Issue tracking spending with Mint

[riverwed070707]

I want to track what I'v paid in debt to CCs and such. Because both my Discover account and bank account are linked to mint, it always appears as if I've paid nothing since the credit to one account negates the spending in the other. I guess I understand why they do this -- it dawned on me today when i was analyzing my spending for last year that I'm essentially accounting for purchases made with my CC twice because I categorize them when I make the purchase and then I count the payment made toward the CC.

If you're a detailed budget tracker, how do you account for CC payments in your budget?

[disneysteve]

Originally Posted by riverwed070707

If you're a detailed budget tracker, how do you account for CC payments in your budget?

If you are a detailed budget tracker, I would think it wouldn't matter because every purchase on that CC should be reflected elsewhere in your budget: food, fuel, clothing, entertainment, travel, etc.

I'm guessing that you don't record cash purchases and check purchases separately but rather just count them in the appropriate budget category.

[Slug]

I'm confused. Even if you immediately paid every charge, you should still be able to click on your Discover card and see all the transactions.

I had way too many problems with Mint and switched back to Yodlee which I think does a much better job of keeping things up to date, but my PF is complex (lots of CC's, bank accounts, brokerages, etc...).

[riverwed070707]

Originally Posted by disneysteve

If you are a detailed budget tracker, I would think it wouldn't matter because every purchase on that CC should be reflected elsewhere in your budget: food, fuel, clothing, entertainment, travel, etc.

I'm guessing that you don't record cash purchases and check purchases separately but rather just count them in the appropriate budget category.

It is, that's why it's being double accounted for. This really isnt going to matter going forward because we're cc debt free now ( ) but it bothers me that my spending looks higher than my income for my YTD in 2011. I've finally figured out that this is why. I've been counting my CC payments in my "debt snowball" category but also counting the purchases in the appropriate category.

[riverwed070707]

Originally Posted by Slug

I'm confused. Even if you immediately paid every charge, you should still be able to click on your Discover card and see all the transactions.

I had way too many problems with Mint and switched back to Yodlee which I think does a much better job of keeping things up to date, but my PF is complex (lots of CC's, bank accounts, brokerages, etc...).

You're right that I could click the discover filter and see what payments I've made for the year. Where it gets thrown off is in my overall spending. If I want to see what I spent for the month that money I paid toward my card isn't reflected because it is both a deduction from my checking and a credit toward my CC. So for example, I make $4000 in the month of January and spend $3,500. I also make a $500 payment toward my CC and yet mint tells me that I still only spent $3,500

[DRILLINDK]

I just registered with Mint.com today. I'm pretty impressed for this free service so far. Anyway, try setting up your CC debt as a loan and pay it that way. Maybe that would work?

[Petunia 100]

RiverWed, if I am reading this correctly, the problem is that you are paying for new purchases and for old purchases, correct?

I have some credit card debt plus each month I charge such items as my gasoline. When I make a payment, the part which is for new purchases I categorize as "Transfer - Credit Card Payment", but then I classify debt repayment as "Credit Card Debt" (a category I added myself). In my case, it is simplified because all existing debt is on one card and new charges on a different card, but you could split the payment if you have both old and new debt on one card. (You do this in the "edit transaction" window).

The result is new charges are categorized as they post. A payment for those charges cancels itself out once it posts to both the credit card and my checking account. A payment towards existing credit card debt is categorized as credit card debt. No double counting and I track what I have paid on existing debt.

I love, love, love Mint!

[riverwed070707]

Originally Posted by Petunia 100

RiverWed, if I am reading this correctly, the problem is that you are paying for new purchases and for old purchases, correct?

I have some credit card debt plus each month I charge such items as my gasoline. When I make a payment, the part which is for new purchases I categorize as "Transfer - Credit Card Payment", but then I classify debt repayment as "Credit Card Debt" (a category I added myself). In my case, it is simplified because all existing debt is on one card and new charges on a different card, but you could split the payment if you have both old and new debt on one card. (You do this in the "edit transaction" window).

The result is new charges are categorized as they post. A payment for those charges cancels itself out once it posts to both the credit card and my checking account. A payment towards existing credit card debt is categorized as credit card debt. No double counting and I track what I have paid on existing debt.

I love, love, love Mint!

Ya I guess I am addressing two separate issues here. I also have (had!) separate cards -- one with debt, one for rewards. The issue I'm not seeing addressed here is say your debt is on your discover. Both your discover and your checking are linked with your mint account. You pay $500 from checking and categorize as CC debt. That $500 also shows up as "income" on your discover card so when you go to trends to analyze your spending for the month it appears you have spent nothing on CC debt because the $500 credit negates the $500 payment. As I said, I can certainly just look at the discover tab to see what I've paid to that account, but I want it to be analyzed in my overall spending for the year. Does that make sense?

On a conflicting note, for my new purchases on my Chase card, I *would not* want purchases to be counted when the transaction was made and again as a CC debt payment when i pay the bill in full at the end of the month.

So hard to explain I guess this is just one of those areas where you have to make manual adjustments to your budget tracking.

[MonkeyMama]

I use Quicken - payments to credit card are merely "transfers." I can choose to include them in income/expense reports or exclude them. (Of course, this is why I use Quicken versus any free programs - much more useful).

I am not familiar with Mint. Can you categorize it merely as a "transfer"? OR there may be a more complicated accounting workaround. Does Mint have message boards? Might be a good place to try to find a more specific answer.

[Petunia 100]

Originally Posted by riverwed070707

Ya I guess I am addressing two separate issues here. I also have (had!) separate cards -- one with debt, one for rewards. The issue I'm not seeing addressed here is say your debt is on your discover. Both your discover and your checking are linked with your mint account. You pay $500 from checking and categorize as CC debt. That $500 also shows up as "income" on your discover card so when you go to trends to analyze your spending for the month it appears you have spent nothing on CC debt because the $500 credit negates the $500 payment. As I said, I can certainly just look at the discover tab to see what I've paid to that account, but I want it to be analyzed in my overall spending for the year. Does that make sense?

On a conflicting note, for my new purchases on my Chase card, I *would not* want purchases to be counted when the transaction was made and again as a CC debt payment when i pay the bill in full at the end of the month.

So hard to explain I guess this is just one of those areas where you have to make manual adjustments to your budget tracking.

I think the problem is that you haven't made a new spending category for Credit Card Debt. Instead, you are using the already present "Credit Card Payment" which is a sub-category under "Transfer". Transfers are ignored when you look at your trends. Try making a new spending category and see if it solves the problem.

[Petunia 100]

Originally Posted by MonkeyMama

I use Quicken - payments to credit card are merely "transfers." I can choose to include them in income/expense reports or exclude them. (Of course, this is why I use Quicken versus any free programs - much more useful).

I am not familiar with Mint. Can you categorize it merely as a "transfer"? OR there may be a more complicated accounting workaround. Does Mint have message boards? Might be a good place to try to find a more specific answer.

You can exclude transactions in Mint, too.

[riverwed070707]

Originally Posted by Petunia 100

I think the problem is that you haven't made a new spending category for Credit Card Debt. Instead, you are using the already present "Credit Card Payment" which is a sub-category under "Transfer". Transfers are ignored when you look at your trends. Try making a new spending category and see if it solves the problem.

I do have a separate category. I have one under financial called debt snowball.

[Petunia 100]

Originally Posted by riverwed070707

I do have a separate category. I have one under financial called debt snowball.

Your "Debt Snowball" doesn't show up when you analyze your trends? My "Credit Card Debt" does. Do you also have a budget for "Debt Snowball"?

[riverwed070707]

Originally Posted by Petunia 100

Your "Debt Snowball" doesn't show up when you analyze your trends? My "Credit Card Debt" does. Do you also have a budget for "Debt Snowball"?

I'm SO GLAD we had this conversation. I've been categorizing them backwards -- I've been putting the credit (from the Discover statement) as my debt snowball and the deduction from my checkign as the cc payment transfer so it was messing up my numbers. Switching the categorization did the trick. THANK YOU!

[Petunia 100]

Originally Posted by riverwed070707

I'm SO GLAD we had this conversation. I've been categorizing them backwards -- I've been putting the credit (from the Discover statement) as my debt snowball and the deduction from my checkign as the cc payment transfer so it was messing up my numbers. Switching the categorization did the trick. THANK YOU!

A-ha! You're welcome, I'm so glad you will be able to get the info you want now.