How to set-up Budgeting

Benjie Quintana's Avatar

Benjie Quintana

12 Jun, 2017 05:25 PM

I just retired and wanted to set up a budget based on my retirement income, social security, mortgage payments, etc, but cannot seem to make the budget manager make changes? How do you set it up?

  1. 1 Posted by Henry on 12 Jun, 2017 05:29 PM

    Henry's Avatar

    Hi Benjie,

    Thank you for contacting us.
    I would recommend looking at this knowledge base article here
    and if you get stuck, just let us know and we can go from there.

    Henry
    Infinite Kind Support

  2. 2 Posted by Benjie Quintana on 12 Jun, 2017 06:16 PM

    Benjie Quintana's Avatar

    Henry, Thank you for the swift response. I started reading the article,
    but my version of Moneydance does not give me the opportunity to
    'create' the budget! I am using 2017.2 (1597) version on Linux Mint
    18.1. Here is what I get from Tools -> budget manager:

    I don't get a chance to 'Create' the budget!

  3. 3 Posted by Henry on 12 Jun, 2017 06:22 PM

    Henry's Avatar

    Hi Benjie,

    Thank you for the screenshot.
    Just to understand correctly, once you navigate to Tools then Budget Manager and you click on New and you choose the name and period of the budget and confirm it, the budget doesn't show up as a budget in the sidebar? What happens when you click on create in the window shown in your screenshot?

    Henry
    Infinite Kind Support

  4. 4 Posted by Benjie Quintana on 12 Jun, 2017 06:57 PM

    Benjie Quintana's Avatar

    Too much information to explain via e-mail. I was hoping that the
    'budget manager' would automatically go back and see what I've spent
    over the past on certain items and give me an estimate (average), for
    example, how much I spent each month on gasoline and put that into my
    budget, but it does not do that. Even when it says there is no values
    for certain months, I can browse through the register (Credit card for
    example) and find them.

    I'll play around with it a little more, but I'm not optimistic. Thanks
    for your help.

  5. Support Staff 5 Posted by Jenny on 13 Jun, 2017 10:04 AM

    Jenny's Avatar

    Hi Benjie,

    After creating a budget within the Budget Manager window, you should close this window, and then navigate to the newly created budget - which will be displayed in the left sidebar from the Moneydance register.

    There are two budget formats available within Moneydance, the 'Newer' format, and the 'Older Mixed Interval' format - so hopefully one of these formats suits your needs.

    When creating your budget, if you choose the budget 'period' as weekly, monthly etc, this will use the 'Newer' format. All your categories are included in this budget as default, and any spending against your categories should be automatically reflected against the budgeted amounts. You can view screenshots of this budget format here - within each column, the number on the left is the amount currently assigned to the relevant category, and you can enter the budget amount on the right.

    Using this budget format, anything spent within a category should be shown within the budget for that category - if this isn't the case, it would be useful to see some screenshots that highlight this issue. You can read instructions for taking a screenshot here - https://www.take-a-screenshot.org/ Please send a screenshot of an example transaction within an account, and also the same data from with the budget (or where the data should be displayed).

    For your reference, when creating your budget, if you choose the budget 'period' as mixed interval, this will use the 'Older' format. With this format, you can choose which categories you'd like to include within the budget (rather than all categories) and each category can be given a different interval - e.g. weekly, monthly etc. This section of the budget article includes screenshots of this budget format.

    Jenny
    Infinite Kind Support

  6. 6 Posted by Hughes on 13 Jun, 2017 02:38 PM

    Hughes's Avatar

    Tnx for your reply. To 'old method' was what I wanted, but did not see it since I used 'monthly'.

    B. Quintana

  7. Support Staff 7 Posted by Jenny on 13 Jun, 2017 03:58 PM

    Jenny's Avatar

    No problem, glad to hear that budget format suits your needs! I'll close this discussion for now, but don't hesitate to get back in touch if you have further questions or need any assistance.

    Jenny
    Infinite Kind Support

  8. Jenny closed this discussion on 13 Jun, 2017 03:58 PM.

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