Recurring budgets

PocketSmith is a unique personal finance tool that creates daily projected balances of your bank accounts, so you can predict how much money you'll have at any point in the future.

To do so, it treats your budgets as scheduled financial events, for example:
  • Rent payments that are due every Wednesday fortnight

  • Your PocketSmith (or Netflix, or Spotify) subscription, on the 20th of every month

  • A weekly groceries budget of $180, starting each Monday

As such, every budget in PocketSmith requires a starting date, just like an event. Where other personal finance tools may ask you to set a period for a budget (e.g. 'weekly', or 'monthly'), PocketSmith will also ask you for a starting date. 

You can set a budget to only occur once, or repeat on a schedule (e.g. daily, weekly, fortnightly, every 12th of the month, etc). Find out more about budget periods at the article: 
How do the budget periods work?

Each time a budget occurs, it adds to (or subtracts from) the projected bank balance. In the example below, you'll see the daily balances at the bottom of each day change based on the budgets that occur on that day.

Like events on a calendar, budgets can be dragged and dropped from one day to another.

Budgets belong to scenarios, and every account comes with a scenario. You can find out more about scenarios at the article: What is a scenario?

Creating a budget from the calendar

Budgets can be created and managed from:
  • The Budgets page, which offers a list view of all your budgets and how you're performing against your actuals, but not an indication of your forecast. You can find out more about creating budgets from the Budgets page at the article: How do I set up budgets and create a forecast?

  • Or the Calendar, which treats budgets like events, and shows you the daily balances (as depicted above).
To create a recurring budget from the Calendar, you can either:
  • Click on the 'New budget' link in the top toolbar, or

  • Click on a day cell in the Calendar.
You will be presented with the New Budget form

 Simply fill in the details, and click 'Save budget' to begin forecasting!

What happens to multiple budgets of the same name?

You may have two budgets of the same name, for example:
  • 'Groceries', a weekly recurring budget

  • 'Groceries', a one-off budget in the middle of a week (say, for visiting relatives)
These two budgets will appear in the calendar as scheduled, and will adjust your forecast accordingly. 

On the Budgets page, budgets of the same name are combined, with the one-off budget creating a second budget period within the original week. 

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