Savings Accounts

Simon Smith's Avatar

Simon Smith

06 May, 2021 06:56 PM

Can anyone please help me with this. I have all my accounts in one file on MD which include savings accounts. Is there any way to exclude those savings accounts from my budget as transfers between accounts don't show in a budget. I want to find a way to keep savings seperate without having to create a new file. Or would the way be to create an expense caterory called savings and then include the amount you want to save in the budget. Any ideas would be welcome.

  1. 1 Posted by mhoggie on 06 May, 2021 07:51 PM

    mhoggie's Avatar

    just a user,

    If I understand you correctly, your objective is to find away to budget activity between accounts ?

  2. 2 Posted by Simon Smith on 06 May, 2021 09:22 PM

    Simon Smith's Avatar

    Hi,

    Thanks for your email. Yes. I need to keep my savings out of my budget.

    Cheers

  3. 3 Posted by dwg on 06 May, 2021 10:28 PM

    dwg's Avatar

    I'm a fellow user.

    I'm somewhat confused. Moneydance supports expenditure budgets, so transfers are not part of the budget (it is not a cash flow budget) so moving money to/from savings is not in the budget. The budget only includes expenditure categories.

    Your first post says you you want to include savings in your budget (there are ways) and your last post says you want to keep savings out of your budget.

  4. 4 Posted by Simon Smith on 08 May, 2021 08:00 AM

    Simon Smith's Avatar

    Sorry I've not been very clear.

    I am looking for a way to reflect savings in my budget. I realise this may
    involve some kind of work around.

  5. 5 Posted by mhoggie on 08 May, 2021 01:31 PM

    mhoggie's Avatar

    just a user,

    A simple way I've found to budget anything not provided for in MD is to add an additional category for that purpose and add that new category to the transactions using the split function and offset by a null entry. For example, if I wanted to budget any kind of transfer from one account to account to another ( credit card payments, personal loan payment, investment payment, savings deposits, whole life insurance payment, etc) I would simply create a special category for that purpose, (Savings Deposit Budget), for example. Then when I created the transaction to make that transfer, I would enter the amount using the normal Savings Account category, then open the Split function to add an identical amount to the new "Savings Deposit Budget" category and another Split to offset that amount using another category I added named "NULL". Then the total of the splits will sum up to be the original amount and you can use the new "Savings Deposit Budget" category to track in your budget. I have about a half dozen special categories for budgeting purpose that are organized under a Budget section of my categories. Works perfect. You can memorize the transaction and use it in a reminder to repeat that action monthly if you like. Then all you have to do is edit the amounts if needed. The only transfer where you can't use the extra offset category method for budgeting is the MD built in mortgage payment reminder with does not have a provision for adding a split. To deal with a mortgage payment for budgeting, you simply create an additional reminder that triggers the same date as the mortgage payment to add the additional "Budget" payment offset by a "NULL" entry. Then your budget can track everything you want.
    Here is an example.

  6. 6 Posted by mhoggie on 08 May, 2021 01:38 PM

    mhoggie's Avatar

    Just a user,

    By the way, another tool I use is the Money ForeSight Forecast extension. You just enter accurate numbers in your reminders and you can see a graph predicting your account balances into the future. I have found that tool to be much more valuable to manage my spending than the MD budget, but I use them both

  7. 7 Posted by Simon Smith on 08 May, 2021 01:59 PM

    Simon Smith's Avatar

    Many thanks for your emails. They are both very helpful. I will give it a
    go.

    Thanks for taking the time. 

    Kind regards

    Simon

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