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Under: Debt
How to categorize short-term bridge loan from family member
  • DanG1580
    Hi,

    I recently received a sum of money from my parents to assist me during a transition of selling my home and owing some money on the sale and shortly after this moving into a new place. Currently since it is a credit to my bank account, this is categorized on Learnvest in the "Income" category. I created a separate folder under Income, and called it "Mom and Dad - Loan" but this is going to skew my monthly income average, since I am a salary plus commissioned employee.

    Do you have any suggestions on how to better categorize this short-term bridge loan that I will be paying back to my parents in full over the next month or two?
  • DanG1580
    In follow up to the above, I also transferred this short-term bridge loan to my savings account. I set a "Priority Goal" to set aside $25 a month, and this short-term bridge loan amount is $2,000 that I transferred, so this messes up my savings goal and percentage it is reached. It is showing my goal is met at 575%, so what can I do about this as well?
  • Feedback from LearnVest
    Hi there,

    Although we always recommend tracking all expenses and income in the Money Center, if this loan is only 1 month (2 months max), one thing you can do is hide the loan. This will remove the transaction from your Inbox and from all calculations. It will also mean that your savings priority goal will not be thrown off.

    When you make any payments back to your family member, you should also hide them from your Inbox, so as to make sure you are not showing only one half of the loan transactions.

    To hide a transaction, just click on the name of the transaction in your Inbox and then click "hide".

    LearnVest Dedicated Support Team

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