Author Topic: Checking/YNAB question  (Read 2206 times)

b4u2

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Checking/YNAB question
« on: February 19, 2014, 05:53:59 AM »
I have 1 checking account, a Christmas savings account, and 2 other savings accounts. In the past I did this so that I could budget my large expenses weekly. Now that I have a buffer and do not need to transfer money weekly (plus it is a hassle in YNAB) should i just have all of the money in my checking account? My checking is interest baring. I would still keep my Christmas savings account.

What do you do?

EK

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Re: Checking/YNAB question
« Reply #1 on: February 19, 2014, 06:10:00 AM »
Before YNAB I was splitting things up into all different accounts too, but now that I can keep track of all the different categories in YNAB I've simplified and switched to really using just one account.  It's so much easier to just see all the balances in YNAB and not be shuffling money around all the time to keep track!

smalllife

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Re: Checking/YNAB question
« Reply #2 on: February 19, 2014, 06:18:10 AM »
I now only have one interest bearing checking account, just makes things easier.  I did have an online-only savings account but that got emptied to fund the Roth this year. 

b4u2

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Re: Checking/YNAB question
« Reply #3 on: February 19, 2014, 07:05:10 AM »
Thanks for the replies! I will start moving money around today! This will certainly make my life (tracking/reconciling) so much easier!

Derek

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Re: Checking/YNAB question
« Reply #4 on: February 19, 2014, 07:06:42 AM »
Go with one.  YNAB makes the other accounts unnecessary.

nosaj

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Re: Checking/YNAB question
« Reply #5 on: February 20, 2014, 10:39:08 AM »
With YNAB, if you categorize all of your income as for the next month, or if you're keeping an emergency reserve, or if you have rainy day categories, you might have a large amount of money in your bank accounts. I do this but try to keep my checking account balance low, and put the rest of the reserves in a savings account to get a slight boost in interest. (monthly income + emergency fund + avg. rainy day balance) * (savings interest rate) = yearly interest by using a savings account

Embers

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Re: Checking/YNAB question
« Reply #6 on: February 20, 2014, 10:12:57 PM »
Before YNAB I had 5 different accounts and spent way too much time juggling and moving money around.  Now I keep all my money in 1 checking account. Like others have mentioned you just set all your saving categories. No need for multiple accounts and now I only spend about 5 minutes a day on budgeting in YNAB.

Joel

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Re: Checking/YNAB question
« Reply #7 on: February 21, 2014, 12:23:22 AM »
Definitely consolidate accounts if possible once you get comfortable looking at the category balances for spending decisions.