Hello this has probably been answered before but I can’t seem to understand how I track my 401k savings along with my budget. When I look at the monthly budget view in the foundation template I don’t see the 401k savings being tracked. I have them as transfers but how do I get to see them as savings? It just throws me off a bit as transfers because it almost shows that I am not saving anything. Hope this makes sense and that someone can help. Thanks
I can think of two solutions (others probably have different ones):
-If you really want to see those contributions show up as savings on your monthly budget, then you could categorize them as Income rather than Transfers. Personally, I wouldn’t do that because it isn’t really expendable income, at least until you retire, and it’ll throw off your monthly budget.
-My preferred method: you should have a positive transfer for your 401(k) from whatever brokerage manages it. I categorize those incoming transfers in a category called Retirement Contributions. If I ever want to know how much I (and my employer) have contributed to my retirement accounts, I can run a report on that category. They don’t show up on my monthly budget, but I’m ok with that as it’s not money that I’m really thinking about spending anytime soon.
Others may have other solutions.
Ok thank you that makes sense. When you say report is that a category rollup report?
I was using “report” in a general sense. A Tiller Category Report would do it. It might also be as simple as filtering down my transactions sheet to that category and doing a sum of the transactions.