Credit Card Interest & Fees
It's simple to account for the interest charges and fees that come your way if you're carrying a balance.
- In the Immediate Obligations category group, create a category to hold your interest and fees if you don't already have one.
- For interest, go ahead and budget for it in advance. Don't know how much it will be? Aim for an amount at the high end of what you might expect.
- When your credit card company charges you interest or a fee, record the charge in your credit card account register.
- Just like any other purchase (you just bought extra time to pay off your debt), as long as you've budgeted for it, the money will be moved to your Credit Card Payment category. That's it!