Savings or Escrow accounts best practices

johnpw

I have 4 savings accounts I use basically as Escrow accounts.

House, Auto, Medical and Travel

I put money in every paycheck and then when taxes or insurance comes up I pay out of that.

I don't use it for day to day stuff like gas or air filters for the house I use normal budget categories for that.

after moving from Mint I noticed when the money is moved from paycheck into these accounts its getting set as Auto, Home etc which skews my monthly numbers so was thinking categorize them as savings or maybe create. anew cat called Escrow or maybe even Auto Escrow, Home escrow etc.

in Mint I had it set as Paycheck so when my paycheck came in at $1500 or whatever each of these would be negative $100 making my net as $1100 for that 2 weeks monthly expenses.

just curious of what others has done since I'm only a few weeks in from this mint migration

thanks

Coach Natalie

@johnpw, thanks for reaching out to the Community!

When reading through your description, I have a few follow-up questions for you:

1. Do you track the 4 savings accounts in Quicken Simplifi?
2. If so, are you looking to track the expenses that are made from those accounts as spending?
3. Or would you prefer to track the transfers to those accounts as spending and then exclude the spending from those accounts since it's already been accounted for via the transfers?
4. Are the deductions for the transfers to those accounts automatic from your paycheck, or do you create those transfers as separate, individual transactions?

Please let us know so we can best assist!

-Coach Natalie

Flopbot

@johnpw

If the four (4) separate accounts work for you, then I would keep using them. Here is a post explaining how I have my Savings Goals and savings accounts set up in Simplifi. At present, I have five separate, real wood savings accounts set up with my bank andam considering creating a sixth. All of them are synced with Simplifi.

https://community.simplifimoney.com/discussion/4567/my-savings-goals-simply-work