Hi I am trying to set up a monthly budget using categories, but how do I account for savings items? Like if I want to budget my Roth IRA, how do I make it subtract from the total budget, without classifying it as an expense (because it is really a transfer)?
Tldr:, how do I make transfer items affect the budget?
Use the Savings Budget template
Great question, and it depends on the context, like whether this is a paycheck deduction or a one-time contribution. Planned contributions to savings goals, particularly retirement savings, are categorized, budgeted, and contributed to like they are expenses. I have a category of “Roth IRA Contr,” rolling up to a Group called Savings Contributions. When I make the transfer, I use the “Roth IRA Contr” category, and it goes against my Roth IRA Contr budget item.
Here’s an article from Tiller Help.
Did any of these suggestions help? If so, please mark one as the solution. I also wrote a post on how I track savings.
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