Moving sinking fund balances over to ynab

Hi all just signed up for ynab... I am coming from a different budgeting software.  On that software I had positive sinking fund balances (Christmas, vacations, etc)k because of this I have a rather large checking account balance.  I can’t figure out how to add these starting balances to my accounts in ynab so that I can see exactly how much I actually have for my monthly budget.  I can’t find any videos that cover this.

 

example I have $1000 in my Christmas sinking fund, I want to add that to my ynab Christmas line and then set a goal to continue funding for rest of year.

 

appreciate any help

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  • You will budget $1000 to your Christmas line this month. Then next month you will return to the previous amount you budgeted 

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  • Slate Gray Sander said:
    because of this I have a rather large checking account balance.

    Have you thought of moving some of those funds into a “high yield” savings account? You might as well make a little interest while those funds wait to do their jobs.

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  • Slate Gray Sander said:
    example I have $1000 in my Christmas sinking fund, I want to add that to my ynab Christmas line and then set a goal to continue funding for rest of year.

     Yes, when you add your checking account, with its entire balance, the amount in your TBB will go up by that same amount.  You budget $1000 of that into a category called "Christmas" and then you can set a goal on that category for whatever amount you want to add each month.  Wash, Rinse, Repeat.  All of your sinking fund balances can be moved to categories with the name of the sinking fund, and they will sit in there, waiting to be used, and not being pulled off for some other purpose.

    And as superbone said, consider moving some of that money off into a "high yield" savings account... (in quotes because these days, they're not really all that high) but every little bit extra earned in interest does help.  Just keep enough in your checking to cover all expenses you know about plus a comfortable buffer for unexpected expenses, and the rest can be in savings.

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