Custom Budget Dates

Options
meghanwatts18
meghanwatts18 Member ✭
edited May 2022 in Budgeting and Planning Tools (Windows)
Hello! I was wondering if there was a way to customize the budget date ranges. I get paid once per month on the 26th. I'd like to be able to budget between the 26th of each month instead of it starting over on the 1st. Is there a way to do this?
Tagged:

Answers

  • imdcareys
    imdcareys Member ✭✭✭✭
    edited October 2021
    Options
    There is not a way to do that. 

    I can offer what I do - I get paid on the 15th and last day of the month. I just let the budget/actual variance go negative pretty much all month. When the paycheck shows up, it covers everything. However, we also keep a cushion amount in the bank Checking account so it doesn't actually go negative there
    during the last part of the month!

    Another thing we did before was to enter that last paycheck in Quicken on the 1st of the next month instead of the last day of the current month (made the reconciliation a bit tricky). You could enter your pay on the 1st of the next month with a smaller cushion or just delay some bill payments until after the 1st that you might normally pay between the 26th and EOM. 

    Hope that helps. I'm sure you'll get some other ideas as well. Good group of people here :)

    Win 11 - Quicken Premier - v54.16

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Options
    No, I'm sorry. At this time, Quicken (and not only the budget feature) is strictly based on the monthly calendar.
    Simply consider your end-of-month paycheck to cover the next month's expenses and you'll be good.
    A little discipline on spending money and, over time, you may be able to build up a little safety cushion for unexpected expenses like car repairs, medical expense, etc.
    One thing to consider: The Savings Goals feature of Quicken for Windows (not available in the Starter Edition), to help you plan for annual, semi-annual or quarterly expenses, or your next vacation.
  • Sherlock
    Sherlock Member ✭✭✭✭
    edited October 2021
    Options
    If you aren't already, I suggest using a paycheck reminder and including reminders in the Budget view: check Budget Actions > View options > Include reminders

    Note: If you're worrying about an account balance, use the Projected Balances view on the Bill & Income tab.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Options
    Lots of people ask to have budgets setup based on their paycheck dates, but there is a fundamental problem with that idea even if you could do it in Quicken.  You bills aren't going to cooperate.

    One of the main reason I think monthly is chosen for Quicken is because most bills are monthly, but not all of them are.  One has to plan to pay some bills at different intervals like yearly, so there is always a need putting money in a checking/savings account for future use.

    And there are two different concepts that a lot of people mistake for being the same.  A budget and cash flow.

    I can setup a budget for $40,000 a year, but if my bills are in January, and I get paid yearly in December, clearly even thought "budget balances" the cash flow is not right.

    Of course what really happens is that you put the money in a savings account until it is needed.
    The projected balance graph is what I use for cash flow.

    If one uses "Include reminders" like @Sherlock suggests then it will work out correctly provided that the monthly payments are the same.  Your October month expenses will be substracted from October pay.  In reality most of the October month expenses are paid by the September pay (from a checking/savings account), but because the two month payments are the same it works out to being right.

    Note that you can also turn on the Rollover function for a given category.  Not only does this work with expenses that vary per month, but average to a certain amount, the same can be true for irregular pay.
    Signature:
    This is my website: http://www.quicknperlwiz.com/
This discussion has been closed.

Categories