Thanks, Kevin. That's a helpful reply. Do you have a suggestion for how to evenly distribute the interest paid on a savings account to the different savings goals that one has? For example, if I am putting money into my savings account and it is going towards three or four future purchases, when my savings account earns interest, I'm not sure how much to put in each bucket. Is there any way that Moneywell could have a feature to automatically calculate the correct percentage of the interest payment that each bucket needs to receive?
On Oct 27, 4:02 pm, Kevin Hoctor <[EMAIL PROTECTED]> wrote: > On Oct 27, 2008, at 2:01 PM, Bryan wrote: > > > Ah, you just answered my question!! > > Since I was setting up the account with downloaded transactions that > > went back BEFORE I started using Moneywell, the software was not > > calculating those older transactions in the bucket total. Mystery > > solved. > > Bryan, > > I'm not sure what I said but if it answered your question then I guess > it'll do. > > > And now for a RELATED QUESTION.... after using Moneywell primarily > > for my checking account and cash, I am now trying to add other > > accounts such as savings and investment accounts. What kind of bucket > > should I use for these types of accounts that do not have very many > > outflows? Should I use income buckets for both savings and investment > > accounts? Or should I use expense buckets? > > > Could there be multiple income buckets for a savings account? For > > example, let's say I am saving to buy a home and also for my kids > > college education. Could I have an income bucket "Savings-Education" > > and another one "Savings-House"? > > First, you don't want to think of your buckets as "account specific" > containers. Buckets are designed to manage your cash flow and not your > bank statements. You probably get this but I like to clarify this once > and a while. > > If you are trying to improve your savings, you would create a bucket > called "Savings" and make sure that you allocate a portion of your > income each month to it. Then when you transfer money from your > checking to your savings, you'd assign the outgoing transaction the > the Savings bucket to show that you have met your planned commitment > to save that income. > > If you have specific savings needs, you can create multiple savings > buckets (as expense buckets), plan, and allocate income to them > monthly. If you make a deposit to one savings account for all these > buckets, you can use a split transactions to assign the appropriate > amounts. If you have multiple savings accounts then it's one > transaction per account. > > If you spend money directly from your savings account(s) then just > create your transactions from that account and assign the expense > bucket as necessary. If you're transferring that money first to your > checking account, you can assign the incoming transaction to the > expense bucket you will use to spend that money and you won't have to > deal with allocating income. > > Peace, > > Kevin Hoctor > No Thirst Software LLC > [EMAIL PROTECTED]://nothirst.comhttp://kevinhoctor.blogspot.com > > Check out our MoneyWell video > tutorials:http://nothirst.com/moneywell/tutorials/ > > Join our user forum to learn about new > releases:http://groups.google.com/group/no-thirst-software --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "No Thirst Software User Forum" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/no-thirst-software?hl=en -~----------~----~----~----~------~----~------~--~---
