Using annual envelopes - how to show remaining annual balance

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Good morning,

I am trying to figure out the best way to leverage the Annual Envelopes feature to track annual allotments. For example, my wife and I have clothing allotments of $600 each for the year. When I initially set up the annual envelopes, I set the annual amount for $600 and it appropriately allocated $50 per month. The thing with these allotments, however, is that I don't spend up to $50 per month on clothes...that is, some months I spend nothing, others I could spend $200.

Overall, the feature is functional, as it shows me that I've gone negative for the month if I put an amount that exceeds the $50 in the envelope (or more if some money has built up). However, the total amount underneath still reflects the original allotted amount...not the remaining annual balance....which I think will throw me off because I'm not going to know how much I have left.

Perhaps I have set this up wrong from the beginning...I'm wondering if I should have just did a one time fill for all the annual envelopes and allowed their balances to drop as we have spent...my mistake. However, now that I am 2 months in...I'm not sure how to do that and not mess things up.

Any thoughts?

Thanks

Russ
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Russell Evans

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Posted 2 years ago

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Becky Huang, Official Rep

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Hi Russell,

It's true that Annual Envelopes behave differently than your regular Envelopes in that you fill them incrementally, but can also spend from them at the same time. As a result, your Annual Envelope balance will not show the "left to spend" amount. You can try checking your Spending vs Budget Report to see how you're doing. 
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Russell Evans

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Thank you for the response, that is helpful. Do you think it would have been better for me to set them up as a one time fill in the beginning of the year?
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Karisa Russell, Official Rep

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Hi Russell, 

I think that's up to you! For me, I fill my Annuals with the monthly amounts. So, over the course of the year, I may be negative at times, but will not spend more than what I allotted for for the year.

But, if you'd rather see totally full Envelopes that you can deplete throughout the year, then it makes sense to fill them to full at the start. I do think that this option makes it a bit easier to see exactly how much you have left to spent, which is a plus!

I hope that helps!