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).

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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.

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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.

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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.

I’d love a yearly view in Analytics. Perhaps you could allow people to toggle between monthly vs yearly view?

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Yes, we are working on this.

We are actually about to launch a new Emma redesign which will split Analytics and Budgeting into 2 different screens.

In analytics, there will be a custom filter to see whatever you want. :wink:

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How long is “about to”? :eyes:

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It’s part of the new App Redesign, we have 3 mobile developers on this. :wink:

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Exciting stuff!

Excited about this!

I was just thinking how amazing it would be if Emma had a budget design to have a list tab of Irregular Bills (name, category, date, and amount) and a wish list of items you plan to buy when you have the money (name, category, amount, link to item (optional)).

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Hi, I’m a Emma pro user. I’ve read this old conversation about adding a feature to set annual (instead of monthly) budgets for certain spending categories.
Is this now available? Thanks

Hello Emma Team, any update on this please? Thank you! :slightly_smiling_face:

@marco We are working on this.

We’re nearly ready to launch a new Emma redesign, where you can set your budget preferences. :slightly_smiling_face: We will let you know about it.

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Sounds great, thank you!

Hi @marynakhapitska

I’ve seen the new release, which is very nice. How can I set annual budgets for certain spending categories?

Thank you
Marco

I would also like to be able to split an expense like a holiday over the 12 months of the current year if looking at the normal monthly view so that it doesn’t dominate that month’s breakdown please. Splitting over the months of the current year would keep the sum of the months consistent with an annual view. Also true for smaller annual / semi annual expenses like insurance, road tax etc.

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Somehow representing an annual expense on a monthly basis through a budgeting tool seems complicated to me. I don’t how it would be achieved.

But I think it’s easy to use savings accounts to budget for annual expenses: Just put 1/12 of the estimated annual expense into a savings account every month and incorporate that transaction in your monthly budgeting/analytics. Then when you eventually come to spend the saved money, just exclude that spend transaction from analytics.