto purchases there. If you REALLY want to get technical you could try and merge it by tracking the ins and outs of the cards and doing set exchange rates on
In all honestly, I think the easiest way, if you do want to use the crypto cards, is to have an excel spreadsheet that tracks it and does the conversion for you! Like I said, multi-currency can be quite tricky!
You'll need to make a Crypto Card account that uses the AUD equivalent value. I suggest you consider a dedicated category to absorb value fluctuations between USD and AUD. (Kind of like a "maintenance fee".) Enter adjustment transactions periodically.
TBH, the most common way to handle differing currencies is a dedicated budget for each. Your Crypto/USD budget would have the day-to-day categories. Your AUD budget would not. You don't have to deal with the constant flux of equivalent value -- the value is pinned down at the time of transfer. In the rare case that you buy groceries from an AUD account, you would track that as a reimbursement in both budgets.