How would you factor a partner's savings into your budget?
Sorry for the clunky title, I really wasn't sure how to express this succinctly. This is a minor little thing (I think), but thought I'd ask y'all how you might handle this scenario.
A quick overview: my partner and I do not have merged finances. We essentially split everything equally and are aware of each other's (approximate) account balances, but haven't fully taken the plunge to completely merge finances, and aren't looking to do that just yet.
When we received our stimulus checks, we decided to put my partner's check in my savings account, as it earns decent interest, he doesn't have a savings account, and he wanted to make sure that money wouldn't be touched. I created a category called "Partner's COVID Bucks," moved $1200 to the category, and haven't touched it at all since.
All this just to ask - is there anything else I should be doing when factoring this money into my budget? Would you handle this any differently? It does mess up my reporting a bit, but it's not hard for me to remember that my net worth is $1200 lower than YNAB thinks it is.
Thanks folks! Appreciate any thoughts y'all may have; hearing examples and approaches from y'all in this forum has really helped me "get" the YNAB mindset and how to implement it.
What are you doing for all the other transactions? I would be splitting the Rent, Groceries, etc. with half hitting your category and half hitting a Partner Spending (reimbursement) category.
This $1200 inflow would just be categorized to the Partner Spending category like any money they give you. The fact the category is positive means you owe.
That said, if you want to track this outside of normal things, then what you've done is fine. It's just going to be a little weird when Partner owes you for something and they say, "Just take it out of my Covid money." When that happens, use a net $0 split transaction to decrement Covid and increase Partner Spending. Effectively, this is just another reimbursement stream; the fact it's with the same person is kind of beside the point.
It does mess up my reporting a bit
Regardless of whether you use a Covid category or it winds up in the reimbursement / Partner Spending category, you should directly categorize this inflow into your Savings account to that category. (This in contrast to categorizing as TBB and budgeting to Covid or Partner Spending.) That way it will net to $0 after a later outflow. Yes, reports are impacted until that happens.
You could go over the top and make the inflow a transfer from a Tracking account. This keeps Net Worth accurate, since that negative account offsets the additional amount in Savings. A later outflow would be recorded as a transfer back to that account.