Can I subdivide a bank account into categories such as "Save for Car", "Utilities" etc
I'd like to segregate the funds in a bank account into categories. Some of the money might be put aside for a car purchase for instance. Then I can tag transactions according to those categories.
Answers
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Not exactly. I suggest you look into setting up Savings Goals as I believe it will accomplish what you want. Check out Quicken help on the subject
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I have created individual manual savings accounts to accomplish this. I call them savings envelopes. When I initiate a register entry from my primary checking account I enter the name of the envelope as the category, this is actually creating a transfer. It shows as a debit in my checking account and a deposit in the offline manually created savings account (envelope).
I also track my checking account through an online account connected to Quicken so I can see what I have overall.0 -
The only downside I see to this is that having multiple manual accounts that don't really exist anywhere in a physical account adds challenges to reconciling your primary checking account since the "transfers" are unknown to your bank.
The savings goals mentioned previously would not have this issue. All the money is still in the "real" account. Quicken is creating the illusion of "stashes" of cash earmarked for a specific purpose.
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