New Envelope Budget v. 2.0 Released for review.

All, I am excited to release version 2.0 of the envelope budget sheet that I started building last year. I am a huge fan of envelope budgeting. Honestly it has changed how I manage my finances and how I view spending and money in general.

Just to be clear, this is not a Tiller supported template but it does work with the Tiller Foundation Sheet.

I am still working on the updated documentation but wanted to send out so people could start kicking the tires and give me feedback I have used this version for several months as my daily budget so it should be good for you too.

Click on this link to make a copy of the new sheet.
Envelopes with Templates 2.0 - Make a copy

I have added a bunch more capabilites to the sheet, but have tried to keep the ease of use and simplicity of the original sheet.

Main Capabiities: (items with a * means it is new in v 2.0)

  • Fund Envelopes using customizable templates
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  • Show Savings Goals and progress towards goals.

  • Dedicated Funding Sheet to easily track the filling of envelopes.

  • Ability to track current month and future balances( YNAB users rejoice)

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  • *Build custom View Templates to quickly change the current view with 11 different insights and more coming.

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  • *View by Group or Account
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  • *Improved Categories Sheet ( but still maintains Foundation Sheet Capabilities)

  • *A new Balance Comparison Sheet that allows for easy reconciliation of Envelope to Bank Balances

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Until I finish the full documentation, the best way to get started is just to click the link which should prompt you to make your own copy of the sheet.
Envelopes with Templates 2.0 - Make a copy

There is already sample data in the file ( transactions, funding transactions, and categories) you could just add to these or delete these and start your own. If you wan to learn the basics just refer to the existing documenation sheet as most things still apply.

Goodluck and I hope you like it. If you need any help don’t hesitate to reach out.

Rich

Thanks for sharing an updated release @richl! Exciting to see the improvements :slight_smile:

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This is awesome! Would love it if you could do a quick video walkthrough of how to use the sheet & set it up!

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Hi @richl ! I’ve been using and loving this template for a couple of weeks now, but I have a question that might be obvious, but I didn’t see it covered in the documentation. On the Envelope sheet, I’m having confusion around Income.

If I categorize a transaction as income, and it’s not hidden from the sheet, it goes to the Income section of the sheet, is added to the current balance, and also appears in cell B4 as available to be allocated. However, allocating those funds does not reduce the Current Balance shown, and that Current Balance rolls over to the next month. Am I missing a step here, or misunderstanding how this should be used?

Glad the sheet is working for you.

You are correct. In my sheet, I dont track any income category itself, Instead as you see I track the money that is able to be allocated. Because of this, I just hide any income category from the categories sheet by selecting he field “Hide from Funding” ( Which after looking at it is a weird heading)

Thanks for the quick response!

That makes sense. But then when the income categories are Hidden from Funding, B4 on Envelope says that I’ve overfilled. Is the tracking of money to be allocated something you do manually? I can totally do that if needed, I just wanted to make sure I’m not missing out on additional functionality.

So hiding the income categories shouldn’t change the amounts that you funded. It should just prevent the income category from showing up on the envelope sheet. That is odd.

I actually track the funds available to allocate in cells O26 and O27. ( see below) O26 is actually a formula that looks up all transactions of income categories. This gives you the total amount to allocate. Column O27 is a formula that adds up all of the funding transactions. the difference is amount you can allocate. It looks like the amount of funding transactions is more than the income.

The goal is to get your Total Envelope balances to match to your actual bank balances. In order to do this, you may need to add some initial balances so your income will match your envelopes balances.

Take a look and dont hesitate to replay back if that doesnt make sense

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From what I’m seeing, this may be due to the formula in AG7, specifically this part:

iferror(vlookup($AJ$7:$AJ,{$BE$8:$BE,$BG$8:$BG},2,false),"(hidden)")

This causes a hidden category type to be “(hidden)”, but the formula in O26 is looking for “Income”. When I click the “Hide from Funding”, the income totals don’t show up in AG:AK. I even made a fresh copy of your template, and the same thing happens: https://docs.google.com/spreadsheets/d/1RPQFTezAo1wJ7OB-e2DCDdESSv1Uvc4AlxgaNSQMOfE/edit#gid=739382337

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you are absolutely right. I have updated the template file to fix teh formula. so you can download again or just update the formula in cell AJ7 to this

=arrayformula(query({Transactions!A1:E ;‘Funding Transactions’!A1:E},“SELECT Col4 ,SUM(Col5) WHERE Col4 IS NOT NULL AND Col2 < date '”&TEXT(eomonth(O7,0)+1,“yyyy-mm-dd”)&"’ GROUP BY Col4 LABEL SUM(Col5) ’ Current Balance’",1))

This will allow you tohide teh income category, but not mess with the available to fund amount

thanks for finding this.

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Did that fix your issue?