How do I use quarterly bonuses to fund monthly and annual/irregular envelopes?

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  • Updated 9 years ago
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We use quarterly bonuses to fund our annual & irregular expenses as well as setting aside $325 for each month in the quarter to finish funding monthly expenses. How can I make this work with eeba? Thankfully this will be a "bonus" month!

Ex:On the 1st and 15th of every month we receive set amount pay checks.
Quarterly we receive bonuses. On Feb 15th we will receive between $2k to $3k bonus
Pre-eeba we have handled the money this way:
$325 towards Feb monthly expenses
$325 towards March monthly expenses
$325 towards April monthly expenses
The remainder will vary and is used for anual/irregular expenses due thru April (actually thru to May 15th). Any amount left will sit in savings until needed.
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ally5289

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  • unsure! ~but optomistic~

Posted 9 years ago

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cmchien, Official Rep

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First, congrats on the bonus! It's nice to have a little extra.

The way EEBA currently works, you don't budget for a *particular* month, but instead for particular expenses.

If I'm understanding you correctly, though, one way to do what you're envisioning is to set aside the money into envelope(s) designated "Feb Monthly Expenses" (and Mar and Apr) and then transfer out of it once you hit the month.

So on top of the regular funding from your normal paychecks, you would do some envelope transfers (or a bulk envelope transfer; see http://blog.eebacanhelp.com/2010/09/h...) to move money out of these "holding" envelopes.

Hope this helps.
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ally5289

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Thank you for the Idea! I just set it up. We'll see how it goes but I think that will solve it nicely enough. As a suggestion towards future developments... an option to fund annual/irregular envelops at different time frames would work out well for people like us. Thanks again!
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cmchien, Official Rep

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Sure thing, and thanks for the suggestion.