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?
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.
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: