Loans Feature: makes me create a new category for each account payment?
Hey all! I am trying to add my accounts that I'm paying down using the new feature. Admittedly I was nerdily anticipating its release and even started over with a new budget to implement it. I hate to complain about something so new, I know there will be issues and a learning curve. That being said, I'm already hung up on something.
This is what occurs:
- I create and link my account as a liability/tracking account (I tried adding as a line of credit on budget but then it didn't have the banner allowing it to use the loans feature)
- I reconcile, then click on the banner for the new loans feature, plug in my info, all is well.
- I choose the category I want payments assigned to. For the first account I set up I can select my "🔗 debt payments" category.
- rinse and repeat, until I get to step 3 for the next account, which won't allow me to select that category again.
It probably seems super petty but I don't want a big ugly budget with a ton of categories, I want all my debt payments to go to one spot. My student loan is one of those that has like 15 separate accounts so it would get unwieldy fast.
Is this how the new feature is intended to work?
If so, I'll go back to adding as regular tracking accounts so I can assign payments to a single category. Thanks for any input!
Hey Raspberry Beret & Pink Unicorn - you're right. As it stands, you can associate one category with one loan account.
What we're advising for things like Student Loans with a bunch of separate sub accounts is to create a
Category Group in your budget, and then a separate account linked to individual categories within this group. This way, the interest will calculate correctly across those separate loans. Adding Targets and a single split transaction will reduce the workload during each month to keep them up to date, but I can see how it can be unwieldy in your budget. To that end, I hope you'll submit feedback on handling student loans with a single category.
Here’s an example of a split student loan payment transaction in a demo budget: