Don't want money in Savings account to show up as unallocated....

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I set up a checking account and a savings account so I could track my balances in both accounts. However, I do not want the money I have in my savings account to show up in unallocated...I only want to allocate money that is available in my checking account. HELP!
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Sarah Miller

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  • so confused!!!!!

Posted 6 years ago

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Becky Huang, Official Rep

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Hi Sarah,

You can keep the money available in your Saving Account separate from your regular spending Envelopes by separating the Saving Account balance using a an Annual/Irregular Savings Envelope.

Just head to the Add/Edit Envelopes page to create a new Envelope and give it a budget of 0 (https://www.goodbudget.com/envelope/e...). Then click on the "Fill Envelopes" button and fill that Savings Envelope with the current balance in your Savings Account (https://www.goodbudget.com/envelopes/...).

Going forward, anytime you make a change in your Savings Account, be sure to make sure you make that same change in your Envelope so that the balances always match.
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anthony

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So i made a transfer from my savings to my checking. How do i make that change in the envelope so that it matches what happened in my checking? {I am tracking what is in my savings through an irregular envelope. }
(Edited)
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Karisa Russell, Official Rep

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Hi anthony - It sounds like you have a Savings Envelope that you use to stash the money in your Savings Account in. Now, you've made an Account Transfer to move money from your Savings Account to Checking. 

To make sure your Savings Envelope continues to match your Savings Account, the next replicate is to replicate that transfer on the Envelopes side, and you'll do that by making an Envelope Transfer from the Envelope to another one of your choosing. You can see how to make an Envelope Transfer here
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anthony

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So where do I transfer that money to? Where ever I transfer this money will show as a positive. 
(Edited)
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Karisa Russell, Official Rep

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Hi anthony,

You can transfer that money from your Savings Envelope to an Envelope of your choosing. If you intended to spend the money that you transferred from your Savings Account to Checking, then it makes sense to put it in the corresponding Envelope. 

For example, if you planned to take money from Savings to buy a new car, then you can transfer 5000 from your Savings Account to Checking, and then from your Savings Envelope to your Car Fund Envelope. 

Hope that helps!
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Butch Garris

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This post and reply is five years old.  Is the response above still be most effective way to keep saving account funds from showing as unallocated?
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Karisa Russell, Official Rep

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Hi there - Thanks for asking! Becky's response is still the recommended way to keep savings separate. 
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GardenR

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I just did this to make my savings balance NOT appear in unallocated funds. It worked fine. Question: can I still add to & take from the savings account now? I created 2 “regular” envelopes where I budgeted money each month to go into my savings account (one for pro-rated expenses like insurance and property tax & one is general savings) What is the best way to put money into or take out of this “annual” savings envelope? Thanks!
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Karisa Russell, Official Rep

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Hi GardenR, 

That's good question! You can still add to and take from your Savings Account. If you're adding funds to the Savings Account via an Account Transfer, just be sure to then transfer money into your Savings Envelope so that the balances continue to match. If you're expensing out money from your Savings Account, you can add that as a regular expense transaction in Goodbudget and assign it to both your Savings Envelope and the Savings Account. 

Hope that helps!
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Tiffany Kucifer

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This wasn't working for me AT ALL, and I consider myself a pretty savvy GB user. Honestly, a toggle on each account to just "exclude from Unallocated" makes more sense than any of these complex workarounds. 
Here's what I've got going on: I have several accounts, but let's just focus on one checking and two savings accounts (short term and long term).
Let's say I have $500 in checking--that's money that's available to budget and spend. It's my true Unallocated balance. I also have $1,000 in short term savings, and $5,000 in long term savings. Those balances are NOT available for spending except in an unforeseen or emergency situation. Right now my Unallocated balance is $6,500 but that's misleading.
So, I create Annual envelopes called "Short Term Savings" and "Long Term Savings" and fill them from Unallocated. OK, now my unallocated balance is correct BUT I can't easily make additional transactions work.
I move some money from Short Term Savings (STS) to Checking (account transfer) to cover some unbudgeted home maintenance. My account balances are accurate, but now my envelopes aren't. I also need to create an envelope transfer that reduces the Short Term Savings envelope by the transferred amount, without changing my account balance, and without changing my budget. If I transfer money from the "STS" envelope to "household" then my "household" budget is incorrect.
The only way I see around this is to do an Envelope Transfer from STS to Unallocated and then spend down from there. Yes, I transferred money in order to pay a Household bill, but I still need to recognize that I'm way over budget in the Household category this month. An envelope transfer directly into Household negates this and looks as if I were under or on budget when I'm really not.
So now, in order to have accurate accounting, I've had to do the following:

  • Create Accounts for checking and savings (no issue here)
  • Create annual Envelopes for each savings account (hmmm...)
  • Record transfers in the Accounts area (standard)
  • Duplicate these transfer transactions in the Envelopes area (extra work)
  • Figure out through trial-and-error where to send the money from the STS envelope in order to avoid unexpected changes in the monthly budget (much extra frustration)
Honestly, a toggle would be SO MUCH easier on the end user. PLEASE add this to the feature queue since it seems to come up not infrequently for users with multiple accounts.
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Karisa Russell, Official Rep

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Hi Tiffany, 

Thanks for posting, and I'm so sorry to hear how frustrating this has been! It sounds like there are a few things that are not working for you. Those are the fact that we recommend stashing that money that's in your Savings Account in a Savings Envelope, so it's moved out of Unallocated. Also, the fact that when you make an Account Transfer, and then the corresponding Envelope Transfer, that makes it seem as if you are on or under budget, when you're really not. To fix that, you'd like to see the option that would allow you to make certain Accounts off-budget.

And that seems to make sense on it's face. But, I've been thinking more about whether that would solve all of your concerns, and I'm not sure that it would. Even if Goodbudget allowed for off-budget Savings Accounts, you'd still have to put the money you intend to spend via the Account Transfer in a regular Envelope in order for it to be expensed out. That would mean your budget would be incorrect. However, you're right that having off-budget Savings Accounts would solve the issue of having to create and maintain separate Saving Envelopes.

One other workaround I thought of that might help to keep your spending truly off-budget would be to first record the Account Transfer from Saving to Checking. Then, record the Envelope Transfer from Savings to Unallocated. Next, you'd manually adjust your Checking Account down by the amount of the expense, which would reduce Unallocated also. You can even rename the 'Updated Checking Account' transaction to name the expense you paid for. 

I hope that makes sense! Let me know if I'm misunderstanding you. 



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Doug J

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I'm revising how I handle savings transfers and came across this post. Tiffany's comments mostly make sense, but I'd like to suggest a slightly different approach based on my thinking this week.

Accounts are for handling cash, so a transfer from the Savings Account to the Checking Account is a movement of cash.
Envelopes are for handling purposes, so a transfer from the Savings Envelope to a checking envelope (ex: household) is a movement of the purpose of that cash from "savings" to "spend on household expenses".

I think Tiffany's situation would be easier if she modified her view of "being on budget".  Transferring $1000 from savings into the Household envelope to cover a $1000 bill is still being on budget.  The budget is a plan, and she had planned for big expenses by having a savings account, and now she is executing her plan. A budget does not mean having the exact same amount added to an envelope every month; it means adjusting the amounts up and down ahead of time to match the real life ebb and flow of purposes.

Yeah, it's a fine line between setting a budget and adjusting expenses accordingly, vs spending however we want and setting a "budget" to match.  The budget should come first since it's a plan or roadmap. But it also needs to be a flexible plan to handle those big expenses which always come.
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Patty O'Connell

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I realize this is an old conversation, but I am super confused about this!  I have a savings account that I do not want in my unallocated funds.  Please just give me a simple way of getting it out of unallocated and into a separate area.  
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Karisa Russell, Official Rep

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Hi Patty, 

Sorry for the trouble! To remove your Savings from Unallocated, first create a Savings Envelope, and then transfer the amount from Unallocated to the new Savings Envelope. You can see how to create a transfer between Envelopes here

Hope that helps!