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 forecast is determined by your budgets, 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:
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.
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
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
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.
From the Budget page
If you're wanting to delete the budget, select Delete Budget
From the Calendar page
If you're wanting to delete the budget, select Delete Budget
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 apply actions to just one budget event, the whole repeating budget or all future budget events.
Delete only this budget event for [date]
This will only delete the current budget event you have selected to delete (within the repeating budget series).
Delete repeating budget events from [date] forward
This will delete all budget events from the selected date moving forward. Any previous budget events in the repeating budget series with remain in your PocketSmith history.
Delete all repeating budget events in this series from start date of [date]
This will delete the entire repeating budget series - all budget events in this particular repeating budget series will be deleted.
Delete all budgets in the Transfers category
If you have more than one budget (for example, you might have two different repeating budgets set up for the one category), selecting this option will remove any budget you have associated with the category.
Apply this deletion to the 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 make changes to 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, the whole repeating budget or all future budget events.
Apply only to this budget event on [date]
This will edit just this one 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 with 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
Apply to the repeating budget events from [date] forward
This will stop the current repeating budget sequence from the date selected and will start a new one from that date with the updated details.
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.
Apply to all repeating budget events in the series, from the start date of [date]
This will edit all events within the repeating budget. This means that all scheduled budgets from the start date until the end date (if one was added), apart from existing one-off exclusions 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.