Easy way to budget interest earned into Savings Account?

Assume I have a long-term savings account/goal in a budgeted account (Project X Savings). I've already budgeted everything in the account to that Project X, and I'm budgeting to add more money each month ($500) as part of my goal. -- When that high-yield savings account earns interest, I want that interest to stay in the account and increase my budget for that month.

Is there a quick and easy way to take the direct import transaction saying "You earned $5.10 in interest in your Project X Savings Account" so it's quickly seen as income but then immediately put into the budgeted/available balance in Project X Savings?  (My current process is categorize inflow as TBB, and then going and manually adjusting the budgeted amount this month by manually calculating - outside of YNAB - what the new budgeted balance should be. $500 original goal plus $5.10 in interest = $505.10 budgeted this month.)

Anyone have a more efficient idea?

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  • My suggestion is to remember that money is fungible. Your categories tell you what your money is for. Your accounts tell you where your money is. There's no reason to try to sync an account with a category or a group of categories.

    Read this:

    The Relationship Between Your Budget & Your Accounts | You Need A Budget

    Just because the money is interest in a particular account doesn't mean you have to assign it to a particular category. If you want to, it's something you'll need to make an additional effort to accomplish.

     

    So, my more efficient idea is to just assign money that is in TBB to whatever categories need it, and not worry about syncing accounts and categories.

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  • nolesrule said:
    So, my more efficient idea is to just assign money that is in TBB to whatever categories need it, and not worry about syncing accounts and categories.

     And if budgeting  minor $5.10 interest dividends seems tedious, consider accumulating all the inflows you get during the month (paychecks, interest, cc rewards, etc.) into a category (e.g. "Monthly Income") and then emptying that category out and budgeting the sum all-at-once, rather than piecemeal as each inflow arrives.

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  • Easiest to just budget $505 each month instead of $500. Later on, just budget $506.

    Personally, I treat all income equally, and the amounts I budget are determined holistically. I also don't synchronize accounts & categories, because that's just busy work for zero gain, IMHO.

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