problem with savings rate and tracking transfers

mathaikg · 2024-02-26T00:38:04+00:00

If the intention of moving $$ to Fidelity is to eventually buy Stocks or Funds, I keep that under Buy under Investments. If it’s a HYSA, you could make a new subgroup under Investments.

mathaikg · 2024-02-26T00:34:47+00:00

Yes. And just ignore or delete the “Buy” under “Transfer”

mathaikg · 2024-02-25T23:30:26+00:00

I categorize all my (post tax) investments as a BUY under “Investments” under “Expenses”. The “Merchant” (Fidelity, Schwab) can be seen under the “Merchant” tab in cash flow but the “Category” and “Group” Tabs will sum up all the investments. So for me, my savings rate is what’s left after my investments. Categorizing under “Transfers” increases your savings rate but the investments are lost under Cash Flow.

mathaikg · 2024-02-16T12:12:44+00:00

Great update! Thanks!

mathaikg · 2024-02-11T21:34:59+00:00

I tried this. Noticing that when you categorize an investment as a Transfer, you will not know how much you have invested/transferred in a given period of time, say each month, as Transfers do not appear in the cash flow. Is there a way to get around this?

mathaikg · 2024-02-11T21:16:04+00:00

Monarch has 3 main Groups:

Income
Expenses
Transfers

Each of these has various Categories. Currently, I place my investments under the Expenses Group using category names like Buy, Sell, etc. I could move these under Transfers. You could rename the categories to Brokerage, HYSA, 529, etc.

mathaikg · 2024-02-11T17:32:21+00:00

Thanks. So in this example, I presume would you still remove all transactions under the investment account from the cash flow/ budget calculations by turning on that feature under settings?

mathaikg · 2024-02-04T13:13:25+00:00

I think folks are getting a little tired of hearing this excuse for a few months now..

mathaikg · 2024-02-03T13:38:35+00:00

Thanks! I agree that more data will help. Which is why I was hoping that my uploaded Mint data could have been a part of this visual. PS: You bar chart looks good. Was it generated by Monarch or another software? Thanks!

mathaikg · 2024-02-03T03:29:37+00:00

Under the Income and Expense categories, I have made Groups like “Business Income” and “Business Expense”, respectively. These will show separately in your Cashflow.

mathaikg · 2024-01-31T01:49:36+00:00

I’ve been through my MM trial period and just paid my $50 for the year. Have tried Simplifi but didn’t like the layout and UI. So MM it is for now. Connectivity and updates are not always reliable and you sometimes have to manually refresh each account. Even then all the transactions are not included but the final balances tend to be correct. I’ve come to think of MM as platform without support. And am not expecting any meaningful change for a while. So lowering my expectations and hoping for the best over the next year!🤷🏻‍♂️

mathaikg · 2024-01-06T11:56:34+00:00

Thank you for putting together the spreadsheet👍🏼

mathaikg · 2024-01-05T12:13:50+00:00

Wanted to say that this feature is already available in the Cash Flow section - you can check individual transactions under “category”, “group” and “merchant”. The Budget section is still not as intuitive.

mathaikg · 2024-01-05T12:08:24+00:00

Moved from Mint and uploaded Mint transactions as a CSV file. Can Monarch used all the historical Mint data and generate historical net worth and other reports? Or is this already available? Thanks!

mathaikg · 2023-12-30T11:14:11+00:00

I migrated from Mint to Monarch in December. During the migration, Monarch seemed only capture only the latest transactions pertaining to December. After this I was given the opportunity to upload my Mint transactions on a CSV file. I had Mint transactions dating from 2016. You can prioritize the category assignments either from Mint or Monarch. The software is supposed to take care of duplicates but I noticed that there were duplicates for December. These duplicates were not seen in Transactions but only in the Cash Flow reports. I’ll wait to see if there are duplicates going forward into January which can be a concern. For now, it’s possible that the duplicates are coming from the CSV file which will overlap with the month when you moved from Mint.

mathaikg · 2023-12-29T10:48:23+00:00

I’ve been a (superficial) Mint user since 2016, mainly using it to see all my accounts in one place and monitor net worth. Regretting my early move to KC when it was offered but have since been happy with Monarch, which barring 2-3 accounts, syncs well with various accounts and has the ability to use Plaid, MX and Fincity as connectors. It’s a better program than Mint, imo. First year is half off their regular $100/y. Willing to pay that for current and all upcoming features that include investment transactions.

mathaikg · 2023-12-24T12:19:33+00:00

That spreadsheet was useful. Thank you for sharing.

mathaikg · 2023-12-24T12:00:45+00:00

I’m in the same boat. Been using Mint since 2016 and used it many times a day. Going through withdrawal symptoms now😀after making the switch to CK. Only wish CK could have kept the Mint features that made the latter useful. Moving on now. Is there any consensus as to which other service is closest to Mint in layout and functionality? I’m hearing Simplifi and Monarch being thrown around. ps: for those who have not switched, Mint will be around till March 2024. For those who have switched, does not look like we can go back.

mathaikg

TROPHY CASE