By now you should have a working YNAB file.
All about Credit Cards
Today we’ll learn how to set up credit cards, budget for debt, record purchases and payments, handle interest and fees, and even how to deal with balance transfers!
Here’s a complete list of what we’ll cover:
- setting up a credit card account
- budgeting for new purchases
- recording purchases
- budgeting for credit card debt
- credit card debt vs credit card balance
- recording payments
- interest and fees
- how to create a debt snowball
- handling new debt
- balance transfers
- what to do once the debt is gone.
Don’t worry, it’s not as confusing or long-winded as it sounds.
That’s what is so cool about YNAB, it helps simplify otherwise confusing topics, allowing us to master our money!
Grab a cold drink, open your YNAB program, and watch this video.
(If you cannot see the video, click here to watch it in your browser.)
See, that wasn’t so bad eh?
If you haven’t already, go into YNAB and add all your credit cards.
If you have existing balances budget a certain dollar amount to them each month until they are paid off – AND – budget for any new purchases.
There, now you have mastered dealing with credit cards!
Tomorrow – in Day Five – we’ll learn all about Savings – so stay tuned.
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Days in the Series