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