It's worked perfectly, but again, not the classic version. Automatic categorization. And needing to keep track of balances there, etc. Same with mine except I have one budget with checking, saving, CC and venmo. Presumable the savings gets you more interest to I’d keep one savings, but I also might look into putting your savings into an online higher yield account. Add your transactions. Basically, YNAB would recommend you to simplify your accounts as much as possible, perhaps even down to a single checking account. Tomato Stallion I wouldn't say it's "the only way" -- I'm sure those who have a lot of accounts and are fine with the potential pain of juggling them all. Say for example I have $100 budgeted for clothing. I have the honor to be your obedient servant. I highly recommend the blog article on the relationship between accounts and categories. 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.. You'll know "there's no chance there's less than $1000 in my checking account, so this $200 purchase is fine.". This is what works for me as well. I love the system you currently have in place - it sounds like it really works for your situation and having your partner involved does wonders for making a budget realistic. The reason to have a separate account is because having the account itself gains you something. I did have trouble syncing multiple accounts … Checking account 1 has a stupid billpay interface that I hate using. :), Follow YNAB to get support and lots of great ideas on budgeting. Let’s say I want to send 1000 EUR to an account in my AUD budget. Paychecks and all physical cash deposits go into checking account 1 because of convenience. But checking account physically actually only happens when you're close to the bone. Extra accounts to reconcile, etc. With YNAB we each have our own YNAB online subscription account. So it sounds like the only way for the YNAB method to work is to spend from one account, otherwise you have to know how much is in that account and if not you risk overdrafting that account if your following the method and working from the category balance? Look for the bank and account name. Your checking account still has all  the money in it. The rewards and warrantee extension are reason enough on their own. 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). 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. 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. You having multiple accounts is also like an envelope system albeit very complex. 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. It offers you a way to budget and … YNAB. YNAB is a virtual envelope system. 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. Had that $20 been budgeted for something else? Foreign Currency Accounts for YNAB - Manage multiple currency accounts in a single budget. And I do like the simplicity of having fewer accounts. https://www.youneedabudget.com/guides/simplify/. Mortgage, condo fee, and HOA are direct debited from that account. The YNAB app is $4.99, which is separate from the monthly YNAB fee, but it is only a one time cost. If you import transactions, many of them will be cleared in YNAB automatically. 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. Yes, what WordTenor said. YNAB. Right now, we do have 2 checking and 2 savings accounts at the same bank – just because those had been setup that way for awhile – no real particular purpose at this point for them. You would need to carefully consider the location of the money when you budget. So I know I don’t need more than one account to track my savings goals, etc. There might be a case there for protecting your debit card from online shenanigans, but if you’re using YNAB, there’s not much reason to not have a good rewards card. On the other hand, I did use YNAB (or Every Dollar for awhile) with cash envelops for my on the go categories (groceries, eating out, fun $) for about 6 months before I applied for my current credit cards and started using them the YNAB way, so I knew I was going to stick with my budget at that point. I currently have Ally and Barclays, two of the historical interest rate leaders. Right now,  my car payment is drafted from that account,  because the loan is with the credit union and that's the easiest way to do the autodraft. But not sure if the extra work to set this up and manage it is worth it? I left my old CU checking open because it allows me to deposit cash into their ATMs which are all around my area. I managed to close two in the last month, but then opened one more. 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. The thought around that is if the debit card got compromised there is only certain money there – not everything. to be paid with a new card. Then there's the other checking accounts (think his/hers) that gets the rest of the paycheck. So how are people handling multiple accounts in relation to the budget - I know the budget doesn't care where  you spend from, but my bank does. I’ll probably include some  I just need to work out the details with hubby. I've known a few people who have had this happen, and it's very stressful and frustrating. There’s no need to move it to certain accounts. We do buy our household and grocery stuff that way frequently, as well as other less frequent purchases. Personal Budgeting Software for Windows, Mac, iOS and Android Unlike … Just don't make too much work for yourself for no good reason. FIRM Budget - Firm Budget is a voice assistant (Bixby) companion app for YNAB. Follow YNAB to get support and lots of great ideas on budgeting. Which kinda goes against the whole point of YNAB. Sign up for free . I have suggested multiple times in the last 3 years that they implement a robust UAC system with permissions for other accounts to be able to access only specific budgets, and whether those accounts have admin/write/read access. Tomato Stallion  when you have more than one account, you check the category first  to be sure you have enough budgeted, and then you check the account  to be sure there's enough in the account. YNAB Integration. I’ve decided to connect all of our spending and savings accounts that we use regularly. For example i use two categorys for car fuel because one gas station wont take my card so i put money on a gift card, This is both a seperate account and a seperate category. As with other web-based budgeting software programs, YNAB features a mobile app which can be downloaded for your iPhone or Android device. 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 … Consolidate. So if your income is deposited into your checking account at the bank, it will be entered into your checking account in YNAB. YNAB requires a lot of manual work on a daily basis to keep your account uptodate. So if having an account at the local credit union gives you access to some brick and mortar bank features, or makes it easier to pay your car loan you have through them, that’s a good reason to have a separate account. Add your foreign transactions in YNAB and leave them in their original currency. It's pretty much a personal decision on what serves your purposes. 1. Cleared transactions make up the Cle… Granted, there might be some protection from the bank, but until they're done investigating, they don't return your money. If your CC is compromised, you simply cancel it and order another one. 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. Minimizing the # of accounts makes YNAB easier to use because you don't have to reconcile so many accounts, but that doesn't mean you can't have more accounts if you have a good reason to have them. This tutorial will walk you through every single detail of using credit cards with YNAB. Now if one account only has $20 bucks in it because it was used for other budgeted items, and now working solely from the budget not my account balance...how do I keep from overdrafting that account when buying clothes because I check my budget and I have $100 to spend????? Connect your YNAB budget This app is not a part of the official You Need A Budget product. I like to have it spread out over multiple banks because if an account is compromised, the bank can dilly dally for 6-8 weeks before fully restoring my funds and this way I'll hopefully always have money in a deposit account that is relatively easy to get to. If a credit card suits your lifestyle better in terms of its rewards. My count of on-budget accounts today is 16. I do have a couple savings accounts, PayPal (for online purchases), Betterment cash reserve, etc. However, I am wondering what (if anything) people find it helpful to have separate accounts for? No more CSV uploads or manually adding transactions in YNAB. All of the above replies are great and I’d repeat the same. YNAB supports multiple budgets and I'm curious how those that are using them are, in fact, using them. Are there any other suggestions for making online purchases without compromising our entire account balance or main debit card? For example, if you’re adding a credit card, Discover Card is a better option than Discover Bank. You can even pull venmo into YNAB! I really dislike debit cards because of the direct access they have to your account. You Need A Budget (YNAB) automatically syncs to your bank accounts, credit cards and investment accounts once you link them to the app. Do more with YNAB + Shift. Manage multiple accounts, schedule video, reposting, analytics & uploading tools. Agorapulse. Personally, I'm down to three: a main checking account which everything flows through, a checking account for my business, and a third for my wife's personal money that isn't tracked in YNAB (other than tracking transfers to it). At that point I’d have checking, savings, credit. I shudder to think of the mess if those were on my debit card. Every few months, I throw $1000 in there. I don't even HAVE a debit card for my checking account. For example, can I transfer to savings for more interest or back to checking for an unusually large outflow? Some financial institutions have multiple portals depending on the account type. But since the accounts don't determine the purpose of my money, it doesn't matter that there's more money than exactly what I need in that account. 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. We have pretty close to your same exact financial setup. The exception is we don't have the grocery account you have. I personally feel like breaking expenses into multiple budgets would defeat the purpose so I'm curious what the use cases would be. 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. This works like clockwork as I never touch this account...heck the debit card is locked away for it at home. I’ll create the outflow transaction from my EUR account, categorised to the Currency Transfer category. This was essentially for a misc/spending money category in YNAB terms - do what you want with it (gas, eating out, etc. I use the Amazon Prime Chase CC for all Amazon purchases and Citi Double Cash CC for everything else. 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. I don't find the number of accounts that I have to be a barrier to using the YNAB method. 1. In YNAB, the accounts I keep my money in do not matter to the budget categories in which I have assigned every dollar. 3 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. My main account is online. The running balance in conjunction with scheduled transactions makes it trivial to make cash-flow decisions. That being said, I manage multiple accounts for various features or benefits that each account offers separately, and YNAB handles this smoothly. We automatically import your transactions multiple times per day. If you can follow your categories, it doesn’t matter whether you use credit or debit. However, the longer I use YNAB, the more it seems silly to even have separate bank accounts when the interest is so low on regular savings accounts. All YNAB data is encrypted and on Heroku on an AWS (Amazon) stack, the same technology used by the CIA. I need help reconciling my accounts! The debit card associated with this account is only used to withdraw cash from ATMs, never for purchases. As such, I don't need a "sacrificial" checking account. You said the $20 was in an account for other budgeted items. A step-by-step guide to handling credit cards inside YNAB. Done. In his, he set up two budgets, one manages the account with the fixed expenses and one manages his personal account. It's not hard to reconcile when there's only an interest transaction each month. It’s the same money, but one view is divided by category (the budget) and one isn’t (the account register). Your partner can also create their own private budget which mirrors your private budget's setup within their Dropbox account. Insights for YNAB - A connector to get data from YNAB into Google Data Studio. The main reason for other accounts is to get better interest rates on longer term savings. If you spend money based on category balances not account balances, there's no need to "hide" money in multiple accounts. Manage multiple currency accounts in a single budget in You Need A Budget. IMPORTANT NOTE: This is the older command-line interface version of this tool which you must run on your own workstation. There's budgeting by account (a system that can work quite well, certainly enough to keep a relatively organized person more organized), and then there is YNAB which just blows that out of the water. For instance, I have a savings account at a credit union because I like having a credit union account. So the card gets paid off each month, and no extra debt involved. So all my essential bills (mortgage, power, phone, etc.) If your debit card is compromised, all the money in your checking can be drained out. Manage multiple currency accounts … That 1000 EUR has now left my EUR budget. YNAB is a virtual envelope system. Social Media. UPDATE: Excellent responses by people on here. We will then automatically keep your YNAB account up to date. Check to be sure your account is linked: From Accounts, select the account then Edit. The money in your budget. Technically at any given time about six to $700 of the thousand dollars is budgeted  to some other category,  because I budget for my car payment each month, and it gets spent every month. I only get cash out about once per quarter. Then there's the grocery account - it's only used to buy groceries, again it gets a portion of my direct deposit every two weeks relative to the monthly budget for groceries. Tomato Stallion I have 3 checking accounts, 2 savings accounts and 1 money market account (plus Wallet, Gift Card, CDs, and credit cards) as on budget accounts. I have been trying to decide whether to keep using them, or close one of each. Making sure the money is there. So as long as there is 2x that amount in the account, I move everything else out to other accounts. If you don’t see those, link your account with the connection. Mint was founded in 2006 and is currently owned by Intuit. Our plugin works by automatically converting your foreign account's transactions to your budget currency. In the meantime, there are a few troubleshooting steps that have helped other YNABers bypass similar issues: 1.) Like you said, the whole point of YNAB is to manage your funds via your categories (not accounts). Seems to be working just fine. Plus a lot of times they have fees. Or would you just keep the one account/one card and let the chips fall where they may and minimize the fallout if it happens? [Investigating] We are investigating an elevated number of errors connecting to Citibank where YNABers are unable to complete the OAuth connection process due to a grayed out "Authorize" button. I suppose I could use prepaid debit cards for some of that stuff – but then that is another aspect of it to manage as well. 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. are auto drafted out of one account...that account gets a portion of my biweekly paycheck with enough to cover the bills till the next paycheck. dakinemaui I too have a couple savings accounts. 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. How I use You Need a Budget. I spend probably a total of 10 minutes a month paying attention to account balances. I also have a couple checking accounts. Transferring funds. YNAB Mobile ; Contact; Contact; Accounts & Transactions. There might be a case there for protecting your debit card from online shenanigans, but if you’re using YNAB, there’s not much reason to not have a good rewards card. Instead we each have a venmo account and when one person buys groceries, or something for our daughter, we request half the amount back from the other person in venmo. Workshops : Each day, YNAB hosts workshops that help you budget smarter, including paying off debt, reducing credit card debt, and spending more intentionally. I will probably use the new account to direct deposit my mortgage payment from my account, so I can pay it more easily, or maybe I will not use it at all, I'm not sure yet. I have the honor to be your obedient servant. Sign up for free How it works. 2 checking and 2 savings...no benefit. I've been off an on the YNAB theory a few times, what I ended up doing for the longest is segregating my money into different checking accounts (ie budget categories). If you can follow your categories, it doesn’t matter whether you use credit or debit. Mint. I have a few savings accounts solely because I've opened them for the sign-up bonuses. I have a checking account at a local CU, (also a savings and Money Market account there, but they're not currently used) and an online High Yield savings account. Foreign currency accounts for YNAB. (My wife and I share a single YNAB budget across two Dropbox accounts using this method). I'm on Classic, not the online subscription version. is all in here). All other money goes into one of the savings or the money market account. Shift is a desktop app to manage YNAB and all of your other apps & email accounts in one place. Most likely, that's not something you will enjoy. Basically, you want to shift from using an account to determine the purpose, and keep the account because the account is useful. My savings master category should always match my savings account balance. There are a few options you have on how you use YNAB. When using YNAB correctly, all of these purchases are backed by cash and are budgeted for in your categories. Just don’t link your bank account to your YNAB account. Yes, use a cash back credit card. Their rates vary, so I just transfer to whoever has the highest rate. YNAB handles all this flawlessly and all accounts feed money in, and YNAB keeps the spending categories straight with their proper funds. So I’d urge you to get really good at YNAB, maaaaybe if you really feel you won’t have the self discipline to mind your categories, keep the second checking account but use it for online purchases only and work toward using YNAB well. 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. This saves me from having to transfer a few hundred dollars every single month. Multiple accounts can get confusing, you have to set up clear delineation once you get more than 2 or 3 accounts. Over time, as your true expenses and saving build up in your accounts, you'll know that realistically, unless you're making a purchase that's over a certain threshold, you probably don't need to look at your account balance very often. Say for example I have $100 budgeted for clothing. Your transactions have one of three statuses in the far right-hand column of your account register. Foreign currency accounts for YNAB. For the new easier-to-use web based version, please visit fca4ynab.borsboom.io. Data security with multiple levels of encryption; YNAB Mobile App. Transactions Import Automatically. If there was $435.19 in the new computer account, I made sure there was a balance of $435.19 in the new computer category. You can have $10 in giving budget and $30 for rent budget but keep $25 in savings and $15 in checking. For example i use two categorys for car fuel because one gas station wont take my card so i put money on a gift card, This is both a seperate account and a seperate category. This is so true, I recommend the OP heed this advice. Use multiple currencies in YNAB Manage YNAB accounts with multiple currencies in a single budget. It doesn’t matter where the money sits. Note that you can import transactions from multiple bank accounts and credit card accounts. 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 … Free Trial: YNAB is free for 34 days, so you can sync your bank accounts and get comfortable with budgeting for a full month on a trial basis without risking a penny. YNAB encourages you to think about money a little differently, and focus on category balances rather than account balances. If the purpose of the money matters more than the location, multiple accounts is just creating a lot of extra work and hassle for yourself for little benefit. Making sure everything under the hood is in order. 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. But you might want some different checking accounts  for other reasons. Because you use your budget to make spending decisions, your records in YNAB need to be in complete agreement with your bank’s records—this process is … Watch this quick video—and read the descriptions below—to find out why these statuses are so important to reconciliation. 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! These are saving categories that I would rarely spend from, not rainy day funds. I've had my credit card compromised numerous times. Correct? That’s a good reason to have that credit card. These accounts include our main checking account, our income deposits, … So if having an account at the local credit union gives you access to some brick and mortar bank features, or makes it easier to pay your car loan you have through them, that’s a good reason to have a … Our plugin works by automatically converting your foreign account's transactions to your budget currency. Long story short, you don't need a bunch of checking accounts for each purpose. So, if you're not sure you'll stick with it, give yourself the time to build up your YNAB muscles. I apologize if this gets a bit wordy and I do tend to overthink things so would like some input if there’s a simpler way or something I’m missing…. YNAB will remember your payee names, and categories, saving you lots of time. YNAB gives you two completely different views of the exact same dollars: The money in your bank accounts. I understand the difference between budget accounts and savings vs the actual bank accounts. I Would Have Saved - Web Application for looking at your transaction history I was thinking along the lines of using a second checking account for online purchases - like from Amazon or through Apps etc. YNAB is based on a very rigid budgeting philosophy, which is complex to understand and only works well for a small number of users. Manage YNAB accounts with multiple currencies in a single budget. . Any income you receive will be entered into the same account in YNAB that it was deposited to in real life. YNAB account passwords are using industry best practices (one-way salted and hashed, using multiple iterations of a key derivation function for passwords). There are probably better ways to keep your accounts secure (like Bruce said, not even having a debit card). Everyone and every couple will have their own budgeting journey, what's important is to find something that works for the two of you. You having multiple accounts is also like an envelope system albeit very complex. It's an excellent read. It doesn't pay very much interest though so it's  not the account where I keep most of my money. The reason to have a separate account is because having the account itself gains you something. Option than Discover bank for each purpose off each month, there are better... That credit card compromised numerous times number of accounts that I hate using own private budget setup. Or debit using this method ) deposit cash into their ATMs which are all in there of accounts that hate! We will then automatically keep your account with the connection other YNABers bypass similar issues: 1 )! Then opened one more suits your lifestyle better in terms of its rewards if anything people. 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This is so true, I do have a separate account is because having the account.! A part of the paycheck and keep the account is linked: from accounts, (... Sure you 'll stick with it, give yourself the time to build up your YNAB account up date!