I like the new goals very much.
However I do not see bi-weekly or every other week on any goal choices.
Also a way to add income and definitely every other week since most people are on a bi-weekly pay period.
Hi Magenta Mixer !
There’s no way to set a biweekly goal, but I’m glad you let me know that’s something you’re looking for! :)
In the meantime, I would recommend setting a Monthly Savings Builder goal in that category for the monthly total of that expense. Since your expense is charged biweekly, you could divide your annual total of the expenses by 12, and use that as your monthly goal amount.
The Monthly Savings Builder goal will prompt you to budget that amount every month, no matter what, so you’ll always have enough budgeted for your expense, even in those months that have five weeks instead of four. You can also spend from this goal without it showing as underfunded!
As for adding income, you can use Scheduled Transactions to enter bi-weekly or weekly inflows. It should be categorized as Inflow: To Be Budgeted and you can budget it towards your different categories. :)
+1 for this request. I get bi-weekly paychecks and I have my Vanguard auto-investment set to pull the same amount on every payday for simplicity. So a single monthly goal doesn't work since twice a year there are three pay periods in a month and a weekly goal of half the investment amount leads to incorrect monthly totals in 5-week-but-2-paycheck months.
Since your expense is charged biweekly, you could divide your annual total of the expenses by 12, and use that as your monthly goal amount.
Unfortunately, 83% of the time this strategy will leave you short due to the timing of the 3x expense month. If the next 3x expense occurs in September (3 months after starting to save for this expense, including this month), the Monthly Savings goal should be 2*$X (the "typical" monthly outflow) PLUS 1/3 of $X. Once you've gotten past the 3x expense month, then reset the Goal to (2X + X/6), which is the same as 1/12 the annual total.
For example, a $200 bi-weekly expense, and Sept. is the next 3x month, you should budget $467 in July through Sept (from 2*200 + 200/3). In October onward (once past the startup phase), you should budget $433 per month (from 2*200 + 200/6 or 200*26/12.
Another way to handle bi-weekly expenses when income is also bi-weekly is to simply budget for the next expense off the top of each check -- don't even use Goals and simply type a number into the budget cell. (Tip: put that number in the category name for reference.) Then divy up the remainder of TBB to other categories with the Goals/Underfunded function.
Many people feel the best way to handle bi-weekly income (or weekly or variable) is to get ahead enough so you don't even need to budget your checks in the current month. Once you've achieved that, you can simply queue up checks throughout the month in a holding category, then move the month-sized total to TBB at the end of the month - ready to fill out ALL of the upcoming month. In other words, you've arranged for a monthly effective paycheck.
Once you get the 3rd paycheck, you can then split that across the next 6 months, giving your effective paycheck a "raise". (Stash 5/6 in a holding category and release 1/6 in the following 5 months.)
Working with a normalized income yields similar benefits to working with normalized expenses (a.k.a., "True Expenses"). It may take some time to get there (depending on your current reserves), but after doing it both ways, I cannot underscore enough the usefulness of aligning to a monthly budgeting cycle (assuming most expenses recur monthly).