Budget Toolkit FAQ's

• How do I use the Notes, Payee and Date fields in the Budget Toolkit?
• How are category totals calculated in the Budgets?
• Should I enter Actual amounts for Weekly, Quarterly, Semi Annual and Annual amounts?
• When should I update the data between my Plans and Models (Budget and Income)?
• What is the Budget Plan History for?

How do I use the Notes, Payee and Date fields in the Budget Toolkit?

Payee and Notes fields of the Budget Plan, Budget Model, and Retirement Budget are not protected. In both fields there is wrap text. On the worksheet, to see all the text that has been wrapped to lower rows click on the cell, to close this press enter or click on another cell.

Notes sections on Paychecks also are not protected. On the worksheet, to see all the text that has been wrapped to lower rows, double click on the cell, to close this press enter or click on another cell.

In Budget Plan, Budget Model and Retirement Budget Notes sections you can define text or a web address. It is very important to use the Modify capability in the Budget Plan, Budget Model and Retirement Budget when changing a Notes field from text to a web address or from a web address to text or when changing from one web address to another web address. If you don't make web address changes this way you will find that the links you thought you replaced are still active and the new link you created, though it looks active, is ignored.

In the Budget Plan, Budget Model and Retirement Budget we provide date entry functionality for Quarterly, Semi Annual and Annual dates. You can setup dates for Quarterly or Semi Annual during the initial Setup function or you can setup the dates using the Modify function, enter the first due date in the year for each expense, the system will calculate the remaining due date(s) for the year. To change or see those due dates, double click on the date cell on the worksheet and you will see all the dates, you can adjust these dates right on the worksheet. In a similar fashion Annual dates are entered from the Setup or Modify functions and are changeable on the worksheet.

Note: When modifying dates always keep the XX/XX/XXX format, two digits for day and month and 4 digits for year. If you have a single digit month such as January or day such as 1, put a 0 in front to make the number two digits.

How are category totals calculated in the Budgets?

Monthly cost projections in the Budget Plan, Budget Model and Retirement Budget are calculated as follows:

• If you put $40 a week in, the monthly total is calculated as follows - $40 x 52 weeks / 12 months = $173.33 per month.
• If you put $100 dollars in Quarterly, the monthly total is calculated as follows - $100 x 4 payments / 12 months = $33.33 per month.
• If you put $300 in Semi Annually, the monthly total is calculated as follows - $300 x 2 payments / 12 months = $50.00 per month.
• If you put $2000 in Annually, the monthly total is calculated as follows - $2000 / 12 months = $166.66 per month.

Should I enter Actual amounts for Weekly, Quarterly, Semi Annual and Annual amounts?

Budget Actuals account for actual monthly bills and actual amounts should be entered. To enter actual amounts for weekly bills you can enter each detail transaction amounts using the add details capability. For Quarterly, Semi Annual and Annual bills you should enter the actual amount when bills are due and should enter the projected monthly amount in months when the bill is not due by doing this you account for the whole cost of those bills in your budget. You should use your monthly budgeted amounts for Quarterly, Semi Annual and Annual to save money each month so you have the money to pay those bills when they come due.

When should I update the data between my Plans and Models (Budget and Income)?

There are many reasons for updating the data between the Budget and Income Plans and the Budget and Income Models. Two major reasons are:

First when you need to figure out a new budget because of a major change in your expenses or income you can simply update the Budget and Income Models from the Budget and Income Plans. This then provides your current budget and income as a starting point from there you can model any changes you need to model. Once you have come up with a plan you are satisfied with you can set a month and year you want to start using this new budget and income. When you are ready update your Budget and Income Plans from the Budget and Income Models.?

Second if you want to go back in time and create your Budget Plan History but you want to protect your current Budget and Income Plans you can update your Budget and Income Models from your Budget and Income Plans. Then carefully create past months Budget Plan and Save them to your Budget Plan History, when you are done creating your Budget Plan History you can update your Budget and Income Plans from your Budget and Income Models and be back using your current Budget and Income Plans again.

Note: There are many scenarios where you may need to plan for major changes to your Budget and Income without wanting to actually change your current planning information these could include; buying a bigger house, taking on a new loan, starting a new job, moving, preparing for the birth of a child, etc.

What is the Budget Plan History for?

Simple Home Finances believes that Budgets should be treated as constantly changing overtime, this is what we call a living document, at the same time expenses are paid each month of a 12 month year. In order for you to have a very good picture of what your actual budgeting was for each month we have provided the ability to simply save your current Budget Plan and Income Plans to Budget History. This History then calculates how much you spent each month, how much you spent by category each year and what your average budgeted expenditure was by category and in total for the year. We believe this is a much better approach than having to create and maintain 12 separate budgets.

Note: The Budget History provides the reference amounts in Budget Actuals for each past month. This way you can see month by month what you budgeted verse what you spent.