Mark a category as "Savings"
M
Mike Kasberg
I contribute a set amount to my IRA every month. I want this transaction to show up as an expense in my Spending Breakdown - I want to see that I'm sending money here every month. But at the same time, I don't want this to count as an expense in the "Period Summary" - I want my "Savings Rate" to reflect how much my net worth is growing over time and I want to track that savings rate on a monthly basis.
I could mark the category as "exclude from totals", but then it won't show up in my Spending Breakdown. And if I don't mark it as "exclude from totals", it shows up in the spending breakdown as I'd like but it's counted as an expense for the savings rate calculation.
One possible solution is the ability to mark the category as "savings" - these categories would show up like an expense in the spending breakdown but not count as an expense (or be tallied separately somehow) in the period summary. There might be other similar solutions that achieve roughly the same thing.
Log In
D
Darrell Deshazer
A graph for investments would also compliment this well
I
Indra Sarju
Agreed, and now in the beta version: It says I have x income left to budget but it's in accurate because part of that goes to different savings accounts but that's not reflected in my budgets because it's not an expense, it's just a transfer of money between accounts.
L
Lorenzo
Exactly as explained: without this option the savings rate is faulted by not accounting what you put in your IRA or Hysa or savings account.
To my knowledge, no other product in the market does this.
Din from Lunch Money
Merged in a post:
Add 'exclude from savings rate' option to categories
J
Jon Crosby
it would be nice if there was an option to exclude categories, as things like investment dividends (which are not set as income) but have a positive credit are technically not normally included in savings rate calculations, as it's not truly disposable income applied to the numerator. Also, savings rate can have a different meaning for different financial strategies so just having the flexibility to 'exclude from Savings Rate' would allow for that flexibility.
M
Martijn van der Meij
A
Arjen
Totally +1 with this feature request. And extending it a bit since I also manage my saving account in Lunch Money. Moving savings from my Cash account is seen as an expense while the addition to my saving accounts is seen as income. This makes checking your saving rate per month a bit hard.
To make it more complex, I also put money into a stock-account.
P
Phil Burrows
+100 to this. Without the ability to tag a category as "savings", the savings rate is worthless for my setup (I do essentially the same things Mike does).