So I have a credit card that I decided to pay off with savings rather than what’s in my checking.
I have an envelope for this savings account, but I’m not sure what to do to cause my envelope to go down.
I know I need to do a account transfer of my savings account > credit card, but what kind of transfer should I do for my savings envelope for the amount now to be correct? I feel like if I put that envelope in any other envelope transfer it will just make it seem like I have excess money else where even though I don’t since it is paying off a balance. Any tips?
If you want to keep your Savings Envelope matching your Savings Account, you will need to make an Envelope Transfer to move that extra money in the Envelope to someplace else.
To clarify, moving that money to another Envelope doesn’t create excess money. That’s because Goodbudget helps you budget based on your ‘Total’ available – asset Accounts minus Liability Accounts – and transferring money from your Savings Account to your CC Account wouldn’t reduce that Total. That means you still have the same amount of money on the Envelope side even after you made that Account Transfer.