I would like a video on savings goals instead of debt paying goals. I’m confused about the priority system. For example I have 3 goals: 1. Emergency savings (fully funded) 2. House down payment (50% funded) 3. Vacation I would like any surplus money I have to filter into these goals at the end of the month. If I have more expenses than income one month I want that money to be pulled out of one of my savings goals. If I set up a $1500 savings goal for house down payment and $200 for vacation, how will this work? Thanks
I'm so sorry - this comment got hidden and I didn't see it. It's probably way to late for you now, but I'll answer it in case it helps anyone else. Goals are a little tricky, and I shared a debt payoff goal in the video rather than a savings goal. If you want a video explaining savings goals, I don't have one, but here's another channel's in depth explanation: th-cam.com/video/ex7pDDbWcLM/w-d-xo.htmlsi=hU7B4P5o4LaG7A3n
So we are trying to pay off our credit cards, set it up as a goal and now the problem is that we have Credit card payment category in budget that accounts for all of those and it doubles it in the goal. How do we deal with that?
@@BrittanyFlammer thanks for suggesting. So it does look like a miss on their end. If you create a credit card payoff goal you have to hide credit cards payment category from your budget. It’s a shame as it could be useful to track what will be your minimum payment and plan what you are paying off extra. Another miss I see is with Financial fees category. Financial fee is not an expense, this is a charge on your credit card by the bank for the use of credit card. It gets covered by your minimum payment. The cash doesn’t really go from your debit/cash account, but if it’s set as a transaction category, it really messes up your cash flow and your budget.
I would like a video on savings goals instead of debt paying goals. I’m confused about the priority system. For example I have 3 goals:
1. Emergency savings (fully funded)
2. House down payment (50% funded)
3. Vacation
I would like any surplus money I have to filter into these goals at the end of the month. If I have more expenses than income one month I want that money to be pulled out of one of my savings goals.
If I set up a $1500 savings goal for house down payment and $200 for vacation, how will this work?
Thanks
I'm so sorry - this comment got hidden and I didn't see it. It's probably way to late for you now, but I'll answer it in case it helps anyone else.
Goals are a little tricky, and I shared a debt payoff goal in the video rather than a savings goal. If you want a video explaining savings goals, I don't have one, but here's another channel's in depth explanation: th-cam.com/video/ex7pDDbWcLM/w-d-xo.htmlsi=hU7B4P5o4LaG7A3n
This was a great explanation. Thank you!
Glad it was helpful!
So we are trying to pay off our credit cards, set it up as a goal and now the problem is that we have Credit card payment category in budget that accounts for all of those and it doubles it in the goal. How do we deal with that?
You can choose - you can either have it as a category in the budget or as a goal. You don't need it in both.
@@BrittanyFlammer thanks for suggesting. So it does look like a miss on their end. If you create a credit card payoff goal you have to hide credit cards payment category from your budget. It’s a shame as it could be useful to track what will be your minimum payment and plan what you are paying off extra.
Another miss I see is with Financial fees category. Financial fee is not an expense, this is a charge on your credit card by the bank for the use of credit card. It gets covered by your minimum payment. The cash doesn’t really go from your debit/cash account, but if it’s set as a transaction category, it really messes up your cash flow and your budget.