Reaching a goal and starting again?
I have a number of bills that come around once a year: school fees, son's marching band dues, Costco membership, etc. I use a Target Savings Balance goal to get there, aiming to have $130 in a budget line by August 2020.
But when I get to August and spend the money on what I've been saving for, the goal freaks out and tells me that I no longer have enough money. Is there a way to avoid this?
Plus, I need to start saving for the next year again. Should I delete the goal and then create a new one in the category? Just change the due date?
Thanks for any advice, y'all!
I have a similar problems to Parkaboy. I create a goal for yearly expenses, even a Needed for Spending goal, and the month I have to pay the bill it doesn't work as I would expect it to.
I built a test budget to try this. Let's say I have a bill I need to pay in June each year. I created a Needed for Spending goal in June 2019 for $120.00, with a due date of May 31, 2020. The goal repeats each year.
Since that's 12 months of savings, YNAB is expecting I need to put away $10 per month to stay on budget. Makes sense, and let's assume that I do exactly that.
Fast forward to May 2020, and YNAB knows that I've hit my goal of putting away $120 and met my goal.
And now in June 2020 I spend that $120 as expected.
But for some reason, YNAB doesn't think that I need to contribute anymore?
Clearly the goal has repeated (it says May 2021), so I would expect it to be asking me to contribute $10 in June 2020. But it's not, nor is it asking in July 2020 or any other month:
I've tried other goal types but those seem to cause me even more difficulties.
There has to be something I'm missing, but whatever it is, it's not intuitive to me. Any advice would be appreciated.
I should also mention that in my case I'm doing things a little bit differently. I'm using additional categories like you would a "Wish List". Once I've budgeted enough, I'm transferring that budget into a different category for the actual spending. A good example of why you would want to do this is Subscriptions. I'll always have subscriptions, but my subscriptions will likely change as my needs change.
So say I put money away for my yearly XYZ Product Inc. subscription, and then transfer that budget into my generic "Subscriptions" where the actual transaction will happen. Then YNAB complains my budget is way off:
But I already met my goal for May 31, 2020. And what I would prefer is that with my goal of May 2021, it should really want me to contribute $10 again in June 2020. But that's not what happens.
I think I may have just figured out some answers to my own problem. I was trying to make sure that my last contribution to the goal happened in the month before the payment was due. So with a bill due in June, I was setting my goal for June 1, 2019 - May 31, 2020.
YNAB seems to handle your last contribution to your goal to happen in the month that it's paid. So for my bill in June, if I set my goal range from July 1, 2019 to June 1, 2020, YNAB seems happier. But once that's done I have to delete the goal and re-create a new one starting July 1, 2020 for June 30, 2021. I can't use the repeat function otherwise I start getting incorrect values again.