Auto-assign when bank transfer occurs
I want to assign categories to a transfer so that I can assign money in my budget. Two examples:
1. I have an auto transfer setup at my bank to pay mortgage. I've setup YNAB to link with my Mortgage account, so this appears as a transfer, not a payment in YNAB. I can't set a category because of the transfer, so I can't track this in the budget side.
2. I have a recurring transfer setup from my checking to savings at my bank. I'd like to split that transfer in YNAB to know that it covers property taxes, auto/home insurance and some emergency fund.
So my questions are:
- Can I just have my budget always auto-assign these budget categories by default without me pushing a button? I've setup the transfer with the intention that these are always going to be paid, can the budget just know that this category will always be funded?
- Once that transfer occurs, can I have the associated budget categories be auto-assigned?
I get the idea (i think) of assigning all the money to something, but best I can gather, that assignment is always gated by a human pushing at least 1 button.
As for #2, yes, you will need to push at least one button.
If you're truly interested in workflow as well as financial efficiency, read these links:
If you get Buffered, targets/auto-assign or Budgeted Last Month will be your next step, but someone else can give info on that.
Ok cool, followup question:
For credit cards, I autopay off the statement balance on their respective due-dates. If say I buy
$25 - Groceries
$50 - Electric
$25 - Gas
I have $100 in available to assign. I assign each of the categories their amount. Won't the credit card say I need to assign $100 to it so it'll get paid? I tend to always have some kind of balance on these cards but I don't really need to care about it because I'm just paying them down completely each month, eg, I'm not trying to pay off some debt monthly. If I'm using credit cards this way, should they just be under tracking too?
Magenta Nomad said:
it still thinks I need to budget it in that month
As Bruce said and above, you don't need to budget for your purchases directly to the CC payment category. But you still need to budget for your purchases in their own categories. So if you buy milk after the autopay date, you still need to have the money budgeted for that purchase in your grocery category. That money will be moved to YNAB to the CC payment category. The money will stay in that category with the job to payback the balance on the CC until you decide to send it to the CC. In your case, probably on the next autopay day in the next month. But you could send it before if for example you wanted to pay for a car from your CC and needed to free some space for that big purchase.
You could also decide you don't want to be paying off your CC in full every month, in which case, the money in the CC payment available will be there for you to redistribute to another job if you needed to.
Regarding the original question, if I understand it as phrased: I use Scheduled Transactions heavily - probably 200 of them in my budget. I have found that I can assign various amounts to different categories using this technique, and then YNAB will match them with the transaction from the bank. Almost all of my bills are electronic, so when I receive the bill I check the splits with the scheduled transaction and adjust if necessary. And once in a while, YNAB refuses to Match the transactions, so I delete the one from the bank and mark the split transaction from the scheduled transactions as cleared.