I bought a laptop on an 18 month no interest deal. I made an envelope for it, but now it just shows a huge negative balance. The credit card is set up with an “interest saving balance” which includes all new purchases, plus the amount we’re paying toward the balance of the big purchase.
Seems kinda complex. Should I set up the big purchase as a separate account?
I don’t know that mine is the BEST solution, but I set my card up as if it were two separate credit cards–one that I continued to pay off each month, and one that carried the balance (albeit with no interest) until that amount was paid off. It works fine on the Envelope side but it did make it more difficult to reconcile my monthly statements, since I had “payments” going to both balances and the card total wasn’t split out that way. I’m not sure if there’s a better way though; I certainly couldn’t come up with one!
Hi Enoch,
If that credit card has zero interest, even if you’re carrying the balance, it might be fine to simply have it as a Credit Card Account in Goodbudget and run the negative balance until you pay it off.
Alternatively, you can use the method Tiffany’s suggested, or check out this article in our Help Center for more ideas.