Hi everyone, the way I do budgeting and spend is to create multiple savings accounts (bank and Tiller), put regular scheduled amounts into these accounts. Then when I spend money, I transfer the money to cover the expense.
For example: I have a Travel, Shopping, Entertainment, Home, and Auto Insurance/Maintenance…each month I deposit x amount into each bank account. If I make a payment for my auto insurance, I transfer the money from Auto Insurance/Maintenance account into my Checking account (where the payment went from). I thought Category Schedule would work for me, but it’s not working. Any suggestions?
Sounds like a cross between normal budgeting and Envelope budgeting. I wonder though if the separate accounts are necessary. Since the payments come from a Checking account, not the separate accounts, you don’t really get the benefits of an envelope budget. Seems simply setting up a budget that defines how much spending you want to allow in each category, you get the same benefits as your current system without all the transfers. Maybe I’m not seeing one of the benefits of the separate accounts?
I believe the benefits of separate accounts is no cross contamination and $ rollover month to month. So for example, if I have $500 put away each month for Vacation, and in October I have $4,500 to plan a vacation. What I would like to do is…budget $500 each month, then when I plan a trips, I budget for that trip…and what I would like to see is how much money I will still have…
Does that make sense?
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This is exactly what i do and how I built the Ultimate Envelopes Systems. it allows me to fund certain amounts each month and track across several accounts.
Here is more info.