Money in Savings and In A Bucket
Patricia Baker
via web
Each month, on the first of the month right after I get paid, I pull $1,000.00 out of my checking account and put it in a savings account to pay the end of the year taxes, home owners association fees and all insurance (we don't escrow). I would like to have this amount show up in the savings account, but I would also like to show it in the Taxes/Ins bucket I have created. Is there any way to put savings account money in a bucket?
I do this for a few different items .. for example, I also have
a new car purchase fund. I would like the money allocated to show
up as a savings balance (so I know what the current balance of the
account is) and also in the bucket so I know how much I have saved
towards my new car.
In this case the Tax/Ins bucket money and the New Car bucket money are both in the same savings account. How can I show the balances of all three?
2 Posted by Patricia Baker on 22 Jun, 2009 01:44 PM
...and an addendum to the question above.
I also currently have a positive balance in my "Tax/Ins" bucket. Is there a way I can add a positive balance to a bucket?
Support Staff 3 Posted by Kevin Hoctor on 22 Jun, 2009 04:20 PM
We are working on functionality like this and it is a very high priority. What you have to do now is allocate income to this bucket and then transfer that money to saving assigning the withdrawal part of the transfer to this same bucket. When you go to pay the taxes, transfer the money back from savings and assign the deposit(s) to this same bucket. Lastly, pay your taxes and assign that to this same bucket.
In the future, the vision is to have MoneyWell track this savings money and tag the bucket as having a balance but know that some of it is in savings and to alert you to transfer money prior to spending it.
4 Posted by System on 22 Jun, 2009 04:21 PM
This discussion was assigned to kevin (at nothirst), on ticket 128.