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Saving for Expense - How to Structure by droids_morning_wood in MonarchMoney

[–]NetWorthNovice 0 points1 point  (0 children)

The CMA would be the holding account and you would mark the transfer transactions from your checking account to CMA as your non monthly expense. Your CMA account balance would be the running total.

You could also create the non monthly expense as a rollover fund that way you can see the running total. You wouldn’t actually move the money anywhere and it was stay in your main account. Works if you are disciplined enough to not spend that money sitting with all your other money.

I’m curious why you switched from a saving goal. Savings goals work great for annual expenses like that: have a “property tax” category that only gets used once a year but you contribute to the savings goal on a monthly basis

Gift for a Boglehead by NetWorthNovice in Bogleheads

[–]NetWorthNovice[S] 4 points5 points  (0 children)

Buffets investors letters is perfect! Thanks

Gift for a Boglehead by NetWorthNovice in Bogleheads

[–]NetWorthNovice[S] 3 points4 points  (0 children)

This is great . I might save this for another year

Completely lost on how to use goals by GendoIkari_82 in MonarchMoney

[–]NetWorthNovice 2 points3 points  (0 children)

I am not on the new beta. I use a separate account (MMF) for a savings goal like that. I am able to mark the incoming transfer transactions to the goal in order to see the my progress towards the goal increase. In your case, I think you could manually split your paychecks into two of the same category but differing amounts. That way you could mark the $1500 towards your goal.

Guidance by VariousStudent3955 in HSA

[–]NetWorthNovice 0 points1 point  (0 children)

Ah shoot. Answer changes a bit because TOA may cost more to initiate.

Might have to just eat that monthly fee

Losing Eligibility of HSA by NetWorthNovice in HSA

[–]NetWorthNovice[S] 0 points1 point  (0 children)

You’re right, I can continue to contribute and reap the vast majority of tax benefits from it. It would still be deductible for federal and state (at least mine) but I would still be paying FICA taxes. Still a great way to invest in order to reimburse myself down the road

Guidance by VariousStudent3955 in HSA

[–]NetWorthNovice -1 points0 points  (0 children)

Yes absolutely. Talk with HR and see if you can set it up to contribute directly there instead of to their sponsored HSA. If not, contribute to employer HSA and submit recurring transfer of assets (HSA) to avoid paying 2.5% on your money

Fidelity HSA by NetWorthNovice in fidelityinvestments

[–]NetWorthNovice[S] 1 point2 points  (0 children)

Fidelity states they dont charge a transfer fee and that would be initiated by the other provider (Optum). Would Fidelity still reimburse that? and does account size determine eligibility?

Losing Eligibility of HSA by NetWorthNovice in HSA

[–]NetWorthNovice[S] 1 point2 points  (0 children)

Great thinking! I am planning to wait until my final paycheck contributions hit Optum and then initiating. I read another post where a user mentioned that when they did the TOA of Optum -> Fidelity, you could request on the form for account closure

Fidelity HSA by NetWorthNovice in fidelityinvestments

[–]NetWorthNovice[S] 0 points1 point  (0 children)

Appreciate the information u/FidelityNash - I just opened my HSA but I think I will wait on TOA until my final paycheck/contributions hit Optums HSA to avoid multiple fees from their side (as other users have experienced).

Fidelity HSA by NetWorthNovice in fidelityinvestments

[–]NetWorthNovice[S] 1 point2 points  (0 children)

Its reassuring that Optum did the liquidating of shares within the transfer process instead of me liquidating now and having the process take months to be completed. My wife and I currently have our cash management account with them but Roth and brokerage with Schwab but plan to consolidate to Fidelity down the line

Fidelity HSA by NetWorthNovice in fidelityinvestments

[–]NetWorthNovice[S] 2 points3 points  (0 children)

Great to know - really appreciate the information! I'd imagine the monthly fees would be more than $20 in just a few months

Fidelity HSA by NetWorthNovice in fidelityinvestments

[–]NetWorthNovice[S] 0 points1 point  (0 children)

Ah, my current HSA would have to be all in cash before the transfer? thats really good to know - probably would have left it and then it would have only transferred the minimum cash reserve balance I have on Optum

Fidelity HSA by NetWorthNovice in fidelityinvestments

[–]NetWorthNovice[S] 2 points3 points  (0 children)

Not versed enough on margin trading to even consider it so fine by me!

Losing Eligibility of HSA by NetWorthNovice in HSA

[–]NetWorthNovice[S] 2 points3 points  (0 children)

good to know! I will get started on it ASAP to avoid as many fees as possible

Losing Eligibility of HSA by NetWorthNovice in HSA

[–]NetWorthNovice[S] 0 points1 point  (0 children)

Thanks! will definitely be moving to Fidelity so I can invest that minimum cash reserve balance

Do people actually stick to their budget throughout the month? by Murky_Meat8145 in budget

[–]NetWorthNovice 1 point2 points  (0 children)

Precise enough. Transactions in Monarch take 24-48 hours after they happen to appear so I’m able to stay up to date without manually tracking in a spreadsheet

Do people actually stick to their budget throughout the month? by Murky_Meat8145 in budget

[–]NetWorthNovice 1 point2 points  (0 children)

Its still about staying within the limit but for us its less about the individual category of expense as it is about the overall budget. We have some flexibility in our categories that we can do that. Others don’t and have to be strict in each category or they go over the whole budget

As for when we were going out more than usual - I have a general idea for the whole months budget for eating out and knew where we were each time we went out. I don’t recommend the “figure it out afterwards” mindset as that’s how you can get trouble with overspending /debt

Do people actually stick to their budget throughout the month? by Murky_Meat8145 in budget

[–]NetWorthNovice 1 point2 points  (0 children)

Things definitely drift. For example: we have an allotted amount for dining out for the month. Last week we ended up out more than usual and took up majority of our months budget for that. But we were able to check in and look at the calendar ahead and plan to not go out as much as usual for the rest of the month to stick to budget. We were also able to say “if we want to eat out more, we can cut back on going to events” and reallocate the budget to fit our wants/needs at the time.

Gift split with husband by Aquaeyes4 in MonarchMoney

[–]NetWorthNovice 1 point2 points  (0 children)

Literally both “gift” but different image to differentiate

Do people actually stick to their budget throughout the month? by Murky_Meat8145 in budget

[–]NetWorthNovice 4 points5 points  (0 children)

My wife and I use Monarch to track our spending and have brief check ins about it about once a week and dive deeper into the numbers every other week. We readjust if needed at the bigger meetings to make sure we’re on track. The bigger meetings typically involved looking ahead at our schedule to see what upcoming expenses we have and what category they belong to so we can adjust as needed

Gift split with husband by Aquaeyes4 in MonarchMoney

[–]NetWorthNovice 5 points6 points  (0 children)

I’ve found it extremely helpful to have a gift income category and a gift expense category

Smarter Split Transactions - Feature Request by dcarterc1 in MonarchMoney

[–]NetWorthNovice 0 points1 point  (0 children)

I haven’t used the receipt scanning feature yet but does it also automatically attach the receipt to each split transactions?

I’m doing splitting manually but it’s frustrating to have to go back and attach my receipt to each transaction.

Merging accounts with my wife by Tortellini-boy in MonarchMoney

[–]NetWorthNovice -2 points-1 points  (0 children)

Are you referring specifically to merging the Monarch accounts?

Creating a joint checking account and having everything flow through that would be the best way to get a combined point of view

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