Savings Accounts & Income to be budgeted

Hi all! 

I linked both of my savings accounts to YNAB along with my checking & CC accounts, so YNAB says I have 4k "availabe to be budgeted" but that 4k is in my savings account. I don't see an option to move it to my savings account without YNAB moving the money from checking to savings. Basically, it will count as double. Is there an option to fix this?

 

Thanks :)

10replies Oldest first
  • Oldest first
  • Newest first
  • Active threads
  • Popular
  • The budget is the plan for your cash -- ALL of it -- regardless of location (account). If you plan to spend it later -- i.e., save for something -- then create a category for that something and allocate the desired amount.

    Like
    • dakinemaui Thanks for your input! So what I've done is made one of my savings account as my "saving category." The 4k I have saved up is already in that account but also in ynab as "not budgeted" at the same time

      Like
    • Powder Blue Banjo You should make categories with real names. What do you want that $4k to do? Is it an Emergency Fund? Christmas Savings, Car Downpayment, etc.?

      A nebulous "Savings" category prevents you from examining things on a priority basis. It's hard to tell where it should sit in importance to all the other demands on your money.

      Like
      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 1 mth ago
      • Reported - view

      Powder Blue Banjo In YNAB, categories define purpose, not accounts. Your savings account will just get you more interest hopefully.

      Like
      • Ceeses
      • Ceeses
      • 1 mth ago
      • 1
      • Reported - view

      Powder Blue Banjo Sorry but this isn't clear at all because of terminology. 

      Account: is where you hold your money at the bank. You have a register of transactions in YNAB for each account to keep track of the account balance and attribute a purpose to the money you spent (groceries, rent...)

      Category: defines a purpose for the money you currently own in all your accounts. Those are defined on the budget screen. They get money by budgeting to them and money get out either by budgeting money out or spending money (in the accounts) attributed to this purpose.

      Powder Blue Banjo said:
      Thanks for your input! So what I've done is made one of my savings account as my "saving category." The 4k I have saved up is already in that account but also in ynab as "not budgeted" at the same time

       What do you mean by: "I've done is made one of my savings account as my "saving category." Does that mean you created a saving category in your budget in YNAB? "The 4k I have saved up is already in that account " do you mean the bank account or the category you created?  "also in ynab as "not budgeted"" There is no such thing as "not budgeted", do you mean "To Be Budgeted"?

      Like 1
    • Ceeses Yes, I can see how that was confusing. For clarification, 1. Yes I have a "savings category" and a "savings account". 2. The 4k is in the savings account on Ynab. 3. Yes, "to be budgeted"

       

      Should I just remove my "savings account" from ynab and only keep the savings category?

      Like
      • Ceeses
      • Ceeses
      • 1 mth ago
      • 1
      • Reported - view

      Powder Blue Banjo No simply budget whatever you want to your savings category. But I second dakinemaui 's suggestion. You should have savings categoriES with clear purpose. What are you saving this money for? Income replacement, home maintenance, car replacement, home renovations, downpayment on a house, buy a glider, go on around the world holiday ....?

      Like 1
      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 1 mth ago
      • Reported - view

      Powder Blue Banjo No. The savings account has one purpose when used correctly in YNAB and that's to gain you extra interest on these funds that have a longer time horizon. That's it. But they should still be in YNAB and categorized. Saving is just as, if not more important, then spending.

      Like
  • Powder Blue Banjo said:
    Should I just remove my "savings account" from ynab and only keep the savings category?

     No, don't do that.  You need that money in your budget so you can have a plan for it.  If you remove the savings account from YNAB, the category will do you no good, because the money from the account will no longer be in TBB. 

    What you do is take a look at your needs, your long term savings goals, and your "true expenses" (that you can think of now) and start allocating that money to those categories.  If you simply have one "savings" category, that means nothing, and your brain starts thinking, "I could use that for new tires on the car, OR to replace the furnace OR to give me a buffer if I lose my job"  But if you don't specifically tell those dollars to do those jobs, you have no idea how much you can put towards any one of them.

    Like
      • dakinemaui
      • dakinemaui
      • 1 mth ago
      • 2
      • Reported - view

      Further to @Bruce's last point, categories exist to protect dollars. By putting money toward Tires and Furnace, the amount you could spend on the Furnace is unchanged when you get new tires. That's peace of mind, right there.

      Like 2
Like Follow
  • 1 mth agoLast active
  • 10Replies
  • 105Views
  • 5 Following