Add an amount to a budgeted category

Question on how to handle this situation. Let's say I have a vacation goal that I want to have $1500 in my vacation category in 5 months. I have a spending account that I have a budget of $500 per week. We have decided that if at the end of each week we have extra money in the spending we will move it to the vacation budget but we want it to be extra, not included in the monthly goal amount.  Do I have to adjust the goal amount each week I move money over? Meaning, if one week I move $50 over from spending into the vacation budget, my vacation budget amount goes down to $250 for the month but I actually want it to be $350 that month. It would be a pain to have to adjust my goal every week I move extra money into the vacation. 

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  • Until the goal is reached, any additions are not extra. You've just got a headstart on next week's amount. You can always put more than the goal amount without resetting the goal.

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  • You could change your goal from a Target Balance by Date goal of 1500 in 5 months  to a Monthly Funding goal of 300 a month so that you future month goals aren't reduced by extra funding. If you wait to move the extra until the full 300 a month is funded, it might be a little more clear that it is extra.

    Another option would be to have a second category called "Spending money for trip" or whatever you are using the extra for & put the remaining spending money in that category instead.

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  • What I do sometimes is make a goal a Targe Balance by Date goal as mentioned above and then put in parenthesis in the category description how much per paycheck or month that would be. Then if I reach my goal early, I change that to "AT GOAL!" For instance, "Car Insurance ($85/mo, total $480 due Feb. 1)" might be my category as I'm accruing. I might may it a target balance by date goal or a monthly funding goal (depends on how definite a goal it is, I suppose?). Then when I meet the goal, I would change the category to read something like, "Car Insurance ($480 due Feb. 1, AT GOAL). 

    I am starting to find that when I am saving for a trip or something, I am more motivated to save if I create several categories. Like: Europe 2019 Flights, Europe 2019 Hotels, Europe 2019 Tour guides. It breaks things down, encourages researching the trip, and makes it seem more real somehow. 

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  • The issue I see with doing a $300 a month budget is that when I move the extra $50 over, when I look at the underfunded amount for that month, it will say under by $250 for vacation when I actually want it to say under by $300 because I want that extra $50 to be extra, so that month it will be $350. I could do this but to have to move the budget every week (sometimes by $26.48, weird amount) is a pain.  

    I hope I am explaining this right. 

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      • adriana01
      • adriana01
      • 1 yr ago
      • 2
      • Reported - view

      Spring Green Grizzly yeah, there's really no good option for "at least 300 a month for 5 months". I would probably create a second category in that case.

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      • Tif_Ann
      • Tif_Ann
      • 1 yr ago
      • 1
      • Reported - view

      Spring Green Grizzly If you haven't met the goal yet, then the money you put into it isn't extra. If your goal is $300 and you've only put $50 in, the budget has no way of knowing that you plan on putting another $300 in and want that month to be at $350. Once you get it to $300 then it'll show that you made your goal - you saved $300, and now anything extra is truly extra.

      If you have a goal that is "funded by date" be aware that if you put in $50 extra this month it'll reduce your goal for the next few months. So if you have 5 months left, it'll reduce your goal to $290 because you are $50 closer to your goal.

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  • So it really can't be done unless I change the budget amount to account for the extra I put into that category. 

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    • Spring Green Grizzly Yes, your budget amount has to change, since that's the total amount this month that's gone into the category. That field understands the + operator, so you can easily add $50 (or whatever) by clicking on the budget value, then hitting +50 and Enter.

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  • 1 yr agoLast active
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