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Budgeting

At the beginning of every month, you need to create a new budget. Depending on budget options, new budget form will be prepopulated with those categories and vaults.


Table of contents

  1. New budget page
  2. Creating a new budget
  3. Budgeting with insufficient income
  4. About budget page
  5. Editing a budget
  6. Deleting a budget
  7. Withdrawing funds from budget entry
  8. Moving funds between budget entries
  9. Adding funds to budget entry

New budget page

New budget

  1. New budget details shows how much funds are you allocating for this budget, what portion of last month’s income is that amount, what portion of total reserve funds is that amount and what will be your last month’s cash flow after budget is created.
  2. Categories that will be included in your budget.
  3. Vaults to which funds will be added to.

Creating a new budget

  1. Visit budget page. Select budget
  2. Click on a “Create budget for this month” button. Click create budget button
  3. Select categories that you want to add to your budget and change their amounts, if needed. Select categories
  4. Select vaults that you want to fill and change their amounts, if needed. Select vaults
  5. Save your budget. Save budget

After budget is saved, amounts for categories will be allocated for your budget, and amounts for vaults will be transferred to vaults.


Budgeting with insufficient income

There are two cases that could happen at some point: first, you had no income last month to calculate your budget, and second, you had insufficient income last month to create your budget in full.

When you had no income last month, you can still create a new budget. When opened new budget page, you’ll be able to enter amounts manually or select hypothetical income from which percentages would be calculated. If you have set minimum budget amount limit, that amount will be used as hypothetical income.

If you had income that is too small for budget to be filled fully, categories and vaults with flat amounts will be always filled first. If there are any funds left after that, funds will be filled for percentages, starting from essential categories.


About budget page

Budget

  1. Current balance shows your total budget balance.
  2. Budgeted expenses shows what percentage of your total expenses were budgeted. If percentage is less that 100%, you’ll see alert with amount that is needed to be withdrawn for percentage to increase. Keeping this number at 100% means you will never spend more that you intended.
  3. Budget entries shows categories in your budget. You can move funds between categories or withdraw them. Withdrawing funds will increase your budgeted expenses percentage.

Editing a budget

  1. Visit budget page.
  2. Click “Actions” on the right side and select “Edit budget”. Click edit budget
  3. Make your modifications. Funds will be added to budget automatically if entry amounts are increased. You can disable this by unchecking “Add funds automatically” checkbox.
  4. Click “Update budget” button to save changes.

Deleting a budget

When budget is deleted, all unused category funds will be transferred back to reserve, while vault funds will not change.

  1. In budget page, click “Actions” and select “Delete budget”. Click delete budget
  2. Confirm your action by clicking “Delete budget” button.

Withdrawing funds from budget entry

When funds are withdrawn from a budget entry, budgeted expenses percentage will increase. To withdraw funds:

  1. In budget page, find an entry that you want to withdraw funds from and click “Withdraw” button. Select withdraw funds
  2. Enter the amount and click “Withdraw funds”. Withdraw funds

If you enter negative number as amount, it will be converted to the preferred remainder of the budget entry. For example, if budget entry has balance of 50.00 and you enter -15.00 as an amount, withdraw amount will be converted to 35.00 (so final budget entry balance would be 15.00).


Moving funds between budget entries

When funds are moved between budget entries, budgeted percentage will not change. To move funds:

  1. In budget page, find an entry that you want to move funds from and click “Move funds” button. Select move funds
  2. Enter the amount, select destination entry and click “Move funds”. Move funds

As with withdrawing, you can do negative amount conversion.


Adding funds to budget entry

When funds are added to budget entry, budgeted expenses percentage will decrease. To add funds:

  1. In budget page, click on “Actions” button and select “Add funds”. Select add funds
  2. Select budget entry you want to add funds to, enter the amount and click “Add funds”. Add funds

We highly recommend sticking with original budget and add funds only as a last resort. Making trade-offs is one of the Decent Budget priciples.