Break down Annual/Bi-Annual Expenses to a monthly amount in Spending Plan [edited] (6 Merged Votes)

edited February 9 in Feature Requests
There was a previous post here asking how to save for bills that are due less frequently than once a month. The best example is auto insurance, which is a large bill that hits semi-annually or annually. The workaround was to use a Savings Goal that you could manually add to and pull from on the month that the bill was due. This requires me to manually keep track of what funds are for what, which is what I'm trying to avoid by using Simplifi.

Since Simplifi already knows the schedule of my bills, I think it should perform the calculation to make all of them monthly bills, similar to the savings goal, and reduce my available cash just like a normal monthly bill in the Bills section of Planned Spending. When the bill comes due, it should tell me that I need to reduce my spending by only the monthly calculated amount and not by the full total of the bill. I am envisioning words like "You have saved $X towards this bill" (with $X being the savings from previous months) being underneath bills that I am saving for but are not due that month. It shouldn't require any manual interaction for the user because Simplifi has the dates and amounts already saved.
38 votes

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  • Sqyer
    Sqyer Member
    edited April 2021

    I think that expenses such as my car insurance, which I pay in 6-month installments, should be divided up and spread out through that period. Say if I pay my insurance this month, next month I should see 1/6 of my next bill in the Bills & Subscriptions of my spending plan. Or at least have the option to have the bills prorated.

  • Coach Nicole
    Coach Nicole Administrator, Moderator admin

    Thank you for the suggestion!

  • Coach Paco
    Coach Paco Moderator admin

    @Sqyer Great suggestion!

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin

    Thanks for posting this to the Community!

    I have gone ahead and turned this into an Idea post so that other Users can vote on it. Please be sure to add your vote as well!  :)

    You may also consider adding your vote here:

    Thank you,

    Coach Natalie
    AAAAHHHHHHHH Member ✭✭
    Thanks Coach!
  • htc630
    htc630 Member
    Certain transactions occur in lump-sum format, but really reflect costs over longer periods of time. For instance, I pay for my car insurance every 6 months - while the cost is incurred once, it should really be amortized over the 6 month period. Similarly, I pay for my child's education at the beginning of the year, even though it should be spread over 12 months.

    Reflecting this in budgets / trends / etc. would show a better picture of one's ongoing financial profile, rather than showing large lump-sum payments at odd intervals!
  • Stu
    Stu Member
    Please allow us to amortize infrequent bills as monthly allocations.  The current method with clunky savings goals is too time consuming, when it could easily be calculated based on the amount and frequency.  For example a recurring annual payment of $1,200 should automatically deduct $100 as a bill every month.  These items are bills, not something I choose to save for (which savings goals should be - voluntary with your leftover money), so please let us treat it as such so our savings goals aren't cluttered with amortized savings goals for insurance payments and property taxes.
  • This would be such an amazing feature and I'm blown away that there isn't an easy solution to it. Without amortizing infrequent costs, it makes the monthly view quite an inaccurate picture of my spending.
  • paulrevere
    paulrevere Member
    edited June 14
    Even as simple as a check box and text input to show you want to split the cost up over the next x number of months would be trivial to code and invaluable to use.
  • KK_swifty
    KK_swifty Member
    Great suggestion!

  • DannyB
    DannyB Superuser ✭✭✭✭
    Hi all.  Just to make sure we all acknowledge that however annual or semi-annual recurring expenses are accounted for in Simplifi, we still actually have to save the money from month to month so it is available to spend on the due date.  Also we need to keep in mind that in the month one of these bills come due we will need to account for the actual extra and large expenditure in a way that doesn’t throw off our spending plan for that month.
    Simplifi user since 01/22
     Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer
  • justRick
    justRick Member
    I'm pretty flexible on how to accommodate annual expenses, but I need to have something.  I'll track a few threads and hopefully hear if/when that happens; once that feature is added, I might come back.

    I know the product team doesn't report to you, but if you have a way to let your leadership know that this missing feature looks like it has cost you a few other renewals since 2020 (not counting me), they can at least evaluate where that feature should be in the priority list.