Customize Budget Cycle (As Opposed to Month-to-Month) (3 Merged Votes)
Comments
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I am looking for a budgeting app and signed up just to check support to answer this question. I need an app that allows ME to choose the start and end date of the budget month. Until that happens I will keep looking. [removed - no soliciting] Sounds from the comments that Mint was the way to go, I wonder why it was killed in favor of less-optioned programs.
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Hey,
I have been using a Free Cash Flow method where instead of looking at what amount of money I bring in and what leaves for the month, I look at this on a Paycheck Period, which is the dates between each paycheck. For instance, if I get paid Bi-Weekly, then instead of looking at a month overview, I essentially consider that timeframe of two weeks before my next paychecks as my month. With this I calculate Free Cash Flow per paycheck period which are all dated. I then map out in detail as much as possible my fixed expenses and then that leaves me with my Free Cash Flow for that period. Example, my current paycheck period is 8/7/24 - 8/21/2024 where my income was 2,500 and total fixed expenses are 1,250, which leaves me with 1,250 dollars of Free Cash Flow. I do this for the entire year and longer and then wherever I notice negative cash flow I know that I simply need to fill this amount by saving from previous paychecks or using my credit card.
Pairing this system with Quicken Simplifi just makes personal finance too easy.
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I love this idea. And this actually sounds like an update to the spending plan where instead of it being monthly, it’s essentially adjustable to each person’s unique pay structure. I would become a lifetime member if they implemented this.
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Throwing in my support. It would be very useful to be able to budget per paycheck instead of per month.
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As someone who gets paid every other Wednesday, being able to set the spending plan to custom dates would be incredibly helpful!
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