Budget annual spending

It’s good to have monthly budgets, but some expenses have a different timescale. For example things like holidays, gifts, home/car maintenance, etc.

It would be very nice to have annual budgets or even better custom ranges (months/years).

Hey @Carmine :wave:

Do you mean being able to better integrate yearly payments into your current budgeting period? For example, saving up for holiday incrementally so £50 is included in this budgeting period?

It’s more to track spending. Let’s say I want to spend £2000 per year on holidays. I could spend £500 in February for a weekend in Paris, £1500 for two weeks in Mexico in August, but when I spend any more money on holidays I’m over my annual budget. At the moment I can’t track something like that in the app and the same applies to other annual budgets too.

Interesting idea :thinking:

Do you set annual budgets for all categories?

I use an annual budget for all the expenses that are not constant each month, for example: holidays, gifts, clothing, house maintenance, etc.

I know how much I want to spend each year on those things, but they are not evenly distributed across the year. A good example are gifts, one month you can have 4 birthdays and 2 weddings and the next month zero. Another one is maintenance, you know something will happen and you’ll have to pay for a new boiler, fix a window, replace the carpet, etc. Those things are normal, but if you don’t budget for them you’ll not be happy when they hit you. There are many theories on the size of the budget for those expenses (fixed amount, % of the asset, age, etc), but you need a budget and it isn’t a monthly one.

It would be nice to keep those expenses under control with an annual budget, otherwise it’s very easy to overspend on those things.

1 Like

I guess this is the same as putting savings aside for potential expenses right? If so, you’re essentially asking for the ability to budget for money you’re putting towards ‘savings’ rather than only being able to budget for monthly expenses?

With savings you want to save £X every month. There isn’t any upper limit and the goal is to grow the savings pot as much as possible.

While I’m talking about irregular expense you want to keep within their annual budget. In this case the goal is to not exceed the annual budget.