I am looking to hear how the community has been able to update your budget midyear, but not lose the original budget you setup at the beginning of the year. In business budgeting, this would be known as a budget forecast. I’m trying to come up with how to do this when there are known changes that need to be made. Typically it is not best practice to just overwrite your budget items, because this history helps you see how close your planning was at year-end. But the absence of updating categories with a forecast number leaves something to be desired when it comes to planning in the current year.
Here’s an example scenario to add some context:
At the beginning of the year, our family planed $100 per month for dining out. We no longer want to plan to dine out for the next six months, so we would like to reduce this in our forecast to $0 for those months. During this same time, we would like to increase our groceries forecasted budget by $50 per month.
Thank you very much for your help, time & input.