One Category, Multiple Goals
I've often wished YNAB would release the ability to add multiple goals within the same category. For example, I have 3 different club memberships that are due at 3 different times of the year. Instead of using 3 separate categories with "Target Date Balance" goals for each one, it would have been great to have one category called "Membership Dues" and enter all 3 of those goals separately but within the category itself.
However, given that is not an option. Is there another work-around besides setting up a separate category in the Budget for each club membership? This is just one example but there are many other services or subscriptions that could fall into one main category but because I need to set a target date balance goal for each one, I'm forced to setup a separate category for each.
I have recently created an excel spreadsheet that would calculate the required savings per month to achieve the goal and thereby allow me to use a single category like Membership Dues but was hoping not to have to rely on Excel at all for something like this.
Hi 10SNE1 !
Currently, there isn't an option to set multiple goals to a single category - if you have a moment, would you mind submitting a Feature Request for that option?
In the meantime, it takes a bit of math, but you can include those dues in the same category. To do so, add the cost of all three memberships together and divide by 12 - that will tell you the monthly amount you need to budget in that category.
For instance, let's say the membership costs are $40 each, due in January, May and September - for a total of $120. If you budget $10 every month, you'll have enough in the category to cover each expense.
This gets a bit trickier with varying amounts and due dates, so things will have to be adjusted based on your expenses. I broke down the approach for another YNABer in this forum thread. If you'd like to share your expenses in detail to go over the numbers for your budget, please let me know! :)
add the cost of all three memberships together and divide by 12 - that will tell you the monthly amount you need to budget in that category.
This has only an 8% change of being correct, as it requires that you start doing this at the exact right month for it to work. That's a 92% chance the required funds will NOT be there.
OP, you're correct in that it is not a trivial problem to ensure money is there without tying up too much money.
A multi-outflow goal to handle these calculations would be great. The example I used in my feature request was a Birthday category.
dakinemaui 10SNE1 I do this within YNAB. I did this in steps. This gave me the advantage of not tying up money needlessly. And Gave me the money I needed by the time I needed it. For my example I combined my software renewal(2), Domain Fees(1) and amazon(1). I put them in the category "Software".
Step (1) Setup all recurring fees in scheduled transactions. Feb 2020; YNAB; Software; $45.00 (year) May 2020; Domain; Software; $69.00 (Year) June 2020; Amazon; Software; $99.00 (year) Oct 2020; ScreenCastify; Software; 24.00 (year)
(2) Identify the biggest payment due in the next twelve months. (Amazon; June)
(3) Open Goals and set "Spend by Date" to June 2020 Add up all amounts due in May and before. In this case 99.00 + 45.00 + 69.00 =213.00.
This being Nov This will give you a monthly goal of 26.63
(4) the month that the biggest payment is due, set the the "spend by date" goal to the month before the biggest payment is due the following year (in this case May 2021) Add up all payments due for all the payments. (99.00+45.00+69.00+24.00=237.00)
This makes the monthly goal 19.75 per month.