How to categorize credit card payments?

Hi Everyone:

I've read through the forums and guides but I'm still confused (I blame my "new mom brain")!

Can you please explain how I should categorize these two recent Chase credit card payments? I have included snapshots of our linked checking account ("joint") and the linked credit cards ("joint freedom" and "amazon"); as well as our Budget page.

Thank you!

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  • Is the payment to Chase for the Amazon credit card? If so you need to change the payee. In the Payee field of your checking account there should be a drop down, pick Transfer To: Amazon.

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    • jenmas Yes! That did it! Thank you!! But how come I don't see the payment on my "Budget" page? 

      Reply Like 1
    • Navy Blue Falcon Under "activity"?

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      • jenmas
      • jenmas
      • 2 mths ago
      • 1
      • Reported - view

      Navy Blue Falcon  Honestly, I'm not sure. I didn't really look at that screen shot.

      But looking at your budget page you've got a few things going on that need to be fixed. Your TBB should not be negative. You need to reduce the amounts you've budgeted to your categories until TBB is 0. You can start by looking at your credit card payment categories. If the balances of your cards showing on the left are accurate, you have too much budgeted for these categories. Ideally, if your Amazon account balance is -$264.70, your credit card payment category should have an Available Balance of +$264.70. If it has less than +$264.70, that means you are carrying some credit card debt. If it is more than +$264.70 you have too much in the category.

      Reply Like 1
    • jenmas I realized the problem... because the payment date was Jul 31, the payment was coming up in my July budget! I also moved some of my TBB to July as well so I'm not longer in the red. Thank you!

      Reply Like 1
    • eloquentz
    • Numbers Wizard (Accountant), Acoustic Artist (Musician) and Jill of all Trades (Wife & Mother)
    • eloquentz
    • 2 mths ago
    • 3
    • Reported - view

    Are you trying to budget for the whole month, but the income for the month hasn't arrived yet?  YNAB is not a forecasting budget (it took me a long time to figure this out).  Check out this blog post for setting up a budget template so you get the feel of a forecasting budget but you are only actually budgeting the funds you have (keeping your TBB green).

     

    https://www.youneedabudget.com/how-to-create-a-budget-template/

    Reply Like 3
    • eloquentz Ahhh that makes sense - so helpful. Thank you!

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