Capital One 360 user

I have been using Capital One 360 for years.  I have 20 separate accounts and have been moving money from one to the other every month, such as from Pet Expenses to Visa.  YNAB is like learning a new language for me.  Can anyone guide me a bit?  Here are my questions:  

1)Should I close each of these C1 360 accounts and move the money into one account in a high(er) interest bank?

2) I have amounts saved into each C1 360 account, such as Pet Expenses.  Should I move that amount already accumulated ($155) to December Pet Expenses and then continue to budget the $20 per month after that?

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  • I used to have multiple CO 360 accounts. Once I started using YNAB in 2014, I consolidated them down to 1. I noted that the balance of the Hawaii vacation account was $X before I closed it and made sure that my Hawaii category had $X budgeted to it and so forth for the various accounts as I went through the process of closing them. And if your Pet Expenses do require $20/month, then yes budget $20/month to the category, but it doesn't matter where the money lives.

    Also, as an aside, I recently closed my CO 360 savings account and moved all the money into a CO 360 Money Market Account because the interest rate was better (1.3% for balances over $10K vs 0.75% on the savings account though if your balance is under $10K it is only 0.60% in which case the Savings Account is better).

    Reply Like 5
      • Brad Hull
      • Since YNAB Pro
      • sinceYNABPRO
      • 1 yr ago
      • 2
      • Reported - view

      jenmas we did essentially the same plan as jenmas  except we reached $130,000.00 before we moved about $120,000.00 to Money Market accounts, and we pay our normal expenses out of the remaining  $10,000.00. We are receiving roughly $125.00 in interest each month.

      Reply Like 2
  • I used to have multiple savings accounts dedicated to specific tasks but after watching YNAB videos back in 2013 and reading several articles I realized that simplification of accounts is better, less to manage. Here is a link to simplification topics created by YNAB. https://www.youneedabudget.com/guides/simplify/

    Reply Like 2
  • I also used to have multiple sub-accounts at Captial One (or ING) for every possible saving goal I had - emergency fund, vacation, car repairs, medical, etc. After getting the hang of using YNAB, I consolidated down to 1 account just called savings. Over in my YNAB budget, I have a category that corresponds to each of the savings accounts I used to have. I put the amount of money into the category that was in the savings account until the total amount I had saved was accounted for in my YNAB savings categories. I was really nervous when I did this, mostly because we are conditioned to have lots of different savings accounts, so I thought I was going to mess something up. It was so freeing! I wish I had done it sooner. Now I don't have to account for piddly little amounts of interest in several different accounts. Plus, in YNAB I get to move money around quickly and easily as needed and it has no effect on my Capital One account.  

    I'd recommend getting yourself down to 1 account and let the budget do the heavy lifting for you!

    Reply Like 3
    • ani1119  I am in that "confused" mode, as you mentioned that you were.  Do you now have 1 savings account and 1 checking account?    

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      • jenmas
      • jenmas
      • 1 yr ago
      • Reported - view

      Magenta Ink (b04bb2cef5c4) I believe YNAB has begun to advocate for just one checking account period, arguing that the simplicity outweighs potential interest from savings accounts. I personally see that as leaving money on the table, which I try not to do. Fall of 2016 I opened 3 new bank accounts to get $800 in sign up bonuses.

      I have a checking and savings account at a brick and mortar bank because I have cash needs that can't be met by an ATM (I travel to some places where ATMS are not accessible and/or safe and the exchange rate on one $100 bill is literally twice as good as the exchange on 5 $20s but only if the $100 is in pristine condition) but I don't keep too much money in them. I have 1 online checking account from CO 360 that I probably should close but I'm lazy and it only has $100 in it. I have an online cash management account that handles all my billpay. I have a money market account at CO 360 that's earning me 1.3%. I have one other online savings account at Discover because I got a $100 sign up bonus for opening it and it has a higher interest rate that CO 360 savings accounts (see above). Oh, I also have an online checking account at Discover but that is exclusively for a rental property that I own and it is handled in a completely separate budget.

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      • ani1119
      • ani1119
      • 1 yr ago
      • 2
      • Reported - view

      Magenta Ink (b04bb2cef5c4) 

      Yes. One savings account at Capital One and one checking account at my bank. 

      In YNAB, the total amount in my Capital One savings account is distributed across 6 savings categories:  emergency fund, travel/vacation, home maintenance, car maintenance,  gifts, and next car.

      Reply Like 2
  • Perfect.  Thanks!  I also have a number of bank accounts for sign up bonuses, which I will close when the required 90 day period is up. I plan to get to one high interest on-line bank and the brick-and-mortar for every day transactions and cash needs.  I am retired and keep $100K+ in various accounts, in case of a downturn in the stock market.  Would you know how to set up an account in YNAB for a specific amount owed to me?  I loaned 3 of our kids money that they repay monthly.  Thank you!

    Reply Like
      • ani1119
      • ani1119
      • 1 yr ago
      • 1
      • Reported - view

      Magenta Ink (b04bb2cef5c4) 

      If you want to track it separately, then I'd set up a category called "Money My Kids Betta Pay Me Back" or something less dramatic than that :-)

      Each time one of them sends you money, that money can then be categorized into the category you set up.  You can track how much money is accumulating over time.  

      Reply Like 1
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 1 yr ago
      • 1
      • Reported - view

      Magenta Ink (b04bb2cef5c4) 

      I recommend setting up the money owed to you in an off-budget account or accounts since there is more than one kid (account type: other asset). Think of the amounts your kids owe you as an investment.  (this may cause you to guffaw in amusement)

      As funds are repaid, enter a transfer from the off-budget account to your transactional account (i.e. chequing), categorize it to income to be budgeted, and assign those funds to a category of your choosing.

      Doing it this way explains the money coming into your budget and reduces the outstanding balance of what is owed to you. If one of them should ask how much is still outstanding, you will be able to look at your budget screen and see the exact number.

      Reply Like 1
  • So I have added the Other Asset for each of the kids' loans.  When 2 of them pay me, part of the check goes to the loan repayment and part goes to auto insurance.  I would split the transaction and do a Transfer to Other Asset, Seth Car Loan.  What would I list as the Category?  On the other part of the transaction, the Category would be Auto Insurance.  Who would be the Payee? 

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  • Sorry, I re-read the message above on how to categorize the Other Asset... As funds are repaid, enter a transfer from the off-budget account to your transactional account (i.e. chequing), categorize it to income to be budgeted, and assign those funds to a category of your choosing..

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      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 1 yr ago
      • 1
      • Reported - view

      Magenta Ink (b04bb2cef5c4) 

      Splitting the kid's payment would be fairly easy.  Note: I prefer to do transfers in the account paying so I don't get confused about outflow and inflow, but an off-budget account won't allow you to assign a category.  For that reason I always do these off-budget to on-budget  in the on-budget account.

      I enter a transfer from my off-budget account (Sister's Loan), select split for category, enter the total received ($200). Then I assign $100 to Income To Be Budgeted (memo: loan repayment), and $100 to my annual car fees category (memo: car insurance).

       

      Reply Like 1
  • Just hopping in to add to the wonderful advice you've gotten: check out the Simplify Guide for more on whittling down those accounts.

    You were probably using those accounts to give jobs to your dollars, but your categories in YNAB do that for you now.

    Reply Like 1
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