I’m having a hard time understanding how I protect my savings when I am filling my envelopes. I pulls from my available which totals all of my savings and checking accounts. I have a separate savings account for emergency fund another for general savings and one the bank created for passive savings through rounding up purchases.
If i want to keep those protected do i just create an envelope for each of them?
Hi @jseymour186,
Great question!
The most common solution to keep the balance of your Savings out of your Available money is like you suggested, you’ll create a Savings Envelope and a Savings Account. You will make sure any transactions you make on one side are mirrored on the other so they always have the same balance. You can see more details about that method by clicking here.
The other alternative is to set up the Savings Account as a “Debt” Account but with a positive balance rather than a negative one. This isn’t something we support officially, but is something some users use to track off-budget or mostly-off-budget savings accounts. In that method, you’ll just make a Debt Account as normal but add a “-” to the balance so it’s the opposite of a normal Debt Account.
Hope this helps and if you have more questions feel free to contact us at support@goodbudget.com.
Live Generously,
Chloe