Goal Tracking for credit card spending limit below 30% of available limit

How are folks tracking goals, where they would like to ensure that their credit card limit is below certain threshold - lets say 30% below revolving credit limit.

Same thing applies - where you have a goal to spend lets say $1K across 4 months, to get 5% cashback on that amount. 

Can we manage such scenarios in YNAB.

As far as I know, any transaction can be mapped to only 1 category. So wondering, how can 1 transaction be used to update 2 different categories to make this happen?

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  • YNAB is a budget program.

    Like 1
    • nolesrule Agree totally. But I am trying to see how you folks fit in advance features into our existing YNAB, such as CC - signup bonus , cashback bonus tracking, for which sometimes I need to pay in advance. I understand some of you folks may be using some workaround to achieve these, since it is not supported out-of-box. Other option is maintaining separate spreadsheets etc, but since I have all finances here in YNAB, was thinking if we could do better here.

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  • When the account balance reaches $X, just send a payment. Put that threshold in the account name for reference.

    Like 3
    • dakinemaui I also have other incentives, where I need to spend some XX$ across few months with specific credit card, to get  bonus or better cashback. Was wondering of any workarounds, to track such goals.

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      • dakinemaui
      • dakinemaui
      • 5 mths ago
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      Sky Blue Harp I would tag the relevant transactions in the memo (#xyzpromo or whatever) if the category doesn't identify the transaction set of interest. Search for the tag or category, select all, and see the total. 

      Another option is to record the various spending transactions as categorized transfers to a Tracking account. This will give you the cumulative balance at a glance. To "reset" for the next time period, reconcile the Tracking account to $0 and make an adjustment transaction. (If you want the Payee information, you'll have to put that in the memo.)

      Like 1
    • dakinemaui Both seems like an excellent option. As i understand

      #1  - Add tags, and then add it up , to confirm current balance

      #2A- Update Payee to "Transfer to:<ABC> Tracking Account", and see current balance, and #2B - reconcile when this goal is achieved. Since PayeeInformation is lost, add this to MEMO.

      I will put these in my cheatlist for such scenarios. Excellent Workaround @dakinema !!!

      Like 1
      • Ceeses
      • Ceeses
      • 5 mths ago
      • Reported - view

      Sky Blue Harp 

      Sky Blue Harp said:
      #1  - Add tags, and then add it up , to confirm current balance

      Just to emphasise again, the "add it up" is done for you when you select the transactions. It may have been clear but I wasn't sure you realised that in your summary.

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    • Ceeses Thanks for calling out, yes I used this feature before, so all good.

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  • Mango Box said:
       I spend no more than 15% of the credit limit on each card. I have one with a limit of $3,000, so I know I can't do purchases that total more than $450 monthly. I set the goal for the credit card category to Monthly for $450 and move any remaining amounts at month-end to an overspent/underfunded category.

    When you create a category for  credit-card-category, how do you manage money movements from that  credit-card-category to real-category( such as grocery, clothing, etc). For every transaction, we would need to update 2 categories( 1 real - grocery, 1 for limit - credit-card-category), so how you manage and keep yourself up-to-date. Would like to try and do same, if it makes sense for me.

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    • Mango Box Makes sense now. What do you mean by "move any remaining amounts at month-end to an overspent/underfunded category". 

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  • Sky Blue Harp said:
    When you create a category for  credit-card-category, how do you manage money movements from that  credit-card-category to real-category( such as grocery, clothing, etc)

    You don't create a category for the credit card. There's already one automatically. Further, it is automatically increased when you make a budgeted purchase with that card. It is rare that you would move money from the CC category to a "real" category.

    I think you might benefit from brushing up on how YNAB handles credit cards:

    https://www.youneedabudget.com/how-to-do-credit-cards-in-ynab/

    https://docs.youneedabudget.com/article/180-credit-card-basics

    Like 2
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