Viewing my car loan balance
Is there a way I can use YNAB to update my car loan payments and balance? My existing budget shows my payments of course, but I want to see how much each payment decreases the amount I have left to pay. I have a spreadsheet for this, but I would like to keep it ynab, maybe a separate offline budget?
Thanks for the help.
Hi Bakari ,
I have our cars in YNAB as tracking accounts. It tracks our payments so I can see the decrease, so that should give you the info you need. The only thing with ours is that YNAB doesn't have interest in the accounting, but I think that is because of how our credit union charges interest. It never ends up on our online account, just the paper statement. I hope this helps!Reply
I have mine set up in a tracking account, and payments are recorded as a transfer from my checking to my off budget account, categorized appropriately. Usually about once a month, or whenever I happen to remember, I'll add an adjustment transaction to account for interest and keep the balance up to date, but I'm not worried about the exact balance always being perfect.Reply
Hi Bakari !
As Ben and Orchid Welder both mentioned, you can add your car loan as a tracking account but interest usually has to be accounted for separately.
Here are the steps to track a loan for reference:
1. Create a category for the loan so you have a place to budget for the loan payments.
2. Add the account as a Tracking Account > Other Liability. Enter the total amount you owe as the starting balance.
3. When you're paid and have money to be budgeted, budget for the loan payment in the category.
4. In the account you're making the payment FROM, add a transaction. Choose transfer to [loan account] from the payee dropdown menu. Categorize the payment to the loan category and enter the amount. Save.
The balance on both accounts will be updated. When you are charged interest on the loan, enter a simple outflow transaction in the loan account to update the balance.
In the web app, you can also click on the Edit icon next to the name of your Account and update the balance there to account for interest - that automatically enters a balance adjustment. :)Reply