Budget Probelem - Please Help!

In Money 2005 Standard, I have both credit card account and normal cheque 
account. How do I budget for making payments to my credit card from my cheque 
account? If I categorise the payment as a transfer between accounts, I can't 
budget for this item. If I categorise this item as a credit card payment the 
other side, on the credit card account, gets categorised as income, which in 
artificially increasing my income. Can any one help?
0
Dodds (3)
4/12/2005 2:13:01 AM
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Budget is about getting richer or poorer, not where your cash goes. 
(Forecast Cash Flow is all about that.) When you charge something on the 
card you get poorer. When they charge you an interest charge, you get 
poorer. When you pay the credit card bill, you get neither richer nor 
poorer. For this reason, many users budget the spending they do with the 
card, not paying the card bill.

The bogus M05 expense category "Credit Card Payments/Transfer" is basically 
stupid and useless and misleading and is best deleted.

See http://umpmfaq.info/faqdb.php?q=53, http://umpmfaq.info/faqdb.php?q=73, 
and http://umpmfaq.info/faqdb.php?q=167.

"Simon Dodds" <Simon Dodds@discussions.microsoft.com> wrote in message 
news:7E6819A6-A0F4-444C-AE44-BBB64D8FF8C6@microsoft.com...
> In Money 2005 Standard, I have both credit card account and normal cheque
> account. How do I budget for making payments to my credit card from my 
> cheque
> account? If I categorise the payment as a transfer between accounts, I 
> can't
> budget for this item. If I categorise this item as a credit card payment 
> the
> other side, on the credit card account, gets categorised as income, which 
> in
> artificially increasing my income. Can any one help? 


0
4/12/2005 3:13:52 AM
Trouble is then that my savings goal is out because it doesn't take in to 
account payments I make to my credit card.

So your savings goal can't include paying off debt.

"Dick Watson" wrote:

> Budget is about getting richer or poorer, not where your cash goes. 
> (Forecast Cash Flow is all about that.) When you charge something on the 
> card you get poorer. When they charge you an interest charge, you get 
> poorer. When you pay the credit card bill, you get neither richer nor 
> poorer. For this reason, many users budget the spending they do with the 
> card, not paying the card bill.
> 
> The bogus M05 expense category "Credit Card Payments/Transfer" is basically 
> stupid and useless and misleading and is best deleted.
> 
> See http://umpmfaq.info/faqdb.php?q=53, http://umpmfaq.info/faqdb.php?q=73, 
> and http://umpmfaq.info/faqdb.php?q=167.
> 
> "Simon Dodds" <Simon Dodds@discussions.microsoft.com> wrote in message 
> news:7E6819A6-A0F4-444C-AE44-BBB64D8FF8C6@microsoft.com...
> > In Money 2005 Standard, I have both credit card account and normal cheque
> > account. How do I budget for making payments to my credit card from my 
> > cheque
> > account? If I categorise the payment as a transfer between accounts, I 
> > can't
> > budget for this item. If I categorise this item as a credit card payment 
> > the
> > other side, on the credit card account, gets categorised as income, which 
> > in
> > artificially increasing my income. Can any one help? 
> 
> 
> 
0
4/12/2005 3:23:02 AM
The best (not perfect) way to deal with this is to:

a) schedule the transfers you want to make.
b) set the CC accounts to not be included in BP in their details.

These transfers will now show up in BP as transfers out of budget accounts.

Yes, Money doesn't view paying down a CC as a Savings Goal.

Many users don't find BP all that useful in this area.

"Simon Dodds" <SimonDodds@discussions.microsoft.com> wrote in message 
news:38749D8F-9882-4229-9AB9-B6078B5861EB@microsoft.com...
> Trouble is then that my savings goal is out because it doesn't take in to
> account payments I make to my credit card.
>
> So your savings goal can't include paying off debt. 


0
4/12/2005 3:44:52 AM
Reply:

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