Savings Goal with Set Monthly Budget Amount (Maintenance Envelope)

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  • Updated 1 month ago
I would like to have a new Savings Goal option to select a fixed monthly amount to add to the envelope rather than selecting a due date and having Goodbudget calculate the amount for me.  For example, I budget $100/month for car maintenance, but I don't ever anticipate needing more than $3000 at a time.  I would like to set the savings goal at $3000 with a monthly amount of $100.  When I fill my envelopes each month with the "Add all" quickfill option, I would like it to automatically set the amount to the amount needed to reach $3000 with a maximum of $100.  This way it will stop adding money to that envelope once my goal is reached.  If I spend money out of that account, then it should start adding money back in each month until a balance of $3000 is reached.  I would label this a "Maintenance" envelope or goal.
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Wayne Woodbury

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Posted 2 years ago

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Photo of impaler


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that's a good question.  There are some envelopes I'd like to have stop adding to automatically after a pre-set dollar amount, or a set number of times.  So far I haven't found there's any way to do this.  So for now, I'm observing and when full, I just don't add any more. 

I am still gaining traction and I have been manually filling envelopes each pay period, for now, as I want that fine grained control.  Over time, believe I'll automate more and more.  I've already automated a plan to "pay myself" a set amount every Monday.  Via my bank, it moves the funds from checking to savings, automatically.  For GB, it's actually four transactions - moving the funds out of the checking account, adding it to the savings account, increasing an envelope fill total I have for savings to equal the savings account (so I can see only what I have in checking that's unallocated), and filling it with the new amount.
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Wayne Woodbury

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Thanks for the reply.  I do similar things for saving for Christmas and taxes.  I have automatic transfers set up with my credit union to transfer money to different savings or money market accounts.  In GB, I also set up the transfers to be automatic (scheduled) so I can sit back and do nothing (fire and forget).

I like your idea of paying yourself.  My wife and I have "Mad Money" envelopes we put a fixed amount into each month.  This gives us a little fun money to spend as we want without having to justify with each other (we share all of our income and accounts and budget together...these are the only envelopes we divide between us).  I dutifully spend all of my mad money every month and she doesn't spend a dime.
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Karisa Russell, Official Rep

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Hi Wayne, 

Thanks for the suggestion! To make sure I'm understanding, you're desiring an Envelope that allows you to only save when you're below a certain balance. And, once you're below that threshold amount, you'd like Goodbudget to help you reach that threshold amount again by filling it with a predetermined fill amount. Is that right? 

If so, yes, there's nothing quite like that in the current GB software. For now, I've added your request to our tracker for future consideration. 

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Wayne Woodbury

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You've summarized that perfectly.  Yearly envelopes are good for expenses that recur every year (Christmas, car registration, etc.).  Savings Goals are good for things that occur more randomly (car purchase, family vacation, etc.).  This idea introduces the concept of a "Maintenance" budget for random-but-repeated expenses that you like to have a set amount of money set aside for (car repairs, etc.).  Kind of a "rainy-day" fund.
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Tiffany Kucifer

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I like the idea of a "fill to" feature, although I imagine it would be pretty coding-intensive. I've sort of gotten around this by having envelopes for both short-term and long-term savings, the short-term being the sort of emergency fund and long-term for more of the vacation, car purchase, etc. kinds of stuff. If I could allocate "up to $X for short term" and then have the excess funds spill over into long term when the goal was met it would be perfect. For now it's a very manual and labor-intensive process in line with what Impaler described above.
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Curious if a feature like this has been added.  Thanks.
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Alex Park, Official Rep

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Hi Shaun,

Currently there is still no Envelope in Goodbudget quite like the one Wayne described in his original post. I've added your request for this feature to our tracker, thanks for your comment.