Guide: Envelope Budgeting with Budget Vision
A user once said, "Nice thing is that I can implement envelope budgeting with it." They were right! Budget Vision's flexible account system is perfect for this popular budgeting method.
Envelope budgeting is a system where you allocate your income into specific spending categories (the "envelopes") at the start of the month. You can only spend what's in the envelope for that category.
Here's how to set it up in Budget Vision.
Create Your "Envelopes"
For each spending category you want to control, create a new "virtual" account. Go to Settings -> Accounts -> Add Account.
Good examples for virtual accounts include:
Groceries FundEntertainment FundEating Out FundShopping Fund
Consider toggling "Hide from dashboard" for these accounts if you don't want them cluttering your main view. You can still see them by toggling the view in quick settings.
"Fill" Your Envelopes
At the beginning of your pay period (e.g., the 1st of the month), create transfer transactions from your main checking account to each of your new "envelope" accounts.
For example, you could create a recurring transfer:
-$300fromMain Checking+$300toGroceries Fund
Now your Groceries Fund account has a balance of $300 for the month.
Spend from the Envelopes
When you log a new expense, assign it to the correct "envelope" account.
- Transaction:
Groceries for the week - Amount:
-$85 - Account:
Groceries Fund
You can easily see the remaining balance in each "envelope" by looking at the account balances, giving you a clear picture of how much you have left to spend in each category.