Different Budget Periods

  • 3
  • Idea
  • Updated 2 years ago
  • Implemented
Is it possible to have some Envelopes in "Monthly" period and have some on a "Weekly" period?
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Monica

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Posted 7 years ago

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Steven Tafzil, Employee

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Hi Monica,

You can choose a budget period such as weekly or monthly for your regular Envelopes, and also have Annual Envelopes, but currently we do not support having both monthly and weekly Envelopes.

If possible, we recommend users convert their weekly budgeting Envelopes into Monthly ones by changing the budget amounts. If that wouldn't work for you, let us know more about you particular situation and we'll work something out!
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Hadassah Rosenthal

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I would like to have different envelopes for different billing periods
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Steven Tafzil, Employee

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Hi Hadassah,

Thanks for your feedback! It's on our list of things to do! You can check out our roadmap here: https://goodbudget.com/roadmap/
(Edited)
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jamuraa

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Converting to Monthly eliminates some of the advantages of envelope budgeting for me. I try to keep myself on a weekly budget for some things, like my "walking around money". Having the budget on a monthly basis makes it seem like I have more money in my budget than I do (because I get paid twice a month) and then I end up having those four weeks a year when I have already spent all of my money because I didn't account for having to "save up" an extra week's worth between paychecks.

Just some feedback on why some of us would want both Monthly (rent, utility bills, etc) and Weekly (gasoline, spending cash) envelopes at the same time.
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Mike Winne

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We also have both weekly and monthly budgeted categories. Groceries, gas, discretionary spending are done weekly, where as rent, utilities, etc are monthly.
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Becky Huang, Official Rep

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@jamuraa and @Mike,

Thanks for your feedback on why it would be helpful to have both Monthly and Weekly budgets. I've gone ahead and added your voices to the requested feature in our tracker.

In the meantime, @jamuraa, another workaround you can try could be to change the budget amount of your "walking around money" to what it would be weekly. This way, you'll be able to fill it up for the week and won't risk overspending. I know that if you're on the monthly budget, the black ahead/behind line will be off, but it's something you can try for now.
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Brian Hannah

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I too would really like to have access to different budget periods for different envelopes. I get paid on a bi-weekly basis (and no, not just on the 1st and the 15th), and this makes it very difficult to track refills accurately and calculate a true amount of cash overflow to sweep into savings, especially when I have monthly expenditures like rent and utilities. It has been two years since people started giving you feedback about this. When will it become a reality? Honestly, I have a free account and if you offered such a feature to paid users only, I'd become a subscriber immediately. I absolutely love GoodBudget and have been using it for years, but this issue is big enough at this point that if you don't have some solution soon, I will have to look for another service to help me budget.
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Steven Tafzil, Employee

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Hi Brian,

Envelopes that support different periods are currently on our roadmap! You can follow what we're working on here: https://goodbudget.com/roadmap/
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John Vander Stel

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For those with grocery budgets using a monthly envelope, each day the envelope will tell you if you are ahead or behind, thus telling you what you have available to spend each and every day, out of the amount in that envelope. That could be used to tell you when a certain amount has been saved up to spend on a weekly basis.

Also, I have a "weekend" monthly envelope set up with $86.67 going into it each month.  Every Friday I  transfer $20 out of that envelope into my spending envelope.  An automatic transfer can be set up to do that for you, if you would like.  it will automatically handle months with 5 Fridays in them.  These are my calculations for this:  52 weeks X $20 = $1,040.  $1,040 / 12 months = $86.67 per month

That's just 2 different ways how I handle weekly expenses nicely right now.

Just my two cents, for what it's worth. :-)

John Vander Stel
Grand Rapids, Michigan
(Edited)
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Becky Huang, Official Rep

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Official Response
Hi everyone,

Just wanted to let you know that we just rolled out multiple budget period support on the web today! You can now create Envelopes for every two weeks, monthly, 6 months, etc. You can add them in the More Envelopes section of the Add/Edit Envelopes screen (https://www.goodbudget.com/envelope/edit).

Feel free to check it out and let us know if you have any questions.

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Jacob Floyd

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The multiple periods feature is awesome on the web. On Android, it shows the envelopes correctly, but if the envelope is not weekly or annual, changing the amount or name moves the envelope to weekly. For example, if I just got an email saying my cell phone bill is going up, and I try to change the monthly cell phone envelope to match (from Android app), then the envelope changes from monthly to weekly. Please let me edit these other period envelopes from Android, not just on the web.
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Karisa Russell, Official Rep

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Hi Jacob, 

Thanks for reporting this! That should not happen, as you should be able to edit your Envelopes from the Android app. 

I've added this to our bug tracker for future fixing. For now, I would suggest editing those Envelopes on the web, so that you don't accidentally save changes to an Envelope whose budget period was not supposed to change. 
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Alan Falloon

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At first I could not find out how to have both weekly and monthly at the same time but I found the solution.

Your primary has to be the shortest duration, if your primary is set to monthly you will only see periods longer than monthly in the "More Envelopes" section.
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Karisa Russell, Official Rep

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Hi Alan,

That's exactly right! Your Primary Budget Period is the shortest period you can track.

Unless you receive incomes on a Weekly basis, I generally recommend tracking a Monthly budget.

Thanks!
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Kate Whetstone

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I have not yet worked out how to have envelopes with different budget periods.  On https://goodbudget.com/envelope/edit I can only see one palce to change the budgeting period (at the top of the list of budget envelopes) and this seems to be for ALL of the envelopes in the list.  I can't find a way to set the budgetting periods individually for each envelope.
Thanks in advance for anyone who can help me to work this out.
Kate.
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Karisa Russell, Official Rep

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Hi Kate, 

Sorry for the troubles! To create these Envelopes while on the website, you'll click on the '+Add' button on the 'More Envelopes' section. Once you've added the Envelope, give it a Name, and budgeted amount, and use the 'Annual' drop down arrow to select a different period. 

You can see more detailed steps here: http://help.goodbudget.com/customer/portal/articles/2420145

Hope that helps!
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Jesse M. Holmes

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I have a Basket Weaving envelope that I only want to fill on the 1st every month and a Mystic Taxidermy envelope that I only want to fill on the 15th every month. How can I do that?
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Karisa Russell, Official Rep

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Hi Jesse,

Good question! You can create two separate Envelope Fills, one for the 1st and one for the 15th. And, you can try scheduling them so they happen automatically every month.

To get started on the website, click on Fill Envelopes (https://www.goodbudget.com/envelopes/fill), and be sure to check the 'Schedule this...' box to mark them as recurring.

Hope that helps!
(Edited)
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Anita McFarlane

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It looks like this feature is only available on a paid account (which I understand) and on the web. I am looking to change to the paid app and wonder what it will look like in the Android app if I have multiple budget periods on the web. I use my android app 98% of the time, but in my book this feature is a big selling point for upgrading.

So, I guess my question is, do the multiple budgeting periods show on the Android app?
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Jacob Floyd

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They "show" on Android, but you can't edit anything other than your default period envelopes on Android. If you edit any of the alternative budget period envelopes, it does not give you the option beyond your default period and goal (or something like that). And so your envelopes change envelope type.

Because of this irritating unfinished feature, my wife and I always edit envelopes on the web now. We do not edit any envelopes on Android for fear of messing them up.

We do have a paid plan with quite a few envelopes in almost every possible kind of envelope.
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Karisa Russell, Official Rep

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Hi Anita, 

Like Jacob said, Envelopes that are longer than your Primary Period will show on the Android app. To clarify, you can have these kinds of Envelopes on both the Free and Paid versions of the app. If you'd like to try them out, you can create them on the web. 

Hope that helps!
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John Vander Stel

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The URL about new budget periods you offered about this new official announcement is not found.  Please correct it so we are able to read about it in more detail.  Thanks.
(Edited)
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John Vander Stel

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The URL I was referring to above is the one ending with "/edit".  It leads directly to the GoodBudget website where it then drops you into your own account, using your own data.  It does not actually offer additional info on this new feature.

If your access to the Internet is suddenly cut or goes out, your browser will report error 404 saying that that page cannot be found.

I'm so sorry!  I was wrong on this.  There is actually nothing wrong with that particular link, whatsoever!

I would normally edit my comment above to correct it myself, but, for some reason, it is not offering me the ability to edit it anymore.
(Edited)