How to handle an insurance payout

DannyB

A couple of months ago our e-bikes were stolen    The thieves had to go to a lot of work since we had a high level security lock on them.  At least the batteries were not installed on the bikes.  Anyway, our home insurance covered the loss minus our deductible of course, but all-in-all we received about 2/3 of the loss. 

My question:  How would you handle a payout like this? 

In order to maximize the payout we have purchased replacement bikes and have purchased the various upgrades that we lost when our original bikes were stolen - upgraded seat posts, upgraded saddles, high security locks, pannier bags.... Again, about 2/3 of these expenses are covered by our insurance payout and the remaining will come out of the category for our recreation expenses. 

Any ideas on how to enter all this into Simplifi? 

Thanks

Coach Natalie

Hello @DannyB,

Great question, though I'm sorry to hear that your e-bikes were stolen! 😳

Personally, I'd use that same recreation expenses category to categorize everything. If you categorize the insurance payout using the same category, since it's an income transaction, it will offset the expense transactions of the same category. Then, you'll be dealing with the remaining 1/3 as leftover expenses that can be accounted for in the Spending Plan, etc. 

I hope this helps, but some other users may come along with additional suggestions!

-Coach Natalie

Flopbot

Great idea!  My only other suggestion for @DannyB would be…get a guard dog…and charge it to the recreation expense category too!

DannyB

Thanks @Coach Natalie that works 

DannyB

🤣 @Flopbot!  That ain’t gonna happen!  I’d rather just take the extra 15 minutes to unload and secure the bikes in the garage from now on!