How to manage credit card payment plans?

Amex offers the ability to pay for a large transaction over time- so when I had some unexpected large vet expenses I set up a “Plan It” plan to pay it over the course of a year. They way they do this is by keeping it separate from your monthly balance and adding the monthly payment amount to the amount due each month (plus the fee of course). I have two active Plans right now, so I set them up as a debt account for the total amount due and a budget envelope for the amount due each month. I allocate money to the envelope, then my thinking was that I’d do a transaction to pay off the debt with my Amex card each month, since that’s essentially how it works with Amex. But now that I’m trying to do this in Goodbudget, I can’t.

I’ve tried doing it as a transfer from my Amex account to the “Amex Plans” debt account, but it blocks me and says to do it as a debt transaction. I went to the Debt Transaction tab and tried there, but it will not give me the option to pay it from my Amex account.

What else can I do to manage this within Goodbudget? How do I make this work?

Hi @Jesso - Thanks for your post, and welcome to the Goodbudget forum!

You can only pay on your Debt Account from an asset Account (like a Checking Account). To workaround that, try separating out your payment for you ‘Plan It’ Debt Account by recording it as Debt Transaction from your Checking Account. Then, you’d pay on your regular CC Account’s monthly payment by recording an Account Transfer from Checking to your CC.

I hope that helps!