Menu

More Knowledge

Budget Items

Budget Forward has five kinds of Budget Items, all of which can be added to any Budget.

Income

This one is fairly self explanatory. These are positive amounts that you add to an account on a recurring basis. Income can also contribute to goals.

Expense

You use this item when you have a recurring expense where both recurrence and the amount are reasonably predictable.

Allowance

This item is for tracking spending where either the amount or times of occurrence are irregular. For example, fuel, groceries and utility bills all fit quite nicely into allowances. An allowance reserves funds into a Pocket Account within a Standard Account. Spend is then done by entering expenses, before or after they actually occur.

Payment

This operates in a similar way to an expense for budgeting purposes, however they only work on loans and credit cards. When simulating, if the budgeted amount exceeds the payout amount, only the necessary amount is paid.

Transfer

A transfer is quite different from the others as transfers are not counted as an income or an expense. They are simply a way to automate the moving of funds from one account to another. For example you may regularly move funds from an every day account to a savings account. Money transferred can also optionally contribute to goals on the destination account.

Tagged with:

Related

Knowledge

Budget Forward - Learn More

Wednesday, 4 November 2020

Budget Forward is a budget planning app that takes your savings and debts along with your income and expenses and simulates your future financial position. You can also set goals such as repaying or offsetting loans, paying off credit cards and saving for future expenses. Budget Forward will know when you have available funds and allocate them to these goals according to priority.

Getting Started

Thursday, 11 June 2020

It can be really daunting to start budgeting, so here we take a look at the structure of a plan in Budget Forward and the best way get started.

Accounts

Thursday, 11 June 2020

Learn about the three types of accounts in Budget Forward

Budgets

Thursday, 11 June 2020

How does a Budget work in Budget Forward

Goals

Thursday, 11 June 2020

Learn about the four kinds of goals in Budget Forward

Plans

Thursday, 11 June 2020

What is a Plan