Making Debt Envelopes reflect Credit Card account

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  • Updated 4 years ago

I'm currently using a debt-goal envelope to track my credit card debt. While I'm paying it off, there are still transactions and costs associated with that particular card.

Is there any way to have that envelope reflect the currently balance of my card? Splitting it between the envelopes doesn't seem to work.  (IE. I purchase gas with the card, and I have a designated gas envelope, but I can only use one or the other.)

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Kyle Koivisto

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Posted 4 years ago

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Becky Huang, Official Rep

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Hi Kyle,

Good question. It gets a little tricky when you're still using a card that you're paying off in Goodbudget, but if you want to make sure that expenses are going to the correct Envelopes, you can try updating the Debt Envelope periodically by filling with negative money from Unallocated. The Debt Envelope balance should match with the Debt Account balance.

Will that work for you?
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There is a little song and dance to doing this:

Here is the thing.  If you are not 'borrowing' money from your credit card, but instead know, beyond doubt, that you will be paying the total balance in full every month and avoiding any interest, you can just treat your CC account like a  checking account which goes red.  If EVERY ONE of your budget envelopes is Green except your Credit Card account, then when your CC gets paid in full the money will float from Checking to CC and nothing bad happens.  No interest is paid, you get no fees, you have no oopsie in your goodbudget.  You just do the Account Transfer on payment to the CC and poof, it's not red anymore!

If you are 'making' money by creating debt on your CC, which is sometimes unavoidable when you are just starting out, then you need to do the song and dance in the above link.  I did this for a year or so just getting started.  
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Karisa Russell, Official Rep

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Hi kaliea - You're right that if you are planning on paying your credit card payment in full every month, you can just make the one Account Transfer from your Checking to Credit Card Account. 
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Colin Grant

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Old thread again but, does a debit balance on a CC impact the Unallocated Funds balance or does it just affect Net Worth?

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Karisa Russell, Official Rep

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Hi there, 

That's a great question! A debt balance will affect both Unallocated and your Net Worth - which is represented by your 'Total' on the website. 

However, there is a way to set up your Envelopes in Goodbudget so that your debt is pulled from Unallocated. You can read more about it here in Option 2:

If you set your Envelopes up this way, then Unallocated will represent only your available funds that haven't been allocated to a spending Envelope yet. 

Hope this helps!