Sinking Funds in Monarch Money | Skip Goals with Rollover Method | Budget with Me in Monarch Money

Want to get started with Monarch Money but not a fan of their goals system? Me neither. So I decided to try a little trick I learned in YNAB. I set up my budget from scratch but although I'm new to Monarch Money, I'm not new to budgeting. In fact, I have robust sinking funds already in place. So I will be moving this money into my budget as a starting inflow of cash and allocating it to various sinking funds, which I will roll over to the next month. This budget takes you from November to December 2023 to show you the financial rollover within Monarch Money.

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✩Budget with me using Monarch Money. Watch me set up my sinking funds for the first time using a rollover method.

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Music from EpicSounds, used (paid for!) with permission.

[ronlapierre]

This was really helpful. We did YNAB before it became a monthly subscription and then moved to Mint and now to Monarch. Every time we start a new program, there is always lots of adjustments. I appreciate how you were able to grab all your bank amounts and include them in a starting budget. Exactly what I was looking for. Thanks. Keep updating the videos as you go forward especially the month ahead feature that we used to do in YNAB

[davedyk]

I think that after you recorded this video, they added a new feature. When you make a category a rollover, you can now specify both a starting month, *and* a starting balance. That just saves the step you did where you manually created income transactions.

[jmmccrary]

Looks like Monarch now allows you to apply part of an accounts balance to a goal. So you can use multiple accounts for one goal and you can use one account for multiple goals then choosing how much of that account balance is for the goal.

[laurenwrather]

This was super helpful! I’m looking at moving to Monarch from YNAB and this method looks like it would work. Curious how you would categorize the expense your work is reimbursing you? I never know whether to try and offset the expense (use the expense category for the reimbursement income) or just let it go.

[pinnotpaper]

Such an interesting way to handle your sinking funds! I use the built-in goals because my setup is a bit more simple, but I'm happy to hear you found a way to let Monarch work for you 🤗

[MrYocomohoyo]

This video was so helpful! I was really struggling to understand how to get the Goals section to work properly. Out of curiosity how do you transfer from one Sinking fund to another, and how do you budget for vacations from your vacation Sinking fund?

[WayneJones-cc]

I appreciate your video! It was extremely helpful! Do you still like using Monarch?

[smoothlarryhughes]

Why are you moving to monarch from ynab?