Zero-Based Budget in Monarch Money | 2024 Financial Goals | Part 2

[@pinnotpaper]

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[@PaulProsperInvestments]

Nice video. Newbie to Monarch from Mint here. This was very helpful.

[@pinnotpaper]

That’s awesome to hear. Welcome to Monarch 💚

[@jayess4]

THIS HELPED ME SO MUCH. I was so lost!

[@pinnotpaper]

I'm glad you found my video! 😊

[@nezermarkwei8733]

Great video! I have two questions and would deeply appreciate your response. 1. How do you categorize the budget groups by Needs, Wants, Wealth, and Other (Priority) instead of Monarch's default layout, which categorizes the budget into Auto & Transport, Housing, Bills & Utilities, etc., within Expenses? 2. How do you add categories into the Group or Type (for example, you have Planned and Potential under Income, which have sub-categories within them, respectively)?

[@pinnotpaper]

Thanks for watching! The short answer to your question can be found on Monarch’s website here: help.monarchmoney.com/hc/en-us/articles/360048883771-Custom-categories The longer answer is here: 1. Go to Settings > Categories and under “Expenses”. 2. Click “Create a Group” and name it “Needs”. Repeat this step for Wants, Wealth and Other. 3. Go through the list of Monarch default categories and move each relevant category to those groups in a way that makes sense to you (i.e. move the “Rent” category to “Needs”). 4. You can do these same steps for the “Income” section at the top by clicking “Create a group”, naming it “Planned” and “Potential” and move/rename the categories to those relevant groups. Hope this helps!

[@nezermarkwei8733]

Thanks so much! You’re the best

[@jonathanfiliatrault710]

Great video! I’m trying to create a rule to transfer to my goal. However, when I toggle the goal in the rule, the selection box appears grayed out, and I can’t click on it. Do you know why this might be happening?

[@pinnotpaper]

If you can't select a goal, it may mean the account you're trying to create the rule for isn't connected to the goal. Try linking the account to the goal first (in the goal settings), and then the rule should work!

[@rogerfarley3300]

I like your channel. I have to ask.... Not everything gets a budget, specifically wants. Giving a budget to a WANT, especially after you spend the money makes it look like you did a great job.... but did you? We all spend money on those, like credit card repayments, but shouldn't they have a budget of $0? ALL free money should be going to savings or investments? So you will be OVER on WANTS and UNDER on SAVINGS when your spending is off? If you have to spend money every month on a WANT, then shouldn't it be a NEED? just asking! keep up the great videos!

[@pinnotpaper]

I completely understand where you’re coming from. At the time of this video, I overspent on my wants to “make up for” all the years I spent nothing on myself. But now I have a more healthy mindset and I am willing to reduce my wants (not completely eliminate or else I’ll get bored) in order to meet my now mandatory debt/savings goals so I can buy what I want guilt-free later!

[@CashBearMama]

Happy Holiday 💜

[@pinnotpaper]

Same to you! 🦃

[@anthonyagu6491]

Good information. However, my income fluctuates every month. How do l handle this situation creating my budget? Also, you mentioned debt reduction, where can l find details on this topic?

[@pinnotpaper]

I would budget for the lowest possible income you could earn in a month (that’s what I did when I was purely living off my freelance income). If you’re talking about my debt tracker, here’s the full video: kzbin.info/www/bejne/jobbhHuYd6iGiLssi=FLyni7mAB-K9eovQ

Hi. I like your strategy on rollover funds but have some questions. May I message you somehow?

[@pinnotpaper]

You can always email me at [e-mail]! But I just released a new video on rollovers in Monarch Money, so feel free to check that out as well and see if that helps 🤗