Monthly Credit Card Payoff

When I set up YNAB I was given the option of paying off my credit card in full (likely setting an automatic goal of the entire balance by the payment date?). For simplicity purposes, I did not check this option and now I am wondering how to enable this option after the fact without disrupting any tracking over the past month and a half. Although it's a sin, I do use my credit cards to get 6% back on groceries and 2% back on everything else, but I like to pay these off. Any suggestions?

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  • "Pay In Full" mode just means that your Credit Card Payment's Available balance is enough to cover your entire credit card account balance in YNAB. You can get there by budgeting money to your credit card payment category so that it reaches this number.

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  • Silver Screwdiver said:
    (likely setting an automatic goal of the entire balance by the payment date?).

    It does not create a goal for this. The set up prompt is just to get you to budget for the existing balance on your credit card at the time you start using YNAB.

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  • It's not a sin in YNAB to use credit cards as long as you pay them off monthly.  Dave Ramsey thinks credit cards are horrible, and I used to follow his plan so maybe you're coming from it too.  YNAB is agnostic to your payment method, as long as you have the cash on hand when you purchase any items on your credit card, rather than falling behind one month in the old "credit card float" trick.

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  • Hey Silver Screwdiver ! The prompt when you're setting up the account is a reminder to handle the existing balance. It will set a goal for the entire starting balance, pay down the balance over time or skip. It sounds like you chose the latter, and that's okay. YNAB's credit card handling is built so you can set aside money for the payment, to use credit cards wisely as a part of your budget plan.

    All you need to do now is make sure your Credit Card Payment category matches the balance owed on your card, and budget more in the current month until they match. This article goes into more detail on when you pay your credit card full too! Here's how it will look in your budget:

     

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