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A budget reserves money for spending you expect in certain categories, one period at a time. Finluency holds back the unspent part of each period in your forward balance, so your forecast accounts for spending you haven’t scheduled yet. To learn how budgets fit with other transaction types, see Transaction states.

Before you begin

  • Decide which categories the budget covers. A category can belong to only one budget during any given period.
  • Decide whether to assign the budget to a financial account. Assigning one is optional.
  • You can’t change a budget’s name, categories, or schedule after you save it. You can still adjust each period’s amount later.

Create a budget

1

Open the budget form

In the side menu, click + Budget. The Budget Template form opens.
Finluency side menu with the + Budget link outlined

The + Budget link in the side menu

2

Name the budget

Enter a Budget Name. You can also add a short Description. Each budget needs a unique name.
3

Choose the categories

In Budget Categories, select one or more categories. Spending in these categories counts against the budget.
4

Choose an account (optional)

Select a Financial Account if you want the reserve to reduce that account’s balance. Leave it blank to reserve against your total cash balance only.
5

Enter the amount

Enter the Budget Amount for each period. You can add Notes for your own reference.
6

Set the schedule

Under Budget Scheduling, choose how often the budget Repeats:
  • Weekly or Yearly: enter how many weeks or years apart each period is in Every.
  • Monthly: choose Repeats Every to set an interval, or Specific Month(s) to pick months.
  • Quarterly: choose Every to set an interval, or Specific Quarter(s) to pick quarters.
  • Custom: a single period from the start date to the end date. It doesn’t repeat.
7

Set the start and end

Enter a Start Date. Then choose when the budget ends:
  • For interval schedules, set End to None, By a date, or After a number of occurrences.
  • For specific months or quarters, choose No End (indefinite) or Repeat for 1 to 10 years.
  • For a custom budget, enter an End Date.
8

Save the budget

Click Save Budget Template.
Budget Template form filled in for a monthly groceries budget, with the Save Budget Template button outlined

A completed monthly budget

Check the result

Finluency creates one budget transaction for each period, dated at the end of the period. On Home, find it in your transaction list. It shows the Original Budget amount. Expand it to see the Budget Period, how much you’ve Used, what’s Remaining, and the period’s status.
Expanded groceries budget transaction showing the budget period, amount, used, remaining, Active status, delete, edit, and close icons, and the transactions that count against it

An expanded budget transaction

To compare budgets with actual spending, open Financial Overview from the side menu. In Budget vs Actual, each budget shows its budgeted and actual amounts, with a status of Good, On Track, or Over.
Budget vs Actual card for Groceries showing a Good status, 850.00 budgeted, 749.45 actual, and an 88 percent progress bar

Budget vs Actual on Financial Overview

Click a budget to see its periods and the transactions that count against them.
Groceries budget details showing the September period, 749.45 of 850.00 used, and the transactions that count against it

Budget details for one period

As you spend in the budget’s categories, the reserved amount shrinks. It never drops below $0. See Forward balance for how the reserve affects your projection.

Change or remove a budget period

You manage a budget one period at a time from its budget transaction on Home.
  • Change the amount: Click the pencil icon, update the amount, and click Save. You can only change the amount, and only before the period ends.
  • Close a period: Click the check icon (Close Budget). This sets the remaining amount to $0 and releases the reserve from your forward balance. To undo it before the period ends, click Reopen Budget.
  • Delete a period: Click the trash icon, then click Delete. This removes only that period.
Deleting a period can’t be undone. A period that is closed when it ends, or that you close after it ends, becomes permanently Closed. You can’t edit, reopen, or delete it.

Common problems

Each budget needs a unique name. Enter a different Budget Name and save again.
One of your categories already belongs to another budget during an overlapping period. Choose different categories, or change the Start Date so the periods don’t overlap.
Once a period ends, its budgeted amount is fixed. You can still close the period to release any unspent reserve.
You can’t change them after saving. You can adjust each period’s amount, close periods, or delete periods you don’t need.
The budget isn’t assigned to a financial account. Budgets without an account reduce your total cash balance only.

Recurring transactions

Add repeating income and expenses to your forecast.

Forward balance

See how budget reserves affect your projected balance.