Insurance checks/investment account withdrawals

We had two incidences in August: an auto accident and we decided to purchase carpet for part of the house.

So we received an insurance check for the accident.

Also received withdrawal from an investment account not listed in YNAB

In comparing the last few months, should I tag these to show up as income? Even though they were for specific items?

Thanks.

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  • mastump I hope everyone's okay! The best question to ask yourself about inflows like these is: "are these inflows offsetting spending?" 

    If they are, you'll probably want to categorize them directly to the spending category(s) in question - this will keep your spending report happier!

    If not, Inflow: Ready to Assign might be the ticket! In this case, the transaction will show up as income in your Income vs. Expense reports. You might find this previous thread helpful in making the choice.

    Does this help get you where you're hoping to go? Let me know if those inflows are offsetting spending and we can continue brainstorming from there!

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  • As Rachel says if you are buying a replacement car with the insurance money, I would categorize that to the car replacement category. As for the investment money, was the withdrawal for a specific purpose. The difference is really in the reporting. If it’s for a specific purpose (like the insurance money) if you categorize as Ready to Assign then your income for the month and year will be higher than normal and the net expense of replacing the car will be too high. In fact it’s like you traded one car for another but the cars become cash momentarily. 

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  • There are many ways to get insurance but i think the best way to do so is to pick the right banks and people that will handle your money in the long run to avoid those big scams and other problems. 

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