Add Annual & Weekly Finance Planners
Comments
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I agree with original poster. I would like to have an annual budget where I can add in what my budget is for specific categories and then have the monthly spend deducted from that.
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Would someone elaborate a little bit what is the difference between this and savings goals?
Make annual goals and then contribute every month / week to them. Withdraw when bill comes due… mark yearly bill or whatever as not in spending plan not in reports but it will be in your spending plan from the goal.
My thought on where the current the product is:
Those in a paycheck to paycheck situation. In that case your available balance in the checking account would go negative as an offset to other goals but you would slowly work out of that scenario through the spending plans and careful consideration of of all the goals.
For those not in a paycheck to paycheck it sets aside the money so you know it is there for the expense when done. The only downside I see here is you could get into a situation where you are keeping abnormally high cash on hand. This follow envelope budgeting which I feel like often makes the most sense.
So finally if that does not work I would think setting up all the annual, monthly, and weekly bills would add them to the projected cash flow and then you could manage cash flow for a year.
So I was curious where the short coming was. Other than right now it is a bit labor intensive to setup and manage; for example can't tie a transaction to a sepnding goal and have it auto deduct.0 -
I just now saw your post from October. Just a couple of observations. Simplifi does have annual planning available. When you are in the Spending Plan view, you can click through the next twelve months and see your monthly budget. As @altChristopher points out you will need to have your annual and semi annual fixed expenses and annualized flexible expenses accounted for in savings goals, But this will let you see how your budget looks for the next 12 months. As far as weekly, Simplifi notifies you about upcoming bills for the current week unless you have that notification turned off.
Danny
Simplifi user since 01/22
”Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer0 -
Just found this while doing a search and adding my voice to it, specifically for the Annual part. In my mind I'm picturing a companion to the Spending Plan that is an annual plan instead of a monthly plan. Its also (at least likely) different than the other feature request for customized cycles (which I saw a different request get merged into) as it both comes from a different need and is not intended to replace the existing views.
@DannyB I would argue that what you describe doing does not fill the need here. The whole point is, there is spending I know I am doing "this year" but I do not know what specific months it is coming in. I know I am going on vacation. I don't know what month(s) I am doing so, or what month(s) I am buying plane tickets, making hotel reservations, etc. Similarly I may want to set aside $5000 for new furniture this year, but I won't know what month I am buying it in until I have already bought it. I can record those after the fact and get a register of what my spending was, but I have nowhere to plan my budget around these kinds of items ahead of time. Would be great to be able to look at 2024 and see "My income is expected to be $X this year and my spending is expected to be $Y this year. I'm not overspending" But these kinds of items all get left out of the Spending Plan because there is no specific date/month to assign them to.
Other annual items with known dates, like property taxes, work well with your solution.
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