Getting Started With Monarch Money Part 4 Budgeting With Goals and Credit Card Debt

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Evolving Money

Күн бұрын

Пікірлер: 34

@Kentcoaching 6 ай бұрын

Great video!

@c.kimikolee6572 7 ай бұрын

Hey Taylor! Love all these videos. Can you do a video specifically about tracking mortgage? My budget doesn’t seem to track or categorize correctly. How do you do this for your clients?

@evolvingmoney 7 ай бұрын

A common issue with mortgage is that when you click on that category and look at the transactions, you may see a positive and negative for the same dollar amount for your mortgage. One is the money leaving your checking account (black text dollar amount) and one is the money being receiving by your mortgage company (green dollar amount). The one being received by your mortgage company needs to be recategorized as a "transfer". Otherwise, the positive and negative transactions are cancelling each other out!

@joemarorate436 3 ай бұрын

do you have a video specifically budgeting for debt?

@evolvingmoney 3 ай бұрын

I go more into detail with this in my upcoming courses in the membership community. Check it out: members.evolvingmoneycoaching.com/

@georgediatzikis 4 ай бұрын

Could you do a video for more detail on Goals? Specifically using goal with money come in and out of goals. How is that handled? I'm clear on how goals work (kind of) when I save for them, but I have a goal for collage funds/cost, and I add to it at times, but need to take $$ out to pay for bills. So how do I use it correct with $$ coming out?

@evolvingmoney 4 ай бұрын

There are two videos that should be able to help you out I'll link here. If not, let me know and I can make a better version! kzbin.info/www/bejne/o4axapeIq9SXfsU kzbin.info/www/bejne/mYHTl6GaaN6lf7M

@joseffoureauxdaelander774 3 ай бұрын

I've come to realise something about what us good about using GOALS instead of using a sinking fund. When you go over the dashboard to see your overview you might have spent your entire months' budget, but if there's something in any of your sinking fund (let's say you have 10 000 USD for a car) it looks like you still have 10 000 USD left on the budget, which might be the plan of the feature, but to me it would be better to keep your goals and such away from your progress of the monthly budget. Too bad...

@evolvingmoney 3 ай бұрын

Hey Jose! For a more one-time purchase like a car, I definitely agree with you. For sinking funds that are yearly expenses like travel and gifts, it's better to use the rollovers

@jonathandean300 7 ай бұрын

Can you do a video on withdrawing from goals? For instance if you’re saving for a home or a big vacation and now you want to use said money for either, what is the best practice to get the money out of the designated goals category and have show that it was used for the goal? Would you want it to become an expense (unsure because generally a down payment for a house would be a HUGE expense and would wreck cash flow)? Thank you!

@evolvingmoney 7 ай бұрын

Check out this video on goals, it might help! If it doesn't, let me know! kzbin.info/www/bejne/mYHTl6GaaN6lf7Msi=WhkqC_2BdRn8kShL

@jonathandean300 7 ай бұрын

@@evolvingmoney I watched video, but am still confused. After saving for a goal, say vacation, in my savings account, I want to use the money. I believe best practice would be that I would move the money back into my checking acct to use the money. However, if I put all my vacation expenses in Monarch, wouldn't that create a large negative available balance? I'm not sure how the transfer of the goal money back to checking would be able to increase my available balance for the month without increasing income. Hope that makes sense, any help would be appreciated. Thank you!

@evolvingmoney 7 ай бұрын

@@jonathandean300 having a negative in cash flow is OKAY. A negative in your cash flow report either means you have debt OR that you pulled from savings that month. You will absolutely have a negative cash flow the month you took the big vacation that you have been saving for!

@jcphreak 5 ай бұрын

Also, is there a video that shows how to fund an expense with a goal. IE I had an emergency or I took the vacation and need to "fund" all the expenses from my goal.

@evolvingmoney 5 ай бұрын

Check out my latest video on Emergency funds!

@joseffoureauxdaelander774 5 ай бұрын

Hi there Taylor! My question on GOALS is how do I deal with the fact when I USE the money set aside in GOALS? So for instance if I have a goal of saving 10 000 USD for a car, how do I deal with the fact when I BUY the car on a credit car for instance? The transfer FROM my GOALS account to pay off my credit card will just be logged as credit card payment, or transfer. But what should I log the the charge on the credit card as? There is no space in the budget for a new car for instance. Should I just delete it? If not I will be heavily on the negative that one month.

@joseffoureauxdaelander774 5 ай бұрын

Is it better if I just go over to a sinking fund?

@evolvingmoney 5 ай бұрын

It's okay that you are heavily negative in the month of a big purchase, that just means you pulled from savings. You do not want to delete big purchases like that.

@LauraandShane 7 ай бұрын

Hi Taylor. We are retired and have money from our investment account transferred to our checking account monthly to fill the gap between our income and expenses. Currently I have the $500 categorized as a Transfer since it's moving between my own accounts. How can I have this transfer show in my budget as income so the budget balances? Also, I do not have the brokerage account transactions feeding into Monarch because, as you said it really clutters it up. I just spent 31 hours over 3 days cleaning up my Categories and Merchants in Monarch as you suggested in another video. :) Thank you.

@evolvingmoney 7 ай бұрын

Hey there! I would actually suggest creating an Income category called "Retirement Withdrawals" so that you can budget those transfers as income. Once retired and pulling funds as income, the rule about transfers is less strict. You want to categorize retirement withdrawals as income now going forward!

@LauraandShane 7 ай бұрын

@@evolvingmoney Thanks Taylor, I'll do that. If there is any other advice on transactions in retirement, maybe you can do a video about it or mention them during other videos. I'm learning that budgeting and tracking expenses and income is so important in retirement! Thank you!

@elizabethkimball7927 7 ай бұрын

Thank you so much for these videos. I pay a home equity loan every month. It doesn’t work as a Goal, as you suggest-the payment somehow comes up as a positive and the Contributions sum gets all screwed up. (The transfer gets called an “annual fee” of all things, by Chase). I could just not link the transfer as you say. But I really need to see the actual amount coming out of my budget-I feel like I’m supposed to be mentally calculating and I’m not great at that. But it’s not an expense, it’s a transfer, so I don’t think I want it up in the main budget…do I? What do you recommend for these mortgage-like accounts?

@c.kimikolee6572 7 ай бұрын

Agree with this question. Can you do a video specifically about tracking loan payments ie HELOCs, Auto loans etc?

@evolvingmoney 7 ай бұрын

I would not label that as a transfer. That is an expense to be categorized as Mortgage/HELOC/Loan or whatever you want!

@cristobalgonzalez9752 7 ай бұрын

Hey Taylor! I have a question. How would you go about documenting expenses that withdrew for and paid in cash?

@evolvingmoney 7 ай бұрын

hey there! When the cash withdrawal shows up in Monarch, I would either categorize is as just simply "Cash & ATM" if it goes to all kinds of things,. If the withdrawal was for a specific purchase, I would categorize it as such. So if my $100 withdrawal was for gas, I'd categorize it as gas. If it $50 of the cash withdrawal went to restaurants and $50 went to gas, I'd Split the transaction into those two parts. Does that make sense?

@cristobalgonzalez9752 7 ай бұрын

That makes complete sense. I didn’t realize you could split transactions like that. Appreciate it Taylor!

@jcphreak 5 ай бұрын

I believe you say that transfers category should never be changed. Here is a strange scenario: My teens checking account is attached to our accounts. We transfer money from her checking into our checking for reimbursement of cell, or insurance. Should I change this category from transfer to other income? ->my guess is yes. also payments from Venmo show up as transfer should those be moved to "other income"

@evolvingmoney 5 ай бұрын

Check out my video I did on venmos for that part of your questions, as the answer depends on if you connected your venmo to monarch or not! As for the daughters transfers, you can create a category for her transfers to be labelled as income, or you can mark those transactions as Insurance or cell phone to reduce the amount your reports are saying you spend in those areas. Her bills and her reimbursements would cancel out this way.

@scotianjon 7 ай бұрын

Can anyone help me? My budget is entirely built biweekly. Obviously I could do the math (x * 26) / 12, but all of my bills except one small one are also set automatically biweekly. Is there a Monarch setting I’m missing to do this? I think I’ll cancel at the end of the trial if not.

@evolvingmoney 7 ай бұрын

Hey there! This is not set up to be bi-weekly. Monarch is a more casual app, not meant for micromanaging. I also wouldn't recommend building a budget on the 26 paychecks. I would build your monthly budget on the two regular checks a month and have a savings goal designated for the extra paychecks. That way, you aren't budgeting funds you haven't received yet! I hope you find what you are looking for!