TFSA accounts (Canada)
Hi everyone! Quick background, I have just started using YNAB last month and I am still on the trial period.
I am having trouble understanding what is happening within in my budget. I have two reoccurring transactions, one for a TFSA account and one for an RRSP investment account. Both of these are set up at the bank to automatically move $50 from my chequing account twice monthly after my paycheck comes in. I have also set these up in YNAB as reoccurring transactions. These transactions have occurred and show up in my account register. In my budget I show the activity in the RRSP but not in the TFSA. Currently the TFSA shows up as a Budget account and the RRSP is set up as a Tracking account. Both of these are set up with monthly goals of $100 each. Screen shots included.
Anyone have any ideas whats happening?
Transfers between 2 on-budget accounts have no impact on the budget page because all money that is budgeted on the budgeted page comes from the total balances of all on-budget accounts. When you move money between on-budget accounts, no money is entering or leaving the budget so there is no activity to record on the budget page.
I recommend making your TFSA an off-budget tracking account. You can't spend from a TFSA directly. Even if you are saving in the TFSA with a short-term horizon, you still have to go through the steps of having funds withdrawn and transferred back to a transactional account. (Edited to add: this also ensure you don't move funds around in your budget to cover an overspend and use funds from that registered account, since you really cannot spend them that easily.)
I have a few registered accounts, all off budget, 1 LIRA, 2 RRSP, 2 TFSA, and 1 non-registered trading account. All are off-budget tracking accounts. I use a category in my budget named retirement investing to budget all the funds that will be transferred to those account regardless of the destination account.
I'm a little late to these posts, but I have a conflicting point of view that I need feedback on.
I currently have a TSFA Tracking account, but having a lump sum dollar amount is meaningless to me -- the insight is the whole purpose to YNAB.
For instance, I may have $5,000 in my TSFA. But what if I'm using it to save for multiple future expenses like a mortgage, a sexy new car, and a wedding ring.
The Tracking account doesn't help me track my progress on any of these individual categories, it's only showing me a total balance.
Should I convert my TFSA Tracking account to a Savings account based on my desired usage, or should I be using it differently?