Why Name a Budget?

Philip107

So the budget tool has me confused.
You can name a budget but I don't see the name used anywhere, so why?
Can you track more than one budget at a time, if so, how do you switch from one budget to another? If you can't why name it?
I'm nervous about the "Create New budget" command because I don't want to loose my existing budget that I've had for years.

Boatnmaniac

Hi @Philip107 .  Yes, you can create new budgets (with new names) without losing your existing budget(s).  And then you can select which budget you want to view from the drop-down at the top left of the budget view.

Since you are uncomfortable about creating a new budget, I suggest you back up your data file and then try doing it.  If you don't like the results, you can restore that back-up file and everything will be just like it was before you tried creating a new budget so no harm done.

GeoffG

Quicken provides two methods for creating and tracking a budget. The first budget method simply extends the current budget each year into perpetuity as a single budget. Basically rolling the budget year over year. The other budget method uses distinct annual cut-offs and should use distinct names for clarity as shown below.

 

bmciance

Hi Philip,

First thing, creating a new budget will NOT cause you to lose your existing budget.

Now, back to your first question.  Why name a budget?  Because you CAN have multiple budgets and you can switch between them in the budget tool and in budget reports.  Do you have to?  No.  I don't use multiple budgets anymore (I did at one time).  Some people create a new budget each year and name the budget using the year (like 2021 Budget etc.).  What I do is use one budget and just keep extending it to add a new budget year every year.  You do this in the budget tool (annual view) by clicking the right arrow (see the screenshot)



This adds the next year to the existing budget.  It allows you to go back to prior years without having to switch budgets.  In budget reports you just pick the year you are working with.

Of course, you can always create additional budgets (maybe for different purposes or for different years) but unless you really need them separate I would recommend using one budget and keep adding new years.

Boatnmaniac

Hi @Philip107 .  Yes, you can create new budgets (with new names) without losing your existing budget(s).  And then you can select which budget you want to view from the drop-down at the top left of the budget view.

Since you are uncomfortable about creating a new budget, I suggest you back up your data file and then try doing it.  If you don't like the results, you can restore that back-up file and everything will be just like it was before you tried creating a new budget so no harm done.

GeoffG

Quicken provides two methods for creating and tracking a budget. The first budget method simply extends the current budget each year into perpetuity as a single budget. Basically rolling the budget year over year. The other budget method uses distinct annual cut-offs and should use distinct names for clarity as shown below.

 

Philip107

Thanks for all the answers.
I see, now that I created another budget, the budget name "drop down list box" shows up. 
It would have been, more obvious and intuitive, had Quicken not "hidden" the drop down list box. And, actually had a choice in the list box to create another budget. That's the way I would have programmed it back in the day, but, alias, I'm retired now.

Boatnmaniac

You are welcome @Philip107 .  I think we all can say that one thing or another could have been done differently in a way that is "more obvious and intuitive".  But the problem with that is that what is "more obvious and intuitive" to some people is not so much to others so there is no pleasing everyone.  Oh well, I guess we just have to get used to the fact that not everyone is as logical as we are, huh?