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Monarch Money Sinking Funds

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In this video I share how to use sinking funds within Monarch Money.
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Опубликовано:

26 авг 2024

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Комментарии : 17

@TheBabypod Месяц назад

Hi. My wife and I are retired and just started MM about 2 months ago. Thank you very much for these videos. However, I'm still confused on your explanation on Sinking Funds. We save monthly to pay Estimated Income Taxes each quarter, Property Taxes every 6 months, and save for Vacation each month. Those would be our three monthly Sinking Fund categories - Income Taxes, Property Taxes, and Vacation. So, when we transfer TO SAVINGS FROM CHECKING is that catgorized as...TRANSFER? And, when we transfer back TO CHECKING FROM SAVINGS is that also a TRANSFER? And when the actual transaction appears from our payment we make...is that categorized as an EXPENSE? Additionally, do I understand correctly that, unfortuntely, these transfers will not be reflected in our BUDGET and therefore our budget will think we still have extra money to put somewhere? Thank you so much for your help.

@BrittanyFlammer 22 дня назад

Sorry - occasionally they update the links and I don't get notified. Here are new links: Checking/Savings: www.sofi.com/invite/money?gcp=bcd59ef5-7f30-4e96-bf92-c3c3c25d2c7f&isAliasGcp=false Investing: www.sofi.com/invite/invest?gcp=8fc4d068-b03b-4378-aa8a-d1265f74e356&isAliasGcp=false

@YTZack408 Месяц назад

Thanks for the video. Do you tag the sinking fund transfers in monarch money as “Transfers”?

@BrittanyFlammer Месяц назад

There are a couple of ways to handle this. I actually categorize them as an expense, but you could keep them as a transfer if you wanted.

@emilybrowno 5 месяцев назад

Video Editing is too low 👎👎👎👎 Edit the video in a good style. Add nice b-roll animation when you are speaking or explaining something. This will increase visualization. Put proper subtitles, effects, transitions, and colors in the video. Insert the B-Roll (footage and animation) very well because it is absolutely low in your video. Do all this and then see how the video doesn't turn out good.

@jessicamillerr 5 месяцев назад

I Agree 👍

@madisonmartinezz 5 месяцев назад

You guys are saying this today, right? I have been saying this for several weeks now that you should improve your video editing.

@mariagarciab 5 месяцев назад

Video editing score = 200/100 😊🤣🤣🤣🤣🤩🤣🙃🙃🥳🥳

@BrittanyFlammer 5 месяцев назад

You are not alone. I would love to have better video editing. I've actually been looking into it, here are my issues: *cheap video editors are about $80/video (and I don't like most of their editing). Editors I like cost more like $200/video. I * I am providing content for free here on RU-vid. I do this to help people and it takes a lot of time. *I do make money off of adds....keep in mind I have made exactly $0.65 on this specific video. I might make $5-$10 over its lifetime. * Because of the financial nature of most of my videos I have personal information I don't want others to see included on most b-roll. I have to edit my screenshots/recordings before sending them to the editor. It often takes me longer to cover up confidential information than it does to do basic editing. Anyway - I'd love to level up the editing, transitions, etc...and I plan to in time, but right now it's not the most important thing to me.

@jadereese5590 5 месяцев назад

@@BrittanyFlammer I don't give a crap about titles and transitions. You aren't teaching video editing. You are teaching finance. You give great information for FREE. Keep doing what you are doing and save your money for a vacation.

@bigchaloopa 4 месяца назад

Hi. So is the money put into the Sinking fund monthly considered a Monthly Expense? The reason I ask is because I trying to determine my monthly average spend. Thanks.

@BrittanyFlammer 4 месяца назад

Yes - if you do it the way I have it here, it would be considered an expense. This would mean your savings rate on the cash flow is not accurate. You could put it in your goals section so your savings rate is more accurate. I personally prefer it to be considered an expense, so it's more accurate of how much money I actually have left to spend, but it's totally a personal preference.

@bigchaloopa 4 месяца назад

@@BrittanyFlammer Hi. Thanks. So I will count monthly transfer to my sinking fund as an expense but, when I actually spend these funds on annual payments or subscription, I would Mark them as transfers to avoid duplicate expense transactions. Correct?

@BrittanyFlammer 4 месяца назад

@@bigchaloopa Sorry - I didn't see this reply until now. If you're creating a sinking fund I would turn the rollover feature on. When you actually transfer money from your checking into your sinking fund I would hide that transaction (or count it as a transfer). Then, when you actually spend money from the fund you can categorize it from that category. Does that make sense?

@TheBabypod Месяц назад

@@BrittanyFlammer Hi. My wife and I are retired and just started MM about 2 months ago. Thank you very much for these videos. However, I'm still confused on your explanation on Sinking Funds. We save monthly to pay Estimated Income Taxes each quarter, Property Taxes every 6 months, and save for Vacation each month. Those would be our three monthly Sinking Fund categories - Income Taxes, Property Taxes, and Vacation. So, when we transfer TO SAVINGS FROM CHECKING is that catgorized as...TRANSFER? And, when we transfer back TO CHECKING FROM SAVINGS is that also a Transfer? And when the actual transaction appears from our payment we maken...is that EXPENSES?

@BrittanyFlammer 14 дней назад

@@TheBabypod Sorry I never responded. Reply's to comments tend to get hidden and I don't see them. You have it right if you're using these as sinking funds and have the rollover feature turned on. When you transfer the money from checking to a savings (or vice versa) it would be considered transfers, not expenses. When you actually pay the bill for your taxes, vacation, etc... that would be categorized as an expense. I hope that makes sense.