Oldest son now 18, with real money in his account, do I remove his account from my YNAB
So, I have PNC as our bank, and we have several Virtual Wallet and regular checking accounts with them. Two of the regular accounts are for my two sons. Oldest one is 18, and starting to get real money in his account from his odd jobs, etc. In the past, I've been fine with keeping his account as a budget account, because it makes it easy to work with in YNAB since it's just one more YNAB budged account. Now, he's 18, and his money skews our overall numbers at certain times of the month when he is flush and we have just paid big items out of our other accounts.
So, soliciting for advice. Should I establish him with YNAB on his own, and just look at transfers of money into (mostly) and out of (rarely) his accounts as black box events? For categories, I still include his transactions as part of ours. He still lives with us and likely will for a few more years, anyway. On the other hand, I don't want to see his small accumulated fortune as part of our aggregate, since we don't think of it that way and would not move money from his account to ours unless it was to cover something we paid for but was his responsibility to pay for.
Yes, I'd move him out to his own YNAB. We did this with our kid this month, and it's working great so far. Obviously it depends on how he feels about getting on board with YNAB, but even if he chooses to manage his money using a different method, it sounds like it's definitely time to split out his account.
Hi gobuzzgo !
Are you able to move him completely out of your budget? If you don't want to include his income or transactions, you can set him up with his own budget in your YNAB account (you can have multiple budgets). You'd still be able to take a look at his budget if you wanted to monitor things, but he'd also have the freedom to set up his own categories and handle things on his own.
Creating a separate budget in your account would prevent you from having to pay for a separate YNAB subscription, but I'm going to leave a link for our Student Program (since student's receive their first year free). :)
This is exactly what I'm wondering. Can I run two budgets, one for each person, and import accounts automatically yet assign those funds to only one budget? I'd like to do this for one of my younger kids. . . but I'm not sure how to make certain their account isn't seen as budgetable income on my budget.