Follow up question
Started with $2,000 credit card balance which shows as Pre YNAB CC
Shows in the budget as something that needs to be budgeted for...we'll get to that later
Added to that CC balance for a while until it reached $5,000
Paid off the balance of $5,000 with a transfer from savings temporarily.
Everything else is categorized where I spent it, and budgeted acfordingly
The transfer payment shows up under Savings and I adjusted that accordingly from $10,000 to $5,000.
The only thing that's hanging out there un-accounted for is $2,000 in Pre YNAB CC.
Is it as simple as budgeting for the $2,000 starting balance of Pre YNAB debt?
Hi Sea Green Hammer !
Yes, it should be that easy. :)
If you have an outstanding balance on a credit card when you set it up in YNAB, and you plan to pay that in full, you’ll need to budget for it. That’s what lets the budget know you plan to take some of the money you have and use it to pay off that existing balance. Here’s a video explaining how this works.
It sounds like once you budget for that starting balance, you'll be good to go!
I watched the video, but I am still using the old YNAB. So...when I set the credit card up it starts with a balance of $2,000 and a single transaction with Category of Pre-YNAB debt. It also shows as an outflow in the Budget. I think the part I'm getting stuck on is this...
The balance grew to $5,000 with payments categorized as different things. Those payments were budgeted. The only thing that was not really budgeted per se was the pre YNAB debt...except with that category of per YNAB debt. Doesn;t matter that I paid it off from a tx from savings....except that I need to budget the savings accordingly, since it's part of the budget.
The only thing I need to do is budget for that $2,000 and it balances. Right?