How on earth to goals work ?!
Trying to set up a couple of £x by y date goals; let's say, for arguments sake £1000 by June; one would think this would calculate a goal of £200 a month but, no some other random figure (I'm assuming it uses part-months or something ?). The little summary says something like 'you are short, budget another £12.50 to stay on target'. Soooo, you move another £12.50 across, expecting it to now say something like 'yay, you're on track', or whatever, but - no, it now says 'budget another £3.60 to stay on target' !!
What am I missing here ? How can the amount you need to budget change ? 100/10 is 10 ! 100/10 is not 12, then 7, then 1.11.
Grateful for any advice.
If you created the goal in Jan, it will use 6 months (166.67 if the category is currently empty or less if there's already money in there). Be careful that you're actually adding to any existing budget entry instead of replacing it.
The entry it suggests is computed as:
- Suggested budget increment = (Target Available - Current Available) / Months To Go
Edit: You also have to consider whether you will be able to budget toward the category in the target month before the outflow occurs. If not, then you will need to target the previous month.
Hi Powder Blue Tiger !
Mamster and Dakinemaui are correct. If there are funds already Available in that category they will be factored into your goal progress. If you have $400 Available in a category and you create a goal to save $1,000 in 6 months, you only need $600 more to reach your goal. Instead of calculating to save $1,000, the goal will calculate for $100 each month to save the additional $600 to reach your goal.
Does that help clear things up?