I have student loans and an auto loan that is set up as as a "pay off my debt" goal in Mint. I also have a "pay off my credit cards" goal. And finally, I have a savings goal as well.
I like the Goals feature as it helps me keep track of how I'm doing on those things, and it considers those goals as part of the budget.
However, I realized that in my budget within Mint, I already have money regularly budgeted towards the actual "Student Loan", "Auto Payment" and "Credit Card Payment" categories, effectively budgeting that money twice (the Goals and the regular budget line items). This skews my budget, saying I have less funds available to work with than I actually do.
If I remove the regular budget items (and leave the goals in place), I see that I now have un-budgeted money, but when the payment transactions for those items get imported (ie. when I make a credit card or loan payment), it counts it against the budget as "Everything Else" instead of toward the goals.
What would be the proper way to fix this? I know that I can make certain transactions hidden from budgets and trends, but I'm not sure if that's the best solution, because now I won't get a complete picture of my spending in those places if those transactions are hidden. And I don't want to turn off the goals feature because it's really helpful staying on track of our debt reduction, and it makes complete sense for our goals to be a part of our budget.
How can I properly budget those items while still using the "Goals" feature in Mint?
Here's an example with round numbers, if my explanation wasn't clear:
- I have Goals set up in Mint for credit cards, auto loan and student loans. The monthly payments towards those goals total $1000.
- I also have regular category budget items set up for the above items, totaling $1000.
- Since the goals are already considered part of the budget as well as the category-based budget items, Mint thinks I've budgeted $2000 towards those items, when in fact the real number is $1000.
- If I remove the regular budget items and just leave the goal, transactions that are categorized as "Credit Card Payment", "Auto Payment", etc. get paced in the "Everything Else" category, instead of towards the goal.