PensumHelp · Budgeting
Credit cards
Buying with a card
Categorize a card purchase like any other: groceries to Groceries. The money comes out of the category right away, when you spend, not when you pay the bill.
Paying the card
A payment moves money from checking to the card. It's a transfer, not spending, so it doesn't touch any category. (The spending already came out of categories when you bought things.)
Record it with Transfer (the transfer icon over the account list, or in the Accounts menu), or, if it came in from your bank, categorize both halves as Transfers. See Transfers and splits.
Paying in full each month
If every category you spent from had the money, then the money to pay the card is still in your checking account: you've already set it aside, category by category. Pay the full balance, and the card costs you nothing.
See the demo's Visa, paid in full each month
Carrying a balance
When you add a card that already has a balance, the balance is money already spent, so it's subtracted from what you have to assign. In other words, Pensum counts the debt against your budget from day one.
That means:
- Payments on it are transfers too. They move money from checking to the card without changing your categories.
- If adding the card made Left to assign go below zero (over-assigned), your budget is short by that much. Each month, assign a little less than your income until Left to assign is back to zero. That closes the gap, and the money builds up in checking to pay the card down.
- Interest and fees are spending. Categorize them to a category such as Card interest, so you can see what the debt costs.
- Don't add to it. New purchases should only come from categories that have the money.
Reports → What is my card debt costing? shows what you've carried from month to month over the last year, and an estimate of the interest.
See the demo's store card, carrying a balance
When a category runs out
If you overspend a category with a card, cover it like any overspending, by moving money from another category. If you don't, the card balance grows faster than your budget can pay it. See Overspending and reassigning.
Still stuck? Signed in, choose Contact support in your account menu, or email [email protected]