Budgeting credit card payments

apastuszak's Avatar

apastuszak

17 Jun, 2015 03:40 AM

Is there a way to budget credit card paymemts?

  1. 1 Posted by Scott Meehan on 17 Jun, 2015 05:07 PM

    Scott Meehan's Avatar

    Hi Apastuszak,

    If you're using categories from an account to track the payments, then it can be done the same as budgeting for any other category, but if you're using transfers from one account to another, then unfortunately no. There's an existing ticket in our ticketing system for budgeting transfers, so I've attached it to this discussion and the developers will be looking into it.

    Scott Meehan
    Infinite Kind Support

  2. 2 Posted by Cassie on 24 Jul, 2015 09:54 PM

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    I have the same question. This would be really helpful.

  3. 3 Posted by apastuszak on 22 Aug, 2015 05:12 AM

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    This doesn't just apply to credit cards. This covers loan payments also.

  4. 4 Posted by Chilovik on 10 Mar, 2016 03:33 AM

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    I have the same need, the desire to budget credit card payments.

  5. 5 Posted by kcannon on 17 Mar, 2016 11:46 PM

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    Ditto here.

  6. 6 Posted by retail on 25 Mar, 2016 12:18 PM

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    I have a new twist to add to this - first I support the effort to budget transfers. For example payments to a 401(k) or 529 account. I also support the ability to import budgets via a spreadsheet - the current method is tedious.

    Second, I would like a way to distinguish between paying the monthly cc balance vs. some other amount. For example, if I spend $500 on my card, and they pay the monthly balance of $500, than as far as I'm concerned, that's a wash. My budget captures the individual transactions on the credit card when the purchase was made; I don't track the card payment as an expense as that would be double counting. What I need to see separately is if my payment differs from the monthly balance. If I charge $500 and then pay only $100, that is essentially $400 in income for that period. Or in my case, I'm trying to pay down a large balance, so I want to pay the monthly balance plus an additional $1000 per month. How do I budget and track that additional $1000 as a separate expense?

  7. 7 Posted by apastuszak on 25 Mar, 2016 12:45 PM

    apastuszak's Avatar

    Create a new category called Credit Card:Payoff and track the expenses in there.

    But that money should be part of your budget.

    My goal with budgeting here is to "budget to zero." If you can enter a transaction in your checking register, then you should be able to budget it.

    When you get a paycheck, you should immediately break it up in the budget into what you want to spend it on. So, according to your budget, you should have zero dollars left.

  8. System closed this discussion on 24 Jun, 2016 12:50 PM.

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