Special savings account?
I'm new to YNAB and I can't seem to find this in the help sections. I have 2 separate savings accounts which have purposes. One I call "education savings". I put money in this every month that has been used to pay my kids private school tuition, and now extra college expenses. I don't want it to be a linked account. How do I put this in my budget? I tried just creating an unlinked account, inflowed that balanced to TBB. Created a budget category called "education expenses" and budgeted the balance to that category. Is that correct? I'm supposed to give the dollars a job, right?
Now let's say I have a $90 bill that I pay with my CC. I categorize the transaction to "education expenses". Ok great, reduces the category by $90.
Prior to YNAB, I would move $90 to my checking account to cover the charge. So, if I do that I will get an inflow. So do I then make it a Transfer from the unlinked education account?
When the money goes out of my checking account this month, how do I deal with that transaction? Do I make it a "transfer to" the unlinked account?
If the savings account is on budget (linked or unlinked), a transfer from savings to checking will have zero impact on your budget.
Now if you are importing transactions in your checking account, the import will classify it as a transaction instead of a transfer and you will have to adjust the payee to turn it into a transfer. Someone else will have to jump in on how you can get this to be automatic after the first time you rename.
Also, I will drop this here.
In other words, put all your accounts in your budget, assign all your money to categories. The location of the money doesn't matter as long as you have enough money in the correct account to pay whatever it is you need to pay.
With YNAB, setting up an account for a specific purpose is redundant and completely unneeded because your categories manage this for you. The only reason to have multiple savings accounts is for better interest rates at a different bank.
Thank you. So this is where I get lost: I've done all that budgeting. Now I write a check to pay for that "hunting trip" I had saved for (remember I saved this BEFORE I joined YNAB, but I added that savings account to YNAB and budgeted $ to the "hunting trip"). The check transaction shows up and I categorize it to that "hunting trip" budget category. Great. But wait, I just wrote a check out of my checking account, and the actual money is in my savings account. Hmmm. Now what do I do?
but what if I don't want the Savings balance to count as Funds in my budget so I can have a more realistic view of how much money is actually coming in and out every month?
I never see anyone talking about Tracking Accounts when talking about this.
I'm also new and still trying to figure out the best way to use YNAB..