Spending Plan - Adjusting for Paycheck Coming in prior month

fantasmic
fantasmic Member ✭
edited January 9 in Using the Spending Plan

https://community.simplifimoney.com/discussion/11670/my-budget-runs-from-the-15th-to-the-15th-of-the-following-month-best-practices

Hi all! I did look at this closed post linked above, but did not feel it adequately addressed my question. I get the "fiction" that is the spending plan and certainly have work arounds for it, partiuclarly in months when the second paycheck is very late in the month or I have three paychecks that month.

My question/problem is that once you are classified as "Overspent" on your Spending Plan, the categories/designations turn into one big red circle. I know I haven't really overspent in the month because it's not taking into account the income from the previous month (and conversly, the previous month says I have a lot left-over when really, I don't).

Is it possible to still have the breakdown like in non "overspent" months so you can still get an idea of what your spending trends are?

[corrected link to other thread]

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Comments

  • Coach Jon
    Coach Jon Moderator admin

    Hello @fantasmic,

    Thanks for reaching out! We do have a great idea post you can vote for that would allow you to customize a budget cycle specific to your paycheck/needs, instead of on a monthly cycle here:

    https://community.simplifimoney.com/discussion/2207/customize-budget-cycle-as-opposed-to-month-to-month-3-merged-votes

    I hope this helps!

    -Coach Jon

  • SRC54
    SRC54 Superuser ✭✭✭✭✭
    edited 12:34PM

    Since you got extra income and did extra spending that month on purpose, I would adjust my spending targets for that particular month accordingly. Because you didn't really overspend, your budget was just different that month.

    I think of my spending targets as just that, a target, and at the end of each month I zero out the underspend/overspend and move on to the next month.

    I understand that many users like to see when they overspent or underspent so they leave them alone, but in your case, you didn't really overspend so just re-target for that month.

    **Of course, when you underspend, you really do need to release the funds so you can see how much you "saved". Or rollover, but I don't do that. That just gives me permission to spend too much the next month. 😁

    Steve
    Quicken Simplifi (Safari & iOS) Since 2021
    Quicken Classic (MacOS) Since 2009
    MS Money (1991-2009) and Dollars & Sense (1987-1991)

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