I personally feel like breaking expenses into multiple budgets would defeat the purpose so I'm curious what the use cases would be. Let’s say I want to send 1000 EUR to an account in my AUD budget. As for the OP's original question, today I technically have 4 checking accounts, but that's due to some strange circumstances right now (waiting for my tax refund to arrive to close one account that I no longer use,  I had to open with a local credit union for my mortgage refinance last week, another credit union was used for my Airbnb business before Covid and currently just sits there unused). This tutorial will walk you through every single detail of using credit cards with YNAB. 2 checking and 2 savings...no benefit. UPDATE: Excellent responses by people on here. The reason to have a separate account is because having the account itself gains you something. That’s a good reason to have that credit card. Basically, you want to shift from using an account to determine the purpose, and keep the account because the account is useful. So as long as there is 2x that amount in the account, I move everything else out to other accounts. Making a request or deleting an account is simple through options in the Settings menu, but YNAB could hold onto your data for anywhere between 18 … It doesn’t matter where the money sits. You'll know "there's no chance there's less than $1000 in my checking account, so this $200 purchase is fine.". Checking account 1 has a stupid billpay interface that I hate using. If you can follow your categories, it doesn’t matter whether you use credit or debit. Transferring funds. Last year I cancelled all my cards a la Dave Ramsey, but now I use them responsibly, only for budgeted expenses, and I get 2% cash back on basically all of my purchases, 5% at Amazon. The running balance in conjunction with scheduled transactions makes it trivial to make cash-flow decisions. Same with mine except I have one budget with checking, saving, CC and venmo. Just don’t link your bank account to your YNAB account. But checking account physically actually only happens when you're close to the bone. Basically, you want to shift from using an account to determine the purpose, and keep the account because the account is useful. If you spend money based on category balances not account balances, there's no need to "hide" money in multiple accounts. Any income you receive will be entered into the same account in YNAB that it was deposited to in real life. Our plugin works by automatically converting your foreign account's transactions to your budget currency. Agorapulse. Paychecks and all physical cash deposits go into checking account 1 because of convenience. And if we had to shut that card down, we still had access to our main account and didn’t need to re-setup all our bills, etc. Do I spend slightly more than if I were using debit or actual cash envelopes, like I did for awhile? Done. Putting it on a card makes it a lot easier to manage your checking account balance since you only have to pay them once a month. If your CC is compromised, you simply cancel it and order another one. You would need to carefully consider the location of the money when you budget. Account Types: Budget vs. Tracking; Adding an Account; Adding Income; Adding Transactions; Approving and Matching Transactions; Close or Delete an Account; Colors and Icons in Your Account … At that point I’d have checking, savings, credit. to be paid with a new card. When I got paid, I would dutifully transfer money from my checking account to the appropriate savings accounts Then I would go over to the budget and make sure my savings categories all matched up with my savings accounts. Which kinda goes against the whole point of YNAB. Now, I am able to keep this low maintenance because my budget is not in anyway close to the bone, so there is gravy in pretty much every account. There is a show-me-yours description thread on how many of us organize our accounts: One Bank Account to Rule them All that goes from one extreme (single account) to the another, and this definitely demonstrates that there is really no right way to organize yourself. Had that $20 been budgeted for something else? All of the above replies are great and I’d repeat the same. And because I have several weeks between when I get the statement and when the credit card bills are due, I have plenty of time to get the money into checking account 2. This saves me from having to transfer a few hundred dollars every single month. I was thinking along the lines of using a second checking account for online purchases - like from Amazon or through Apps etc. Look for the bank and account name. But not sure if the extra work to set this up and manage it is worth it? Do more with YNAB + Shift. You Need a Budget combines easy software with Four Simple Rules to help you quickly gain control of your money, get out of debt, and save more money faster! The exception is we don't have the grocery account you have. Add your transactions. :), Follow YNAB to get support and lots of great ideas on budgeting. I have the honor to be your obedient servant. However, I am wondering what (if anything) people find it helpful to have separate accounts for? It's worked perfectly, but again, not the classic version. You can have $10 in giving budget and $30 for rent budget but keep $25 in savings and $15 in checking. But they also gave me a free savings account that has higher interest on the first $5k than my online HYSA, so I will move $5k there to take advantage of that. That being said, I manage multiple accounts for various features or benefits that each account offers separately, and YNAB handles this smoothly. If you import transactions, many of them will be cleared in YNAB automatically. Foreign currency accounts for YNAB. 3 You Need A Budget (YNAB) automatically syncs to your bank accounts, credit cards and investment accounts once you link them to the app. No more CSV uploads or manually adding transactions in YNAB. The main reason for other accounts is to get better interest rates on longer term savings. In his, he set up two budgets, one manages the account with the fixed expenses and one manages his personal account. is all in here). Seems to be working just fine. I only have one checking account, and I’m not sure the benefit of having multiple checking accounts would offer. In YNAB, the accounts I keep my money in do not matter to the budget categories in which I have assigned every dollar. Cleared: Transactions that your bank knows about and have finished processing are cleared and are marked with a green C at the right-hand side of the transaction line. Mint. (My wife and I share a single YNAB budget across two Dropbox accounts using this method). For instance, I have a savings account at a credit union because I like having a credit union account. When I get money in venmo, I can credit it back to the category it belongs in and I make sure to have YNAB on my phone so I know my balances in my categories as I shop. FIRM Budget - Firm Budget is a voice assistant (Bixby) companion app for YNAB. Use multiple currencies in YNAB Manage YNAB accounts with multiple currencies in a single budget. If you don’t see those, link your account with the connection. It's not hard to reconcile when there's only an interest transaction each month. My savings master category should always match my savings account balance. As with other web-based budgeting software programs, YNAB features a mobile app which can be downloaded for your iPhone or Android device. I need help reconciling my accounts! I only get cash out about once per quarter. I currently have Ally and Barclays, two of the historical interest rate leaders. I have the honor to be your obedient servant. Based on that, there's less of a need to have multiple accounts each with specific purposes, since the purpose is determined by the category not the physical location. For example, if you’re adding a credit card, Discover Card is a better option than Discover Bank. One account for shared fixed expenses (mortgage, phones, internet, water, gas, netflix, etc), then we have two more accounts (and two savings accounts) and we split the rest of my husbands paycheck and send it to our two separate accounts. Just don't make too much work for yourself for no good reason. This also makes it harder to WAM and roll with the punches because you cant just move money from one category to the other if its physically in separate places with out getting confused. Long story short, you don't need a bunch of checking accounts for each purpose. Unlike … Your transactions have one of three statuses in the far right-hand column of your account register. So the card gets paid off each month, and no extra debt involved. Alice Blue Welder We have a shared email account we use for shared accounts, and individual email accounts we use for things we need to keep individual.. So I know I don’t need more than one account to track my savings goals, etc. You having multiple accounts is also like an envelope system albeit very complex. I spend probably a total of 10 minutes a month paying attention to account balances. I had thought about a credit card for these purposes, but we are trying to get away from credit card usage as we don’t currently carry a balance and are trying to get rid of the rest of our debt. Manage multiple accounts, schedule video, reposting, analytics & uploading tools. YNAB is based on a very rigid budgeting philosophy, which is complex to understand and only works well for a small number of users. I have a few savings accounts solely because I've opened them for the sign-up bonuses. YNAB handles all this flawlessly and all accounts feed money in, and YNAB keeps the spending categories straight with their proper funds. You said the $20 was in an account for other budgeted items. I don't increase my debt, because I only buy things on my card that are already budgeted for in the proper categories on my budget. Shift is a desktop app to manage YNAB and all of your other apps & email accounts in one place. Every few months, I throw $1000 in there. 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