Credit Card totals in Reports
Hi, so I am new to YNAB and I am sure that I am just doing something wrong but I'm a little confused about CC. I am trying to pay off CC debt and I have all of my min payments budgeted in my CC category plus my debt snowball added to one. I just put the min payment info in the description. However, when I run the income vs expense report it does not include any of my CC payments. The amount I spend on CC payments is an important part of my budgeting and its not showing a total at all. Hopefully I'm just missing something.
Any help would be greatly appreciated!
It's a different way of thinking about credit cards. YNAB deals with your credit cards as part of your total net worth. So instead of having your cards be a payment that you pay, they are simply a transferring of your assets from one account to another. This is technically correct, and importantly, it's exactly the way the credit card companies do *not* want you to think about the card. They want you to think of the card as a bill, So that you'll charge more money. When you account for your credit card balance as detracting from your overall money on hand, it makes you less likely to charge. It hurts more.
What YNAB says instead is, You have a bunch of accounts. One of those accounts happens to have a negative balance. As you transfer money around your different accounts, you don't end up with more money or less money--those account balances simply change. So $500 on hand might be $500 and zero dollars, or it might be $1000 and -$500. If you move $500 out of the $1000 account you end up with $500 and zero dollars between the two accounts, but it still $500 total.
That, in short, is why ynab does not see your credit card payments as an outflow.
I get what Word Tenor is saying. However, I would like there to be some kind of report that allows me to easily see how much extra money I've been throwing at the unsecured debt to pay it down. That way I'll better see how much money I'll have free once I pay down the unsecured debt. It's hard to figure that out without a report that will show this.
Both those ideas make sense. I think I will use a mix:
1) I will use what nolesrule said to go back and track the past stuff, as we are almost done paying the last card (two months to go)!
2) I will use briefcase 's idea as well after we pay off the card. The card we are paying down constantly offers us 0% APR balance transfers. So we may transfer money back into it from the HELOC and start it as a new tracking account.