Love the detailed video. Super helpful. I have a lot of money movement from my main account to my SF account etc it gets confusing. So I save for SF each check and sometimes I end up needing to use that SF and may need more than what I put in for that month. This confuses me on the closeout from knowing what to count and what not to count. How would you write the category and description like SF Used etc? Any tips would be helpful.
For me, all my sinking funds are held in my high-yeild savings accounts. They are sinking funds for specific savings goals. I am completely cashless and move funds as needed. If you are using money from your sinking funds, you would write the total amount you will be using as an inflow and then whatever expense you use it for as the withdrawl. So you need to have an inflow then the out flow.
Love the detailed video. Super helpful. I have a lot of money movement from my main account to my SF account etc it gets confusing. So I save for SF each check and sometimes I end up needing to use that SF and may need more than what I put in for that month. This confuses me on the closeout from knowing what to count and what not to count. How would you write the category and description like SF Used etc? Any tips would be helpful.
For me, all my sinking funds are held in my high-yeild savings accounts. They are sinking funds for specific savings goals. I am completely cashless and move funds as needed. If you are using money from your sinking funds, you would write the total amount you will be using as an inflow and then whatever expense you use it for as the withdrawl. So you need to have an inflow then the out flow.