Budgeting - how to set a monthly accrual towards annual expense

AaronD

Is there a way to show in my budget a monthly accrual towards an annual expense? For example if I want to earmark some money each month towards an annual life insurance premium, or any other planned non-monthly expense. I can easily setup the annual expense in the budget, but wondering if there is a way to show income being allocated each month towards that expense. Without this, when looking at the current month's budget, you see money left over (money that will be needed later on).

Scooterlam

@AaronD

It sounds like you've already experimented with "rollovers" in your budget.  Image.  If not, check out the use of "rollovers" to budget or earmark your monthly goal toward your annual  expense.   Like you indicated, you will see a monthly "under-spend" in that particular category until you make the annual expense payment.

ROLLOVERS


Another approach is to use a "savings goal" and include that goal (category and account) into your budget.  Images.  I don't use savings goals myself.  But, in setting one up in a test file, you can earmark a periodic savings amount and include that into your budget .   When including a savings goal into your budget, Quicken shows the periodic "payments" toward the savings goal as "actual expense".   So...if you don't budget for the savings goal, you will show an "over-spend" for that month! 

Alternatively, you can leave the savings goal completely out of the budget while still leaving your annual expense in the budget. Then, pay the annual expense from the savings goal account.   That way, your ear-mark is accounted for outside your budget but yet still you capture that annual expense within your budget.

SAVINGS GOAL SETUP


BUDGET


Together with @Chris_QPW suggestion, these are the three approaches I would look into.   

Seems like there will be some mental accounting whatever the approach.

Chris_QPW

Setup a reminder(s) for it, and make sure this option is on:
Budget Actions -> View options -> include reminders

Scooterlam

@AaronD

It sounds like you've already experimented with "rollovers" in your budget.  Image.  If not, check out the use of "rollovers" to budget or earmark your monthly goal toward your annual  expense.   Like you indicated, you will see a monthly "under-spend" in that particular category until you make the annual expense payment.

ROLLOVERS


Another approach is to use a "savings goal" and include that goal (category and account) into your budget.  Images.  I don't use savings goals myself.  But, in setting one up in a test file, you can earmark a periodic savings amount and include that into your budget .   When including a savings goal into your budget, Quicken shows the periodic "payments" toward the savings goal as "actual expense".   So...if you don't budget for the savings goal, you will show an "over-spend" for that month! 

Alternatively, you can leave the savings goal completely out of the budget while still leaving your annual expense in the budget. Then, pay the annual expense from the savings goal account.   That way, your ear-mark is accounted for outside your budget but yet still you capture that annual expense within your budget.

SAVINGS GOAL SETUP


BUDGET


Together with @Chris_QPW suggestion, these are the three approaches I would look into.   

Seems like there will be some mental accounting whatever the approach.