Manually set "To Be Budgeted Amount"
I'm fortunate to get way more income in per month than I need to spend.
I still like to budget and this app seems ideal.
Is there a way I can set the "To Be Budgeted Amount" for a month to a lower amount than the income that's come in.
e.g. Say I get $12,000 in per month but only spend $2,500 in my budgets.
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Make some savings categories.
I gave some more specific advice yesterday on this thread:
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Yes to savings categories. And when the actual saving account is too big, move to Tracking (investment) accounts.
Also, allocate various amounts to your True Expense categories, as at some point you will find those coming due (Income tax, property tax, etc.)
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Budgeting doesn't mean spending immediately.
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This is YNAB 101. Save the extra in savings categories.
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Makes sense. I'll create an extra saving category.
Thanks for the advice.
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Hot Pink Inspector Try to make the savings categories specific. Things like Income Replacement (6 Months), Holiday, Vacation, Gadgets, Car Replacement, House Maintenance & Repair, Car Maintenance & Repair, Appliances, etc.
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Thanks. I already have those pots covered superbone. This is excess on top of that. I normally leave some as a general "buffer" in my current account and move the rest to savings. Should I create a buffer budget and a savings budget.
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Hot Pink Inspector No, you don’t need two budgets. Everything should be categorized. What are the purpose of these extra funds? If you don’t have one for them, maybe they should be invested. Once everything is covered, you could also have an overflow category as well that gives you the freedom to do whatever you want with those funds in the future. That’s what I do. I call it my Freedom Fund.
Hot Pink Inspector said:
I normally leave some as a general "buffer" in my current account and move the rest to savings.Don’t confuse accounts and categories. They’re independent. I keep enough in my checking account to cover my bills for the next 30 days plus a couple thousand. Everything else is in savings and investment accounts.
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