Tiller Money Live: Community Webinar + Q&A - September 17: Savings Budget

Watch a replay of the Community Webinar + Q&A covering the Savings Budget.

This beta quality template allows you to track the unspent (or overspent) funds from a category across months. It also makes tracking long term savings goals easier.

Savings Budget guide
Q&A

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Hey @heather and @randy - In the webinar, Cody asked a question (circa 26:50) about moving money around in accounts and tracking it as an expense. I believe I’ve been doing something similar to the scenario Cody mentions in order to reconcile negative available balances in each month. I have done this to 1) make sure money is in the right place within my actual accounts, especially when needing to move money from savings to spending accounts so as no to overdraw or to pay off a credit card, and 2) get closer to zero-sum budgeting and reconcile the month’s budget within the Monthly Budget sheet.

For example: this past month, I overspent on buying gifts and donations by about $300 and my Gift category then had a -$300 available balance in my Monthly Budget sheet. To resolve this, I transferred money from a savings account to my spending account in order to pay off my credit card. I then categorized the transfer line items (-$300 from the savings account and +$300 to the spending account). Instead of marking them both as “Transfers,” I only marked the -$300 from the savings account line item as a “Transfer” and marked the +$300 to the spending account line item as “Gifts.” This made the available balance for Gifts in the Monthly Budget sheet $0 instead of -$300.

My questions is: would you recommend doing something else instead or is there a better way in using the Savings Budget (or the Monthly Budget)? You had mentioned best practices for handling transactions and updating the Savings Budget document with those to include more guidance, but I’m not seeing it there so maybe I’m just missing it. :slight_smile:
Thanks!