Envelope Style Budgeting
I am requesting a feature which helps ensure every penny has a job. I would like to have a new section in the budget that shows your total current balances across all 'tracked' accounts. This would be your 'Available Budget Amount' this can the be applied to the 'Envelopes' in your budget when it is applied your 'Available Budget Amount' would go do by that amount.
1. Your Bank currently has $50.00 in it.
2. In the budget section of you app, it shows 'Available Budget Amount: $50.00'
3. I add $20.00 to a custom budget for Rent, which has a goal of $470.00 by the end of the month. I now have $450.00 left to go.
4. The 'Available Budget Amount' goes down by the $20.00 that was applied to the Rent budget and now show $30.00 remaining. I know I am safe to with apply $30 to another budget, put it in the rent budget, or save it for something I had not budgeted for.
Junaid Rafiq commented
Make or break for me ...
Hi, I must totally agree in this Jeff.
Before Wallet I used an app called You Need a Budget (https://www.youneedabudget.com/ - YNAB shortly) for about 4 Years and the concept of "giving every dollar, penny, crown or whatever currency you like helped me a lot with planning and budgeting for months or even years.
I miss this feature in Wallet. Very much. So I've created spreadsheet table that at least gives me long term perspective. I've created it's copy and changed figures a little bit to be able to share this with you:
The most important is those three green rows on the top
- Remaining after recurring categories,
- Budget available (month),
- Budget available (running),
Which gives me some oversight on my "budget" condition as a whole, last 2 from an overall perspective, first one to monitor the amount of free cash flow I can work with after paying all the bills (or mandatory expenses, suit yourself).
What a problem with spreadsheet-system is that it's totally separated from Wallet as an expense-tracker. I update it manually on weekly basis, but mostly I lost track during the week about my boundaries for all the categories I have. Once these two systems would combine, it will be a very strong weapon for achieving long-term financial goals.
I know it is not a very easy concept to handle on the first try, so if you would need any consulting help, I volunteer. If you find this interesting and would like to implement this, I would be glad to help.:)