Thank you for the Multiple Budget Timeframes

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  • Updated 3 years ago

Thank you so much for finally adding the long awaited Multiple Budget Timeframes. I am so happy right now. I feel like I got a raise. There were things I had budgeted biweekly that should have been monthly or quarterly. Since there are two months a year where I get an extra paycheck, that extra paycheck would create extra money where it didn't need to be and I would always have to move around the surplus. Now it splits my biweekly paycheck into 12 months for that envelope so I can use that extra money in another category. This is so great!

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Denise Almonte

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  • ecstatic

Posted 3 years ago

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Becky Huang, Official Rep

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Hi Denise,

We're so happy to hear that you're finding this new feature helpful! Thanks for sharing that it's helping you to not over save your monthly Envelopes. 

Hooray!
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Denise Almonte

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Ok now I have a problem. I thought it was a good thing but now I don't have enough to cover my bills. Example, one of my bills is $150 a month. But it is only putting $69.23 in my envelope instead of $75 every two weeks. I know what it's doing, $150(12)/26. This is the proper calculation but how do I make up for the difference now. My bill is due and I am short. Other than moving a little cushion into each of my monthly envelopes do you have any advice on how I can resolve this? It needs to give me $75 every two weeks but then I don't want extra money in there during the 3 paycheck months either. What should I do? 

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Karisa Russell, Official Rep

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Hi Denise, 

Sorry for the troubles! You're right the calculation GB is using is 150(12)/26. So, some months you'll be a be a little short, and other months you'll have a little surplus.

Unfortunately, we haven't developed a sophisticated work-around for dealing with this at the moment. For now, you can try filling that bill Envelope to completely full when you receive your first paycheck. That way, you know you'll have enough money set aside to pay that bill when it comes due. 

I know this isn't a perfect solution, but I hope this helps for now. 

Karisa
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Mark Williams

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Denise,

Making an effort to shift spending your money after you earn it will help. I always thought I was doing that but recently discovered I was still a month behind and was able to make a shift to fix it. I'll give a couple examples to try and explain what I mean:

1. Spending money while earning it: 
- I use pay on March 1st and 15th to fill envelope to pay my Electric bill due March 22nd meaning I used electric in Feb.

2. Spending money after earning it: 
- I use pay on Feb 1st and 15th to fill envelope to pay my Electric bill due March 22nd meaning I used electric in Feb.

Shifting to actually earning the money before I used something that I would have to pay for resulted in me having cash on hand for all my March bills at the end of Feb. This way you don't have to worry about the fact that you get $69.23 every two weeks instead of $75 twice a month. It will also prevent the envelope from getting extra money on those three pay period months.

Making this shift is easier if you plan for it and save up or do it when you get a tax return or bonus.

Good luck!
Mark
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Karisa Russell, Official Rep

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Hi Mark, 

Congrats on saving up that one month cushion! And, thanks for the real life example. That helps put things in perspective. 

For those who are trying to build up that cushion, like Mark did, check out our help article that gives some suggestions on how to start building. 

Here's a link: http://help.goodbudget.com/customer/en/portal/articles/1114541-build-up-a-one-month-cushion

Karisa