Transfers to savings aren't categorized as savings

Basically, my issue is what it says in the title. When I transfer money from my checking to my savings account, if I enter the transaction as a transfer, it marks it as an uncategorized transaction. So, in my budget, no transaction shows up in my Savings category. 

However, if I enter the transfer as an outflow from my checking account, and as an inflow to my savings account, both with the category Savings, to reflect the transaction correctly, it shows double the amount in my Savings category on my budget. 

Does anyone have a solution for this, so my budget reflects money I've transferred into savings, out of budgetable income, but also shows up in my savings account balance correctly?

23replies Oldest first
  • Oldest first
  • Newest first
  • Active threads
  • Popular
  • So what you are saying is this: 

    - Your checking account is on-budget 
    - Your savings account is off-budget



    I have a similar thing for my auto loan. 
    Auto account is off-budget in tracking, but the category is auto loan which is on budget. 

    Like
      • Pink Colt
      • Pink_Colt.6
      • 9 mths ago
      • Reported - view

      Slate Blue Pilot (2903ac015cdb) I guess so? I don't want to consider savings as budget able money, it is set aside as savings. I also want money moved to saving to show as money I've budgeted out of my incoming funds. 

      Like
  • You are trying to track something in a way that ynab does not.  Categories define the purpose for your money.  The account it is in is irrelevant.  You should transfer the money as you first indicated.  If you want to change it's job at the same time to "savings" then you have to move money from another category or categories to the savings category, 

    Like 2
      • Pink Colt
      • Pink_Colt.6
      • 9 mths ago
      • Reported - view

      Herman I guess I don't understand. I'm moving my money to savings. It's job is to be savings. I want to remove it from my funding account and into savings and have my budget show that that money has been used for that. I also want my savings account to reflect the correct balance. I understand I'm just moving the money to another location, but I want my budget to reflect that that money is for savings and for nothing else. 

      Like
      • Herman
      • herman
      • 9 mths ago
      • 1
      • Reported - view

      Pink Colt then you will have to manage that yourself.  ynab does not work like that.

      Like 1
  • Transfers between 2 on budget accounts has zero impact on your budget categories. As far as YNAB is concerned, all you did was move money from your left pocket to your right pocket. 

    Like 1
  • Budget the money to the categories desired.  THen when the money is transferred it requires no category because it is just changing location, not jobs.

    Like
  • It sounds like both your Checking account and Savings account are on budget. And you have a Savings category where you want the Available Balance to equal your savings account balance? This is not recommended:

    https://www.youneedabudget.com/the-relationship-between-your-budget-your-accounts-its-complicated/

    All of the money in your checking account has already been assigned jobs (budgeted to categories) - assuming your TBB is 0. So you can't just transfer money from your checking account to your savings account and have your Savings category reflect that without also transferring budgeted funds from other categories to the Savings category.

    Like 2
      • MadDog
      • Navy_Blue_Pegasus.2
      • 9 mths ago
      • 1
      • Reported - view

      Periwinkle Flute Here to reinforce the advice from you! Your categories show that you have savings and specifically what you are using those savings for. Part of the issue is calling it "savings" means it could be for lots of different things so you haven't given it one job. Similar to putting money into "utilities" doesn't show how much is for heat, electricity, water, internet, phone etc. Most have various savings categories such as Income Replacement, house renovations, vacation, house downpayment, car replacement. And then, as laid out in the references, where you store it while it is waiting to do its job is a different discussion.

      Like 1
  • Transfers between on budget accounts don’t have anything to do with budgeting. It’s just moving funds around. If you want to save, budget to savings categories.

    All funds in your budget are either already budgeted to categories or in To be Budgeted. If you want more in savings categories, you’ll have to move it from other categories or you can use To be Budgeted if it’s not already at 0 which it should always be unless you just got the income.

    Like 1
  • Simply here to confirm other's statements...  Read the 2 links provided above.  Then look at your budget and see what you want those "savings" dollars to do.  Then read those links again, until it makes sense.  If you want to start out with just a "savings" category, that's ok for now.  But as it grows, you start thinking, "That could replace tires on my car, OR replace my furnace, OR last me for a month if I lost my job."  But in your mind if it can cover any one of those things, what happens when 2 or more of those things happen?  You have to buy new tires AND your furnace has to be replaced.  Now you realize that wasn't quite enough to just categorize it as "savings".  What you want to end up with is categories defining exactly what you're saving for.

    You might have a household repairs category, that would have covered the furnace, you might have auto repairs, which could cover the tires, you might have an income replacement category which would cover getting laid off.

    When you see it laid out like that, you know exactly what you can cover.  And if one of them didn't have quite enough, you can always move money from one category to cover it, and then you have to start building up the categories again.  But you always know where you stand, and how much of what type of "emergency" you can withstand.

    These categories are what they refer to here in YNAB as "True Expenses." Some of us call them "Savings Goals" in our budget but it's the same thing.  You know the expense is going to happen, so why not save up for it.  When it happens, it won't be a surprise, and you have  the money to cover it without short changing your plans for the rest of the month.  It takes time, but it's a great place to be, and once you're able to experience the peace of covering an "emergency" with money you've already saved up specifically for such an occurrence, you'll never want to go back to just "savings" that could be for anything.

    Like 2
  • Also, there's no problem with putting money in a savings account, if it's going to earn you more interest than your checking account.  And it's also good to have some money outside of your checking just to keep it separate in case somebody steals your checking account information and tries to clean out your account.  But that's the only real reason you might need to have it in a savings account.  You can save in YNAB just as effectively with only one checking account as you can with a checking account and savings account...  Just keep enough money in your checking to cover the immediate expenses coming up in the next month or so.  

    Some of us like to keep a buffer of (say $1000, some people more, some people less, depends on your situation) above what we might need to cover all incoming expenses.  So when you get paid, analyze your expenses and see what the lowest balance will be in the time frame you're comfortable with (a month, 2 weeks, whatever...) if the smallest balance in that time frame will be more than your defined buffer, move the rest to savings, if you'll have less, move a little from savings to make sure you have everything covered.  I'm talking about things like bi-annual car insurance.  When that bill comes along (even though the money is in your "Car Insurance" category, because you've been saving for it each month) it will most likely require a bit of money to be transferred from savings in order to cover it this month.

    The easiest way to analyze your future balance in checking is to have recurring scheduled transactions for all your known expenses, and include your CC payment, if you're using one.  Then in the checking account, you click on the "view" option in the header, and select "Show Running Balance." Then you open up the "Scheduled Transactions" section of the account register, and you can see what the balance will be after each scheduled transaction.

    Like 1
    • nolesrule
    • Stealing From the Future fix is an improvement but is incomplete....
    • nolesrule
    • 9 mths ago
    • 3
    • Reported - view

    You don't save money by putting it in a savings account. You save money by putting it in a category and then not spending it. The choice to move it from a checking account is like taking a $20 and moving it from your left pocket to your right pocket. That won't change what you have decided to do with the money.

    When you start YNAB, all your money from all the accounts is put into a big pile called To Be Budgeted. It's up to you to decide what it's for in various categories. Some of it may be for spending this week, some in 6 months, some in 5 years. It's up to you.  As you get new money, it also is added to To Be Budgeted and from there you put it in the categories.

    Like 3
  • Your money transferred to your savings ACCOUNT, not your savings CATEGORY.

    I have a savings bank account, but I have multiple savings CATEGORIES (emergency savings, pet savings, etc.) YNAB doesn't know which one to put money in - you have to budget ("assign" not transfer) that:

    Money to categories can only come from "to be budgeted" (now called "to be assigned"). They can't come directly from an account.

    Like 2
      • Lilly
      • Slate_Gray_Sun.12
      • 4 mths ago
      • 1
      • Reported - view

      Transfer: between bank (or unlinked accounts, like cash)

      Assign/budget: between categories

      Like 1
      • Lilly
      • Slate_Gray_Sun.12
      • 4 mths ago
      • Reported - view

      Ready to Assign* (not "to be assigned")

      Like
  • I know that I may be a little late to the game here, but after using YNAB for just over a year, I think that this "assigning jobs for your dollars" thing is making sense.

    YNAB doesn't care about which bank account your money is kept in... YNAB is interested in giving each "dollar" a job.  So... when you deposit your paychecks, etc. into your bank, YNAB recognizes the "dollars" (it doesn't really care were they are kept) and it wants every dollar to be assigned to a budget category, aka "give it a job".  This is where you would tell YNAB to make those dollars that you want to save, go into the SAVINGS category in your budget... again YNAB doesn't care if the money is in a savings account or checking account at your bank.

    I offer my simplistic way of thinking about it.  Take it for what it's worth.  Every time I receive money in the real world, I think about it as individual dollar bills, physical dollar bills.  Then I imagine writing on each one with a sharpie pen, what each dollar is going to be used for in my life, e.g. groceries, car payment, savings, etc. (those are your YNAB budget categories).  Then I imagine those dollars going into one of my pockets, left, right, shirt, doesn't really matter.  (The pockets are your bank accounts so to speak.)  If have to move my dollars from one pocket to another, it only changes the location.  When I pull out the dollars, they still have their job written on the dollar... changing the pocket (YNAB's bank accounts) doesn't change the job written on the dollar (YNAB's budget categories).

    Like 5
      • satcook
      • satcook
      • 1 mth ago
      • 1
      • Reported - view

      Hot Pink Thunder You've got it!!!

      Like 1
      • MadDog
      • Navy_Blue_Pegasus.2
      • 1 mth ago
      • Reported - view

      Hot Pink Thunder 

      And to expand on that one, if you have to pay for something and you have the money in both your right pocket (chequing account) and your left pocket (savings account), you might need to check both of them to be sure you have enough of the dollars with "car insurance" (category) written on them. You do that in YNAB by first checking the category to see if there is enough and then checking the balance in the appropriate account. You might need to move some from one account to another but it is all there.

      Like
  • Actually YNAB does account for this scenario.  Make your savings account an off-budget account.  Then when you enter the transfer it will need a category (Savings).  When you do your budget each month, make sure one of the items you budget for is the savings category.  Problem solved.

    Like 1
      • nolesrule
      • Stealing From the Future fix is an improvement but is incomplete....
      • nolesrule
      • 1 mth ago
      • 1
      • Reported - view

      jwehrer The step that people miss is budgeting the money to the category when the money comes into the budget. it doesn't matter whether the account is a budget account, a tracking account or not in YNAB at all.

      However, having the account in the budget keeps things less complicated and allows you to see the money accumulate in your categories for their jobs.

      Like 1
      • jwehrer
      • jwehrer
      • 1 mth ago
      • Reported - view

      nolesrule I don’t necessarily disagree with you. But my answer was addressing his specific question. 

      Like
Like Follow
  • 1 mth agoLast active
  • 23Replies
  • 445Views
  • 13 Following