Doing I need a Savings Category

Each month I have money automatically transferred from checking account to my Savings account, and YNAB doesn't require a budget category for that. But I notice that I have a General Saving category the reflects only the latest transfer transaction to my Savings. I'm not sure if I put it there, or if it's put there by default. Do I need this category if the money is being transferred to my Savings account which is also a part of my YNAB account?  

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  • I'm not sure what you mean by the savings category only showing the latest transfer into savings. Also, when you say that you do the transfer it doesn't need a category, which is true, is the money already allocated to a category, or is it in To Be Budgeted?

    The only way I feel I can help is to explain what I do with savings. I have several savings categories and at the start of the month after a have budgeted to all my expenses categories, a certain amount is allocated to one or more savings categories. This is done when the money is still in the checking account. When I transfer it to the savings account(s), it is therefore already in the correct category and that does not change as a result of the transfer. Each month more is allocated to the savings categories and they therefore increase in value as more is added to each one.

    I'm not sure if this helps with your particular query, if not then let us know the answers to the queries at the top of this post, which may help in narrowing down where you are having problems.

  • Money that is transferred between accounts in your budget does not get a category. It's already part of your budget Only money that is entering or leaving your budget gets categorized.

    If you are importing transactions, then YNAB won't know if it was a transfer, and may assign a category to it.

  • Hey  Bakari , saving in YNAB might work just a little differently than you might be used to. 

    We encourage you to have specific jobs for your savings. Not only does that help you budget better, but it clarifies your priorities. Rather than lump everything in a savings account for "savings", the question you should ask yourself is "What am I saving this money for?" Is it all for an emergency fund buffer? Then, create an Emergency Fund category and budget that money there.  Is it for a future home purchase, then create the category and budget your savings dollars there. 

    Since you've given your savings dollars a job, you can now determine your priorities the next time you need to dip into your savings. Is my emergency buffer more important or is my future home purchase more important? And because you know what your priorities are, you can make better, more intentional choices with your money!

    If you're curious about it, here are some more help on saving in YNAB.

    Let me know if you have any questions!

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