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Hello, I'm new to the YNAB software having just participated in my first webinar last night. I have used a budget spreadsheet for years, but have not accomplished the kind of financial freedom I feel that my wife and I should have given our income. I have not set up my YNAB budget yet as I'm trying to understand a couple of concepts before I dive in. Also, I am still using the trail software, but fully expect to purchase the product when my trial period ends.
1. I am currently keeping checkbooks for multiple accounts at two different financial institutions including two DDAs, one SAV and one HSA account. Upon initial set up, should I enter all accounts into my budget keeping each balance seperate or should I combine everything into one account to keep the tracking more simplified? Is it personal preference? As a follow up, if i create multiple accounts to match each of my real life accounts, do I then track inter-account transactions as I would in my checkbook? In other words, if I xfer funds from one DDA to another DDA in order to pay a bill, do I mark that as a transaction from one account to another even though it doesn't directly impact my budget?
2. When I start my Day 1 budget, I will use the "cash balance" in my account(s) as of that specific date correct? That is the money I have available to budget as of Day 1. I don't increase my budget until my next paycheck right? My wife and I get paid bi-weekly and on the same week as each other so our budget will be updated bi-weekly, while my transactions will be updated when they happen. Am I understanding things correctly?
3. When using a credit card for routine purchases like gas and groceries, or even not so routine purchases, should I enter each transaction as they occur or should I wait until the end of the month when I receive my bill and at that time reconcile my account transactions? I imagine I should input each transaction as they occur, but then I'm confused about paying the bill and how that actually affects my "account" balance compared to my budgeted balance. With that being said, I am signed up for the Credit Card webinar tonight so perhaps that and more will be discussed tonight by Ronna.
Thanks for your time...I know I had one more generic question but I can't remember it is atm.