In YNAB, how do I account for the credit card bill...
# budgeting
m
In YNAB, how do I account for the credit card bill? The amount is covered by the rest of my budget, but it goes into a separate category.
h
Hey Pessi! In YNAB, when you pay your credit card bill, you need to make sure that the money is set aside in the 'Credit Card Payments' category. Here's how it works step-by-step: 1. Add Your Credit Card: First, add your credit card to YNAB. This will create a 'Credit Card Payments' category automatically. 2. Track Your Spending: When you make a purchase with your credit card, enter the transaction in YNAB. The money will be moved from the spending category (like 'Groceries' or 'Dining Out') to the 'Credit Card Payments' category. 3. Make a Payment: When it's time to pay your credit card bill, go to the 'Credit Card Payments' category. The amount you have set aside for the payment will be shown there. Record the payment in YNAB by selecting the credit card account and hitting the 'Record Payment' button. This will update both your credit card and bank account balances. By following these steps, you ensure that the money you spend on your credit card is always covered by your budget, helping you avoid debt and stay on track with your finances.
m
If Albus wasn't helpful checkout https://www.ynab.com/blog/how-to-manage-credit-cards-in-ynab If that still isn't helpful, let me know!
i
I think Nick True has a youtube video about it that helped me