I have funds in my checking account allocated to envelopes and my savings account is not allocated to envelopes. I am probably making this harder than it needs to be, but how do I transfer money from a checking account envelope to my savings account? I tried an account transfer but that doesn’t deduct the money from my checking account envelope.
You transfer from the envelope to Unallocated.
sum(accounts) = sum(envelopes) + unallocated
So you move money from one account to another, the left side of the equation remains the same. Then you move money from one envelope to another (or unallocated) and the right side of the equation remains the same. It’s two separate “Money movements”.
To add on a little bit more—Accounts and Envelopes are just two different and independent representations of the same funds. To physically move money you’d do the Account transfer, but to allocate it differently you’d do an Envelope transfer.
If you’re not using your Savings in your budget (most people aren’t), you could create a Savings envelope to account for that money instead of leaving it Unallocated, but that’s just to make it “pretty” and doesn’t change anything.
Do I understand that you have a Checking envelope, and then budget envelopes too? Do you fill your budget envelopes by transferring money from Checking? That certainly works, but it adds extra steps; you can just Fill your envelopes from the Unallocated funds, assuming your Savings is accounted for in an envelope of its own.
Not sure if that helps, but it’s just a different way of doing things!
Aug 10, 2022, 12:08 PM PDT
Thanks Tiffany. If you mean “More Envelopes” when you say Budget Envelopes Then the answer is No. My own choice is to do my budget in Excel as a check against GoodBudget and use the envelopes in GB for categorized balances (when all things including the bank equal out then I am happy). all funds in my checking account are in envelopes so the total of all envelopes should equal the total of the checking account in GB, should equal the bank.
From the comments so far as I understand it I need to 1) do an envelope transfer of the funds to “Unallocated”, and then 2) do an account transfer of the same amount from GB Checking to GB Savings. I do not have an envelope for savings account so basically my GB Savings account equals “Unallocated”. Do I have this correct?
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Yes, that is correct.