setting a goal for a tracking account??
is that possible? for instance my savings is a tracking account and i'd like to set a goal to save a certain amount for a certain time... i don't see that option...
Goals only apply to budget categories, so no, unfortunately it's not possible to set a budget-based goal for money that isn't part of the budget.
One option would be to edit the name of your tracking account to include your goal amount, in case it's helpful to have that number easily visible. The other would be to make that account on budget (by creating a new account, moving the transactions, and deleting the old account), and setting up a budget category and goal for that savings.
The other would be to make that account on budget (by creating a new account, moving the transactions, and deleting the old account), and setting up a budget category and goal for that savings.
Green Orca This isn't really the other option. This is how your savings account should be in YNAB. There's no need to tie a savings account to any specific goal, but rather the purpose of a savings account is simply to hold money that you don't need in your checking account (at preferably a higher APY).
Let YNAB help you manage what you're saving for, rather than the balance of the account being the determining factor. That's the purpose of the software.
Hi Green Orca !
Like Ben said, Goals only apply to budget categories, so I encourage you to bring your Savings account(s) into your budget!
Savings accounts are purposefully included as a part of your budget, because we want you to give those dollars a job too! It's a different way of thinking about savings, but it's really powerful.
What you’ll want to do is assign the dollars in your savings account to savings categories. What are you saving for? Emergencies? Vacation? New furniture? Make specific categories for those things in your budget and assign the dollars there.
We aren’t encouraging you to spend your savings, rather, we want you to make a plan for those dollars! And of course, you'll be able to attach Goals to those categories, and that will focus your savings even more!
okay that all makes sense; thank you all for your replies.
i suppose i'm only hesitant to move my savings up to a budgeted account because honestly i don't even want to see that money! lol. for the last couple years i forget that money even exists, and thus even when i'm super broke i don't even think about touching it because honestly i just pretend it's not there. i know that 10% of every paycheck goes in and that's it. my goal is to get to that 6 month emergency fund, so at least until it reaches that i absolutely refuse to acknowledge it. because otherwise it'll creep in and i think well i could use this to pay off that credit card... but i don't want to! lol...
Green Orca how about setting up another Budget alongside your main one? You could call it "Savings" or something. The account where you keep your savings could be an on-budget account and you would have one category called Emergency Fund or multiple categories for Emergency Fund, Vacation etc.
You could set goals, track your progress etc, but it would be separate and out of sight from your everyday budgeting unless you deliberately opened that Budget to have a look at it.
If the only money going in is the 10% automatic deposit, then you could record the 90% you see as income into your main Budget and 10% as income into your Savings Budget.
If you manually moved some money from checking to the savings account, you would enter that:
In your main Budget, as outflow from the checking account in your main Budget (using the category Emergency Fund, Vacation or whatever)
In the Savings Budget, as inflow to be budgeted, and budget it to the category Emergency Fund, Vacation or whatever.
Hope I've understood! Just edited this because I think I misunderstood at first.
What are you going to do with the interest in the savings account once you've met your goal? Move it out of the account? Change your goal? What will you do with the automated transfer? These are the kinds of things you don't have to think about when the account is part of the budget, because the interest is just another income event and you can budget it to any category you want, and moving money between accounts doesn't affect your budget.