Automatically deducting CC balance from spending plan

Kelnic
Kelnic Member
edited January 25 in Using the Spending Plan
Hi there. I really want my spending plan to accurately reflect the amount I have available to spend. However, an outstanding credit card balance isn't factored in. Because I pay off my credit card every month, this means I have to do mental math of "available to spend" - "credit card balance" = X, instead of just having a number I can check. 

For example, let's say I have a balance of $1000 on my card. My "available" amount might say I have $2500 to spend this month, but really I have $1500 because I will need to pay off my card. I know I can add this as a manual amount, but it changes every month - so it would be too much work to keep it updated. An automatic deduction option would be preferable to me.

Comments

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    edited December 2021
    Hello @Kelnic,

    Thanks for posting your feedback regarding credit card payments in the Spending Plan to the Community!

    Have you considered using Bill Connect to link your credit card bill and help automate this process, by chance? More details on using Bill Connect in Simplifi can be found here

    If you're able to link the corresponding Recurring Series to the Biller, then you'll automatically receive updated Due Dates and Amounts in Simplifi, and the associated Reminder will be updated accordingly. As long as you're including the Recurring Series in your Spending Plan, then the amount of the credit card payment will be included in your Bills Total. More details on how credit card payments are handled in the Spending Plan can be found here

    Otherwise, there would, unfortunately, be no other way to automate this process, in which case I would suggest manually editing the Reminder in Simplifi once you know the amount that's due so that it's properly reflected in your Spending Plan.

    I hope this helps, but please let me know if you have any questions! :smile:

    -Coach Natalie
  • Thanks Natalie - I'm going to try this out.
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