Spending Plan: Transfers and Credit Card Payments - How do you use it?

JoshIAllen

Transfers and Credit Card Payments are blank in my Spending Plan. Because I have my bank account and credit card account linked, my payments mark as transfers and are hidden from this. Do you make your transfers viewable? I'm just not totally sure how to take the best advantage of this section.

DannyB

Hi @JoshIAllen

Transfers are excluded from the Spending Plan and Reports by default. The reason for this is explained in these support articles:

https://help.simplifimoney.com/en/articles/5142302-how-credit-card-payments-and-transfers-are-handled-in-the-spending-plan

https://help.simplifimoney.com/en/articles/3352152-how-do-transfers-work

A few things to note:

• I believe all transfers will be shown in the "Transfers & Credit Card Payments" section.
• If you want the transfer to affect your net worth, that is you want the amount of the transfer to be deducted from your available monthly income, you will want to leave the "out" side of the transfer visible to the Spending Plan.
• Most transfers are simply moving money between accounts including a cash account and a credit card account. Since the charges to your credit card are already accounted for in your Spending Plan, the CC payment is NOT increasing or decreasing your net worth.
• For connected accounts, use the Transfer>[connected account] for your category.

Here is an example of two of my transfers:

The first one is a transfer from my checking account to a savings account. This one has both sides excluded since this doesn't affect my net worth per se.

The second transfer is from my checking to my grandchild's custodial account. Once transferred this money belongs to my grandchild and is no longer a part of my net worth and so I have the transfer out side included in the Spending plan and the transfer in side excluded since those funds are no longer part of my net worth.

The way transfers show up in the Transfer section seems counter intuitive, I am told this makes sense and is accurately reflecting the transactions and when I look at my accounts they are behaving as expected.

I.e. - the included -$25 is coming out of TnD Checking account and the excluded +$25 is going into the Mia CS account.