Monthly vs Monthly by date
I need help understanding which is the correct approach for dealing with bills that are reoccurring like car insurance. I have setup a monthly goal by date, but I am struggling with the month after the maturity date. I have to create the monthly by date goal again for the next 6 months.
i was thinking it may be better to just use a monthly funding goal like I do with my mortgage. But then I lose flexibility if I need to dip into one of those categories. With the monthly by date I always will know if I am on schedule for the next due date or what I need to catch up.
I was thinking it would be nice to have an option where I could use the monthly by date with automatic repeat interval like every 3,6 or 12 months. That way the month after the bjill is paid the monthly goal by date resets.
How are others dealing with these types of bills?
I schedule a repeating transaction for every 6 months on the due date for the total cost of the insurance premium and I created a category named insurance premium that has a target category balance by date for the month it will be due.
Once I pay the insurance premium on it's due date I have to reset the target category balance by date to 6 months from then.
I use a set monthly amount, but I never borrow from car insurance because it's just too hard to build it back up again in time, and it stresses me to think of it. My car insurance renews annually, and I pay less by paying it once a year rather than monthly. I've never looked into the six-month option.
Until you've built up nice plump categories such that you don't need to raid or borrow from other categories, I would suggest updating your goal every six months.
Hi carterbunch !
I went ahead and sent this over to our development team as a feature request for the ability to set reoccuring goals! :)
For now, the options mentioned above are the best way to go - you can either reset that goal each month, or set a monthly funding goal where you don't borrow from that category. If borrowing is an issue, I'd suggest continuing to reset that goal.