every month i forget how to do it and have to relearn it. i'll just save this video and rewatch it every month so i can actually budget without as much stress. Thank you CraigDacy
The Funds feature is a great idea but lacks a little in execution. I had used funds to track my monthly savings for a $500 item. Worked great so see my progress until I actually spent the money. I like to see $0 in Remaining at the end of the month. That's half the point right? When I entered the expense transaction for $500, my fund balance went to zero (good) but then my overall Remaining balance at the end of the month was -$500. It looked like I over spent for the month, but I didn't because I had already saved that money for the fund. Adding an income line item of $500 to account for the transfer from Savings to Checking didn't help either; now I have $500 to budget! Expenses to a fund should not deduct from the Remaining part of the main budget which is how you are spending/saving your monthly income.
This is a big design flaw with "funds" in my opinion. It fundamentally is actually a deal breaker. You might be saving for something more than your whole paycheck. Ex. Paycheck is $3000. I buy a used car for $4000. I over spent by$1000 for the month before buying anything else I've budgeted for. This is really bad, had a lot of hope but will need to move to a different app that can design funds correctly.
@@markgellings1321 if you find a good one let me know! Obviously struggling with the same there’s a lot of movement out of the 3+ accounts I have connected and this is the feature I care most about!
This was so helpful and I have been using Every Dollar for several years but have not done any funds. Just tried to throw money in savings, but your video helped me realize that I need to make some Funds categories to track what is in savings for each item, but always had trouble how to work the funds. Thank you so much for such clarity on this! Blessings!
I don’t understand why Ramsey Solutions does not make this content part of their guides on the app - it’s terribly confusing and creates a barrier to usage for those syncing their bank accounts
Thanks, Craig! I just started with EveryDollar, and your video helped me fix my mistake of tracking my fund transaction (when I move it from checking to savings) on my fund budget item.
Love this! However… my biggest question I can’t seem to sort out is how do I shift money within funds. If I have 200 in a car fund that I want to change purposes, what then??
Very helpful, thank you. The thing I don’t like with the planned amounts automatically increasing the fund is that I use the planned amount to remind me to move the money from my checking to savings. And I move the money on different dates depending on the pay structure for the month. When it populates the fund automatically, the reminder is gone.
THANK YOU, I was looking all over for this info. So we know the amount going into funds comes out of the "left to budget" total. But sometimes I go more off of the "remaining to spend" figure, but that number doesn't seem to be reduced by the money going into savings, but goes off of the total income which makes no sense? Am I wrong? Any advice/insights would be so helpful!
Hi Craig, very helpful video. You show an example of how to add an amount if you have extra income, but what do you do if you have a little less one month and want to reduce the amount going into the fund for just that month?
I’m still confused on the remaining number. I made the planned amount to go into my emergency fund for $900 and I leave it alone, you know don’t mark it as a transaction or anything right? But then my remaining amount for the month at the top of the app still keeps that 900. Like let’s say I have $200 left for the month to spend and I already moved the $900 into my savings account in my bank but in ED it says I have $1,100 remaining when I really have $200 left. If I try to put the $900 in my ED savings fun account it thinks I spent it! It’s frustrating because I want to see how much I left to spend for the whole month, I don’t want to have to do the mental math myself!
Where I get confused is the transfer in the transaction side. Say I transfer $100 to a savings account through my bank app. That $100 shows up as a transaction twice, once as an expense, and again as income. I’m I doing it wrong?
Thanks so much for this video! My husband and I have used Every Dollar the last couple of years and generally are very pleased with it. Our ONLY issue (and it's a big one because it's driving us nuts) is the way the funds work once you're ready to start spending money from the funds. So, in your example of the Car Fund, you had a $100 expense, which was less than the $150 planned monthly amount. But what we have noticed is that if you were to make a purchase of $200 (or anything above the monthly planned amount), Every Dollar will show that you have overspent on that category, despite the fact that you had sufficient funds remaining in that category (i.e. in this example, $200 is less than the $848 you had saved up.) Is there a way to work around this issue? It is causing us all sorts of headaches.
I'm watching this video after falling down the rabbit hole of trying to figure out how to measure my progress to a savings goal. Instead the fund is just something like "make this your planned amount and trust that by the end of the month, you'll have the amount." Seems kind of pointless and the numbers do make it confusing... as you said to someone else it's easier to just keep it as a normal line under "savings" and record "deposits" as "transactions". So each time I put money into the savings, it's recorded against the budget. Now the thing is, once I do spend that money, I should NOT record that expenditure because it might show up as overspending... In general the app is pretty easy and cool but this part about "saving" seems to be kind of poorly thought-out, which is weird considering that the whole point of budgeting is to save money... right???
Thank you. I appreciate your clear communication. Do you know how to change the month you have (mis)categorized an expense? I categorized a few charges in April that I wanted in March.
My app does not take money from my income to put into the fund. Or at least it is not represented in the remaining total. This has led my wife and I to pay more on our debts than we actually have to spend. Is there a way to remedy this and show the correct amount in the remaining total for the month or do we have to do all the tedious math ourselves?
So if i create a savings account for my funds. How do i handle the “fund transfer” transactions that show up in every dollar pro, and my account syncs with every dollar, when i transfer that money from checking out savings. Just delete them every month.
Dude - thanks so much! I couldn't figure out where to put the extra income - I was creating an income category and I was like...do I put this income transaction in the fund or the income... I'm struggling with moving from checking to savings as well...where do I put that transaction because it's coming out as a negative transaction of course...
How do you manage the bank account? I have a sinking fund savings but have to simplify how to take the money out of that fund when I spend from a sinking fund in my budget. All the videos focus on how to use the app but not how to keep it accurate with the actual money in the bank. Need help with this.
What if you have already planned several months ahead? I have already planned out my budget up to August, but in February I was notified that I will get a bonus check. I want to use it to put into a savings tab. I put one in for February, but when I went to March, it didn't even show it. I had to put it in again, and it didn't recognize the amount from February. It does that with every month up to August.
I have a fund I’m using to save up a lump sum payment to pay to my last creditor. Without going into detail, I needed to make a payment of $300 to this creditor, and I wanted the one transaction to show that it came from the fund, but I can’t figure out how to do it. Any ideas??
I am just starting w/ EveryDollar and already have money in a fund. When I add it to the app. It won’t allow me to add money to the “starting balance” section. Is there a way to correct this?
Did you already create future months? When you start a new month, it copies the previous month as it is in that current moment. So, any changes you make to this month wouldn't transfer to the next. You can fix this by hitting "reset budget" at the bottom. It will copy the budget again as it stands with any new updates.
Does anyone know how to remove the amount from your remaining balance? Currently I have a budget item to offset the amount and know it will be negative/over budget. I realize I can see how much I have in each category but I like to see overall to see where I am for the month. Maybe I am doing something wrong?
Hey Tiara! It sounds like you'd be better off not using it as a fund, but just a line item. To do this, you'll need to create a new line item and delete the current one. Another way to solve this is to click on the line item and edit the fund. Here you can change the "starting balance" to $0.
You'll need create two "expense" transactions. Apply one to the emergency fund line item and one to the debt line item. (That's one way you can track it... You can always add clarifying notes to the transactions.)
These are all recorded from the computer, so it will look different than the mobile app. Additionally, Ramsey Solutions may have made updates to the software since recording this video.
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🎉🎉🎉YAAAAS FINALLY…I found a video that explains the calculations in Funding of Every Dollar. Woo hoo. Thank you 🙏🏽 😊
every month i forget how to do it and have to relearn it. i'll just save this video and rewatch it every month so i can actually budget without as much stress. Thank you CraigDacy
The Funds feature is a great idea but lacks a little in execution. I had used funds to track my monthly savings for a $500 item. Worked great so see my progress until I actually spent the money. I like to see $0 in Remaining at the end of the month. That's half the point right? When I entered the expense transaction for $500, my fund balance went to zero (good) but then my overall Remaining balance at the end of the month was -$500. It looked like I over spent for the month, but I didn't because I had already saved that money for the fund. Adding an income line item of $500 to account for the transfer from Savings to Checking didn't help either; now I have $500 to budget! Expenses to a fund should not deduct from the Remaining part of the main budget which is how you are spending/saving your monthly income.
This is a big design flaw with "funds" in my opinion. It fundamentally is actually a deal breaker. You might be saving for something more than your whole paycheck. Ex. Paycheck is $3000. I buy a used car for $4000. I over spent by$1000 for the month before buying anything else I've budgeted for. This is really bad, had a lot of hope but will need to move to a different app that can design funds correctly.
@@markgellings1321 if you find a good one let me know! Obviously struggling with the same there’s a lot of movement out of the 3+ accounts I have connected and this is the feature I care most about!
I have the same problem. Bc we have fluctuation in income and have a fluctuation funds account, hard to track with this app.
Thank you, thank you, thank you!!
I have been struggling with using FUNDS and you have created the BEST tutorial!
❤️❤️❤️
This was so helpful and I have been using Every Dollar for several years but have not done any funds. Just tried to throw money in savings, but your video helped me realize that I need to make some Funds categories to track what is in savings for each item, but always had trouble how to work the funds. Thank you so much for such clarity on this! Blessings!
I don’t understand why Ramsey Solutions does not make this content part of their guides on the app - it’s terribly confusing and creates a barrier to usage for those syncing their bank accounts
Thanks, Craig! I just started with EveryDollar, and your video helped me fix my mistake of tracking my fund transaction (when I move it from checking to savings) on my fund budget item.
Love this! However… my biggest question I can’t seem to sort out is how do I shift money within funds. If I have 200 in a car fund that I want to change purposes, what then??
Seriously man I was about to switch to excel because the fund category was irritating me. Thanks 🙏
Very helpful, thank you. The thing I don’t like with the planned amounts automatically increasing the fund is that I use the planned amount to remind me to move the money from my checking to savings. And I move the money on different dates depending on the pay structure for the month. When it populates the fund automatically, the reminder is gone.
Exactly!
THANK YOU, I was looking all over for this info.
So we know the amount going into funds comes out of the "left to budget" total. But sometimes I go more off of the "remaining to spend" figure, but that number doesn't seem to be reduced by the money going into savings, but goes off of the total income which makes no sense? Am I wrong? Any advice/insights would be so helpful!
Hi Craig, very helpful video. You show an example of how to add an amount if you have extra income, but what do you do if you have a little less one month and want to reduce the amount going into the fund for just that month?
I’m still confused on the remaining number. I made the planned amount to go into my emergency fund for $900 and I leave it alone, you know don’t mark it as a transaction or anything right? But then my remaining amount for the month at the top of the app still keeps that 900. Like let’s say I have $200 left for the month to spend and I already moved the $900 into my savings account in my bank but in ED it says I have $1,100 remaining when I really have $200 left. If I try to put the $900 in my ED savings fun account it thinks I spent it! It’s frustrating because I want to see how much I left to spend for the whole month, I don’t want to have to do the mental math myself!
same issue i’m having
Same here!! Hoping he can respond.
This was a better tutorial than the other one I found - thanks!
Fantastic video! This was so confusing to me! Now I get it. It’s kind of brilliant actually.
Finally! I was so irritated as to why the numbers weren't adding up 😂. Thanks man
Happy to help!
Where I get confused is the transfer in the transaction side. Say I transfer $100 to a savings account through my bank app. That $100 shows up as a transaction twice, once as an expense, and again as income. I’m I doing it wrong?
Thanks so much for this video! My husband and I have used Every Dollar the last couple of years and generally are very pleased with it. Our ONLY issue (and it's a big one because it's driving us nuts) is the way the funds work once you're ready to start spending money from the funds. So, in your example of the Car Fund, you had a $100 expense, which was less than the $150 planned monthly amount. But what we have noticed is that if you were to make a purchase of $200 (or anything above the monthly planned amount), Every Dollar will show that you have overspent on that category, despite the fact that you had sufficient funds remaining in that category (i.e. in this example, $200 is less than the $848 you had saved up.) Is there a way to work around this issue? It is causing us all sorts of headaches.
I am wondering the same thing, Anna. I am running into the same issue and can’t figure that out.
Same question. Any one figure this out? I was hoping this video would cover that.
Do you guys figure this out?
3 years later I'm wondering this as well haha. I hope he or his team can drop in here!
I'm watching this video after falling down the rabbit hole of trying to figure out how to measure my progress to a savings goal. Instead the fund is just something like "make this your planned amount and trust that by the end of the month, you'll have the amount." Seems kind of pointless and the numbers do make it confusing... as you said to someone else it's easier to just keep it as a normal line under "savings" and record "deposits" as "transactions". So each time I put money into the savings, it's recorded against the budget. Now the thing is, once I do spend that money, I should NOT record that expenditure because it might show up as overspending...
In general the app is pretty easy and cool but this part about "saving" seems to be kind of poorly thought-out, which is weird considering that the whole point of budgeting is to save money... right???
Dude, thus was so helpful. You are a Godsend. Thank you!
Thank you! I was making this harder for myself.
Thank you. I appreciate your clear communication. Do you know how to change the month you have (mis)categorized an expense? I categorized a few charges in April that I wanted in March.
This was extremely helpful! Thank you so much! ❤️
My app does not take money from my income to put into the fund. Or at least it is not represented in the remaining total. This has led my wife and I to pay more on our debts than we actually have to spend. Is there a way to remedy this and show the correct amount in the remaining total for the month or do we have to do all the tedious math ourselves?
My thoughts exactly!! Hoping he can answer.
Thanks Craig this cleared a ton up for me!
Can I add a sinking fund to a previous month in my budget and then link it to the current month?
So if i create a savings account for my funds. How do i handle the “fund transfer” transactions that show up in every dollar pro, and my account syncs with every dollar, when i transfer that money from checking out savings. Just delete them every month.
I’m wondering the same.
Dude - thanks so much! I couldn't figure out where to put the extra income - I was creating an income category and I was like...do I put this income transaction in the fund or the income... I'm struggling with moving from checking to savings as well...where do I put that transaction because it's coming out as a negative transaction of course...
Glad it helped!
How do you manage the bank account? I have a sinking fund savings but have to simplify how to take the money out of that fund when I spend from a sinking fund in my budget. All the videos focus on how to use the app but not how to keep it accurate with the actual money in the bank. Need help with this.
Free sesh?? Awesome! Will let my FPU class know! And awesome video! Thanks!
Sounds great, Rob! Happy to help any way I can.
What if you have already planned several months ahead? I have already planned out my budget up to August, but in February I was notified that I will get a bonus check. I want to use it to put into a savings tab. I put one in for February, but when I went to March, it didn't even show it. I had to put it in again, and it didn't recognize the amount from February. It does that with every month up to August.
So do I delete the original planned transaction that would go into the fund?
when I put an expense in the fund it says I over spent because I budgeted to save less that month and spent more but I do have the funds I spend
Thank you, very helpful
I have a fund I’m using to save up a lump sum payment to pay to my last creditor. Without going into detail, I needed to make a payment of $300 to this creditor, and I wanted the one transaction to show that it came from the fund, but I can’t figure out how to do it.
Any ideas??
Your link to the website for Road Map... does not open. Have a new like?
Here you go! craigdacy.com/financialfreedomroadmap
How do I move funds to a savings account.
I am just starting w/ EveryDollar and already have money in a fund. When I add it to the app. It won’t allow me to add money to the “starting balance” section. Is there a way to correct this?
You can only edit the starting balance, while viewing the current month... I'm guessing you were looking at "next" month.
I am wondering why my funds do not transfer to the next month. I made a savings fund but the remaining money does not transfer over the months
Did you already create future months? When you start a new month, it copies the previous month as it is in that current moment. So, any changes you make to this month wouldn't transfer to the next. You can fix this by hitting "reset budget" at the bottom. It will copy the budget again as it stands with any new updates.
Does anyone know how to remove the amount from your remaining balance? Currently I have a budget item to offset the amount and know it will be negative/over budget. I realize I can see how much I have in each category but I like to see overall to see where I am for the month. Maybe I am doing something wrong?
Hey Tiara! It sounds like you'd be better off not using it as a fund, but just a line item. To do this, you'll need to create a new line item and delete the current one. Another way to solve this is to click on the line item and edit the fund. Here you can change the "starting balance" to $0.
Thank you so much!!
I'm SO glad it helped!
What if I use my emergency fund to pay down a debt? How do I make the math work?
You'll need create two "expense" transactions. Apply one to the emergency fund line item and one to the debt line item. (That's one way you can track it... You can always add clarifying notes to the transactions.)
I made one of my categories a fund in error. I can't figure out how to undo that.
Unfortunately you can't undo it. You'll have to delete the category and make a new one.
Thanks for your reply. That’s what I ended up doing.
Hi Craig need help with my budgeting
Hey Diana! One of our coaches would love to help you! Schedule a call here: craigdacy.com/services/personal-finance-coaching/
Thanks mate
Why do all these videos look and work a little different from my app. Mine is on my iPhone and iPad.
These are all recorded from the computer, so it will look different than the mobile app. Additionally, Ramsey Solutions may have made updates to the software since recording this video.
What is the name of your Facebook group?
So unintuitive
I’d like to take you up on your offer to to coach me, but….!
My deal is to reprogram myself from Mvelopes to EveryDollar.
We can definitely help you with that! Schedule a free consultation with our personal finance coach here: www.craigdacy.com/alicia.