Mark a category as "Savings"
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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.
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Din from Lunch Money
Merged in a post:
Money taken out for Investments
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Mike Primeau
Right now we don't have an option for having a Category for Investing that doesn't show up as an expense or income, it would be nice to show money Invested as still being available and not show up as an expense
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Khaled & Kate
100% agree. This makes sense. Savings category should count towards saving rates and not counted as expenses.
As i contribute to my savings, LM thinks I am spending the money and it indicating that I have negative cash flow / zero savings.
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Allison Zimmer
YES. "Treat this as savings" the same way we can "treat this as income" for other categories. I'm so discouraged that this request is nearly 4 years old with no fix.
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Allison Zimmer
Din from Lunch Money any updates?
Din from Lunch Money
Merged in a post:
Savings..
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Cherie Hill
My savings expenses is not showing properly. How do I report my savings from money that I transfer from my checking to my savings so that it can show a accurate savings percentage?
Din from Lunch Money
Hi Cherie Hill! Currently "Savings" categories should have the 'Exclude from totals' property enabled. This will ensure the transactions within the category aren't affecting income or expenses. That said, there's an existing feature request for the option to mark categories as "Savings". I'll go ahead and merge this request, so that you will be notified of any developments! :)
Din from Lunch Money
Merged in a post:
Allow some expense categories to be included in savings rate
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Kat Spires
Many people "pay themselves first" or include a line item in their budget for savings. This of course makes those transactions an expense which are not then included in the savings rate. It would be nice to be able to designate certain categories as a "savings expense" or something so that they are included in the savings rate.
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Jonathan Lovelace
I have several categories for various sorts of transfers that I've set the option "Exclude From Totals" on, including my "To Investments" category. That option makes any debits (or credits) associated with those categories not be included in calculations like "total expenses".
(I don't know what you mean by "... as still being available"; account balances are pulled via Plaid, and the "Est. Net Worth" is the sum of all asset account balances minus the sum of all liability account balances ...)
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Darrell Deshazer
A graph for investments would also compliment this well
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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.
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DK
I would favor a solution that would allow the user to customize the savings rate calculation. Our income in LM is net of our (employer-based) retirement savings plans. I'd like LM to know that every time we get a certain paycheck, X amount or X percent - or sometimes both, on the same paycheck - should be added to our savings rate calculation.
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