Credit Card Interest on Mobile
In the mobile app, there's an easy way to account for the interest charges and fees that come your way if you're carrying a balance.
How to Handle Credit Card Interest and Fees in Your Budget
- 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 by assigning money to the category. 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 (or import) the charge in your credit card account register.
- Categorize this charge to your new "Interest & Fees" category.
- Just like any other purchase (you just bought extra time to pay off your debt), as long as you budgeted for it, the money will be moved to your Credit Card Payment category. That's it!