Using the Budget Assistant for Credit Card Repayments

Let’s take the credit card repayment example shown on the  ⁠⁠Repaying a Large Credit Card Balance⁠  page and see how the Budget Assistant can help.
Based on the steps described in the Recording the Repayments (Accurate Method) section, you:
  • Transfer $500 each month from your checking account to your credit card account (principal repayment), and
  • Pay the monthly interest amount ($120, $110, $100, etc.) as a separate expense from your checking account.


Setting Up a Target for the Principal Repayment

For the regular $500 principal transfer, you can set up a rule in the Budget Assistant:
    Make sure you are on the Budgeting page.
    In the Credit Card Repayments category group, click No target next to your credit card (for example, My Credit Card).
In the mobile app, the Budget Assistant column is not displayed due to the smaller screen size.
Tap the Budget amount of a category to open the Edit Budget panel.
The Budget Assistant is shown under the category group / category name.
To create a target, tap the edit icon next to No target.
    In the Target Type dropdown list, select Regular expense.
    Enter $500 in the Amount needed field.
    For How often, select Monthly.
    (Optional) Set a day in the Every (which day) field.This date will appear as additional information in the Budget Assistant column and can help you prioritize allocations during the month. It represents your planned repayment date.
    Click Save.


What This Achieves

Setting up this target ensures that:
  • The Budget Assistant automatically suggests budgeting $500 every month. If less than $500 is allocated, it calculates and shows the missing amount.
  • You won’t forget to allocate money for the credit card principal repayment.
  • Your repayment plan stays consistent over the full 12-month period.


Important Note About Interest

The monthly interest amount ($120, $110, $100, etc.) changes every month, so it cannot be set up as a fixed Regular expense target unless your interest is constant.
You can:
  • Budget the interest manually each month, or
  • Create a separate Regular expense target if the interest amount is predictable.