Repeating budgets and how to delete or make changes to them
It's easy to create budgets that automatically repeat so you can track your expected earning and spending into the future. Sometimes budgets need to be updated so that they better reflect actual transactions.
If you're changing a budget that is part of a repeating budget, we'll ask you how you want to apply the changes you make. Learn more about repeating budgets, how to edit them and how to apply your changes!
In this user guide
Creating a repeating budget
Repeating budgets are a handy way to automatically project your future earning and spending if you know that certain budgets will always reoccur. Once you create a repeating budget, multiple instances of it are automatically created for you based on the frequency you've chosen for the budget.
Because your budgets determine your forecast, this means you'll have an accurate forecast that takes into account future earning and spending. You'll also be able to rest easy knowing that your repeating income and expense transactions are tracked against their budgets into the future!
To create a repeating budget follow these steps:
- When creating a new budget or editing an existing budget, the budget form will open. Under the field Does this budget repeat? tick the checkbox and select a frequency at which you'd like the budget to repeat]
If you'd like to edit the start date or add an end date for this repeating budget, select ADVANCED OPTIONS and edit the respective fields
- Click Save or Update
The difference between bill or scheduled income repeating budgets and regular repeating budgets
Regular category repeating budgets
- PocketSmith will evenly distribute the budget for regular categories on the Trends page
- PocketSmith will evenly distribute the budget for regular categories when the option Apply this date range to the entire Budget page is selected on the Budget page
- What this means is, if a budget period only partially fits into the date range being displayed, the budgeted amount calculated will include just the portion of the budget period that is within this range
- PocketSmith will evenly distribute the budget for regular categories on the Income & Expense Statement according to the date range being viewed.
Example:
John has a $90 expense budget for his 🍬 Treats category that runs from November 1 - November 30. However, John has set his Budget Summary date range to show from November 1 - November 14 and has ticked Apply this date range to the entire Budget page.
Because PocketSmith will evenly distribute this $90 budget across November 1 - November 30, once John has decided to apply the date range of November 1 - November 14 to the entire Budget page, the budgeted amount showing beside his 🍬 Treats category will only be for $42.
Similarly, if John has the date range November 1 - November 14 selected when viewing the Income & Expense Statement, the budgeted amount for his 🍬Treats category will show as $42.
Bill or scheduled income category repeating budgets
- PocketSmith will treat bill or scheduled income category budgets as whole amounts that occur on the day the budget starts (or repeats)
- Repeating bill or scheduled income budgets are not evenly distributed over the budget period from the budget start date to the next repeat date
- On the Trends page, the Income & Expense Statement, and when the option Apply this date range to the entire Budget page is selected on the Budget page, repeating bill or scheduled income budgets are only included in calculations if the start or repeating date occurs within the current date range being viewed
Example:
Sally has a budget of $90 for one of her bill categories called ⚙ Insurance. She started this budget on November 1 and it is set to repeat every three months. Sally sets the budget summary date range to show from November 1 - November 14 and has ticked Apply this date range to the entire Budget page.
PocketSmith will not distribute this budget amount of $90 across that three month period, and instead, only considers the bill to take place on November 1st (and then again on the date three months later). So once Sally has decided to apply the date range of November 1 - November 14 to the entire Budget page, the budgeted amount showing beside the ⚙ Insurance category will be the full $90.
Similarly, if Sally is viewing the date range November 1 - November 14 on the Income & Expense Statement, the full $90 will appear in the budgeted column for the ⚙ Insurance category.
Deleting or making changes to a repeating budget from the Budget page
Sometimes, your actual earning and spending might vary from your planned budgets. It's easy to update (or delete) your budget so that it more accurately reflects your finances.
- Head to the Budget page and navigate to the budget you'd like to edit
- Hover over the budget and click the three-dot menu on the right side of the row
- Select Edit / Delete
- Make the changes within the budget form and select Update, or If you want to delete the budget, select Delete Budget
- Choose how you'd like to apply this change or deletion and click Confirm changes / Confirm deletion
Deleting or making changes to a repeating budget from the Calendar page
Sometimes, your actual earning and spending might vary from your planned budgets. It's easy to update (or delete) your budget so that it more accurately reflects your finances.
- Head to the Calendar page
Click on the budget event on the date you'd like to the changes to occur on
- Make the changes within the budget form and select UpdateIf you're wanting to delete the budget, select Delete Budget
- Choose how you'd like to apply this change or deletion and click Confirm changes/ Confirm deletion
Options for deleting a repeating budget
If you want to delete a repeating budget, you'll need to choose how this deletion is applied. Because a repeating budget has multiple budget events attached to it (based on the frequency you've chosen for your budget to repeat), you can delete just one budget event, this and future budget events, or, the whole repeating budget.
Only this budget event for [date]
This will only delete the selected budget event. All other budget events within the series will remain unchanged.
This and future budget events from [date] forward
This will delete all budget events from the selected date onwards. Any previous budget events in the repeating budget series with remain in your PocketSmith history.
All budget events in this series from [date]
This will delete the entire repeating budget series - all budget events in this particular repeating budget will be deleted.
Delete all budgets in the XYZ category
If you have more than one budget (for example, you might have an older budget that has now finished within a category, or a previous one-off budget), selecting this option will remove all budgets you have associated with the category.
Deleting a related transfer budget
If you are deleting a transfer budget, selecting this option will simultaneously delete the budget associated with the other side of the transfer.
Options for applying changes to a repeating budget
If you change a repeating budget, you'll need to choose how these changes are applied. Because a repeating budget has multiple budget events attached to it (based on the frequency you've chosen for your budget to repeat) you can apply actions to just one budget event, this and all future budget events, or, all of the budget events within the budget's series.
Only this budget event for [date]
This will edit only this budget event in the repeating budget series, leaving others unchanged.
This option is useful in the following instances:
- You have an estimated repeating amount set for a repeating budget, but you want to adjust a particular budget event based on the actual bill amount, for example, an electricity bill
- You generally stick to your estimated budgeted amount, but as a one-off event, you exceeded that amount
- A monthly repeating budget falls on a weekend, but the transaction only occurs on a weekday, so moving the budget event to a weekday
This and future budget events from [date] forward
This will update the current repeating budget sequence from the selected date and into the future. Previous budget events will remain unchanged.
This option is useful when you change a budget, but you don't want the past budget and forecast to be affected, only budgets from the date you have selected.
All budget events in this series from [date]
This will edit all events within the repeating budget. All scheduled budgets from the start date until the end date (if one was added) will be updated with your changes. Note that this does not include any existing one-off exceptions from previous "Only this event" edits.
If the recurring budget began before the current day, this means that the historical forecast balances for your accounts will be changed. This shouldn't cause any issues with the future forecasting balance due to the forecast adjustment events. The following user guide has more information about the forecast adjustments: Balance correction events on the calendar.
Adding an 'end date' for a budget
If you would like to end a budget for good, for example, if you've paid off a loan or cancelled a subscription service, you can do this by adding an 'end date' for the budget.
To do this:
- Head to the Budget page, and navigate to the budget you'd like to end
Click the three dots at the end of the row, and select Edit / delete:
Note:
If the option Edit / delete does not show, choose View all category budgets, and select the budget you wish to edit.
Enter an end date for the budget, and click UPDATE
When confirming how you'd like the changes to apply, select 'All budget events in this series', then click CONFIRM CHANGES
