Using YNAB to plan ahead+ future transactions
I have been using YNAB seriously for a few weeks now. I cant connect the app the my bank or credit card providers , so what I do is this:
Twice a week i log onto my credit card providers website and manually enter any new transactions I made since the last time I logged in. The idea here is to keep an eye on my spendings all thr time not just once a month when the credit card is due.
When I enter the transactions into my ynab account i use the future transaction(since the credit card only has a once in a month payment).
I enter the spending in the correct category. I was hoping that I will be able to scroll forward to next month and see how my budget is doing according to those new spendings. What I wanted to do is see how much money from each category will be spent, according to the credit card transactions. Unfortunately, this is not the case, because when I scroll forward to next month, it doesnt show me the future spendings I entered. I guess this is because they only show up at the specific credit card payment date I entered.
I was hoping to use YNAB as a tool that will also help me plan ahead. It seems that I am doing something wrong. Can you guys help me understand how to do it right?
You should enter the credit card transactions for the date they occurred, not the date in the future that you are going to pay your credit card bill. If I'm buying groceries on April 28 it needs to impact the April grocery category, not the June grocery category (based on when my credit card cycle closes, a charge on April 28 will be paid on June 4). YNAB is a plan for the money you have right now so you need to see your categories reducing right now.
I choose not to link my accounts and enter manually on a daily basis (this takes a max of 5 minutes a day in my personal use case). But once a week is probably fine (I personally wouldn't want to spend the consolidated chunk of time to enter all my weekly transactions at once when I could take just a few minutes a day, but that's me).
There are a lot of helpful getting started materials and free online classes that will show you how to use YNAB.
I still don't understand something: if I enter the transaction for the date it occurred, I'll end up pretty quick with a "loss" or underbudgeted account, since we get a paycheck every 10th and the credit card pays every 15th). So what we do is "overspend", i.e- no money in bank. use credit card, and before the credit card is due we get a paycheck. What I wanted to use YNAB for - is making sure we don't spend more then our due paycheck.
Is your suggestion still the same? I guess we can still make sure by looking at the "minus" in the account and making sure it's not bigger then our due paycheck