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New Feature: Envelopes Budgeting tool

Brandon
Member since:
May 2006
Premium Member
- Site Admin -
Posted: Apr 11, 2013
Brandon   |   Posted: Apr 11, 2013
We've created a dedicated Envelopes budgeting tool for those who want to handle their budgets a little different than our main Budget tool works.

The new Envelopes budgeting tool allows you to create Envelopes of your existing categories and tracks how much money you have remaining in those envelopes without worrying about reset dates or amounts rolling over.

To get started, click on Tools at the top of the page then click on Envelope Budgets. Next, click the "Add Envelope" link and select the category you would like to create an Envelope for.

To fund the envelope, simply deposit money into that category by adding a new transaction. The envelope totals are calculated by summing your deposits vs withdrawals from that category.

You can also use the latest updates to the Split feature to split your paychecks into multiple envelope categories.
cswroe
Member since:
April 2007
Premium Member
Posted: Apr 11, 2013
cswroe   |   Posted: Apr 11, 2013
This is another great one that will come in handy when working with people. My guess is you will get some big endorsements from of the financial help crowd with this addition!
Brandon
Member since:
May 2006
Premium Member
- Site Admin -
Posted: Apr 11, 2013
Brandon   |   Posted: Apr 11, 2013
Thanks! The more we looked into the Envelope method the more we realized we could break it off into its own tool rather than trying to continually modify the Budgets tool.

It's also a little more stripped down and intuitive than the normal budgets tool which should make it easier for people to use and manage.
selpa
Member since:
September 2010
Posted: Apr 29, 2013
selpa   |   Posted: Apr 29, 2013
Hello.

This seems to be a great tool but I can't start to use it right now because of the initial value, or because I don't see the correct way of using it.

The problem is that because all past transactions are counted, when I add an existing category the envelope amount is a big negative value with all the past expenses from that category.

The only way a see how to solve this is to split past income to the categories (which is a lot of trouble), create new categories (but loosing the information from the existing ones) or add a virtual income (that is going to mess the accounts real value).

Is there a way to reset the envelope to 0 from a given date? Or some other kind of solution?

Thank you
SiliconTrance
Member since:
February 2007
Premium Member
- Site Admin -
Posted: Apr 29, 2013
SiliconTrance   |   Posted: Apr 29, 2013
There isn't currently a way to reset the value or set it to 0 to start with. We'll have to think about this a little more and try to come up with a solution.
carters
Member since:
June 2012
Posted: May 15, 2013
carters   |   Posted: May 15, 2013
I have the same issue as Selpa. My main categories all have a years worth of transactions which leaves me with the large negative number. Just a "From this date" option would be great
dakabali
Member since:
May 2013
Posted: May 17, 2013
dakabali   |   Posted: May 17, 2013
Hi all,

I am a bit confused with the mentioned process on how to use the Envelopes Budgeting tool. The "classic" approach of envelope budgeting has in my understanding the following steps:

1. Establish envelopes for selected categories
2. Set (e.g. monthly) spending limit for each envelope
3. Break down (monthly) income onto the various envelopes
4. Put starting balance into each envelope
5. Pull/spend money from envelopes

You describe in your initial post the steps 1 and 5 but 2-4 are missing. These are exactly the planing activities which do not represent physical transactions.

Could you please explain how to set this up with the tool? Thanks a lot.
liviococconcellimetislab
Member since:
January 2013
Posted: Jun 4, 2013
liviococconcellimetislab   |   Posted: Jun 4, 2013
I'd like to have Envelope that include the subcategory of the main category.

I've a category with 10 subcategory,
I've created an envelope associated to it ant the value is empty, because I've no transaction on that category, but I've a lot of transaction on subcategory.

I'd like the possibility to choose with a checkbox if the envelope is associated only to the main category, or to the subcategory too.
dourdoufis
Member since:
October 2010
Posted: Aug 3, 2013
dourdoufis   |   Posted: Aug 3, 2013
Hi,

I would love to see my envelopes on my iPhone. That way when I am out I know exactly how much is in a particular envelope BEFORE I make a purchase!

Any thoughts?...
SiliconTrance
Member since:
February 2007
Premium Member
- Site Admin -
Posted: Aug 15, 2013
SiliconTrance   |   Posted: Aug 15, 2013
We don't have it integrated into the iOS app, but you can however view them from the mobile optimized website from your iPhone by visiting ClearCheckbook.com in Safari.
laniyonu
Member since:
May 2011
Posted: Jan 27, 2014
laniyonu   |   Posted: Jan 27, 2014
I'd like to know if development will be in three areas in regard to the envelopes budget management tool:

1. Will there be an integration of the envelopes option into the mobile application?

2. Will there be an option [checkox enabler/disable] to aggregate the sum total of parent and child categories under a single envelop/account.

3. I'm requesting, for budget planning purposes, a dwindling total (a virtual run down balance during the budget amount setting phase, to be aware of the amount that has been budgeted against the amount left to be budgeted in line with the idea of zero based budgeting).

Personally I chose clearcheckbook because it enables my wife and I to be on the same page in regards to balances at any given moment in spite of multiple separate debits from multiple checking and savings account transactions, removing the discomfort spouses sometimes feel when being asked directly about where money went.

I'm the money focused one in the family so any mutli user mobile money app would have worked for me but to get my wife on board I needed something that involved no fuss when it came to logging transactions (Dave Ramsey's idea of the Nerd and the Free Spirit).

Now that we've got the joint transaction accounting mastered.

Budgeting using the envelope system would enables us to spend all income on paper to zero before it ever leaves our bank account which would add the other missing piece to the financial puzzle - not only knowing where the money went, and how much is left - but planning every dime in a simple, and clearcheckbook way before a cent ever leaves the account - planning at its finest.

If you could...

* integrate this with the mobile platform,
* enable the parent/child category aggregation option, and
* add a view so that a user could see their income being virtually spent in the app on each planned envelope item

...that would be worth whatever price tag you put on it for me.

Thanks a lot.

My apologies for the long post.
mb31hz
Member since:
December 2011
Posted: Feb 10, 2014
mb31hz   |   Posted: Feb 10, 2014
How can I fund an envelope? I have tried to deposit into the envelope but transaction doesn't appear correctly. Not sure what I'm missing.
SiliconTrance
Member since:
February 2007
Premium Member
- Site Admin -
Posted: Feb 14, 2014
SiliconTrance   |   Posted: Feb 14, 2014
You simply add a regular transaction with a Transaction Type of a Deposit. Just make sure to categorize it appropriately. You can also use the Transfer transaction type or split a deposit and assign a split child to that category.

Just make sure the date of the transaction is after the start date of the envelope budget (assuming you set a start date)
ctonini25
Member since:
November 2012
Premium Member
Posted: Mar 18, 2014
ctonini25   |   Posted: Mar 18, 2014
Hi,

Is there a way to move money between envelopes? For example, say there is $100 in the grocery envelope and I want to move 50 of it to Gas, for example.

Is there currently a way to do this?

Thanks!
SiliconTrance
Member since:
February 2007
Premium Member
- Site Admin -
Posted: Mar 18, 2014
SiliconTrance   |   Posted: Mar 18, 2014
ctonini25,

There are a couple ways you can do this...

1) If you created deposits to each category to start your envelopes you can simply go in and edit those so the grocery deposit is $50 less and the Gas deposit is $50 more.

2) You can create a $0 transaction and split it. The splits would be set up so you're removing $50 from the grocery category and adding $50 to the gas category.
badacp
Member since:
November 2010
Posted: May 7, 2014
badacp   |   Posted: May 7, 2014
I was able to set up a test account and fund some envelopes to understand how the envelope budgeting works. I was also able to add the envelope gadget to my overview screen. When I pulled up the app on my Iphone, the original budget was there, but not envelope budgeting. I agree with the others, I would like to be able to follow a zero-based budget and integration with the mobile app would be very useful.
b_paulinhotmail
Member since:
May 2014
Posted: May 8, 2014
b_paulinhotmail   |   Posted: May 8, 2014
Would love to see a way that sub-category withdrawals pull from the main category envelope. May there is a way to do this that I'm just not able to figure out.
superfunguy.old.1436229517
Member since:
July 2010
Posted: Feb 18, 2015
superfunguy.old.1436229517   |   Posted: Feb 18, 2015
How can I withdraw money from my checking account to deposit into an envelope and not have the amount appear as part of my available balance to spend?
Mills1025
Member since:
November 2014
Premium Member
Posted: Mar 6, 2015
Mills1025   |   Posted: Mar 6, 2015
I know a couple others had posed this question, but I did not see a reply – I apologized if I missed it. Is there a way to set an envelope budget to include a full category, including the sub-categories within it?
FREAKBOY
Member since:
March 2015
Posted: Mar 13, 2015
FREAKBOY   |   Posted: Mar 13, 2015
<< How can I withdraw money from my checking account to deposit into an envelope and not have the amount appear as part of my available balance to spend? I need to know this too!! >>
If I am funding my envelopes from my checking account, I don't want to see envelope's amount totaled in the account. It should be placemarked in the envelope but not available to spend from the main checking account. That is what an envelope is for!! You put it away and that money is not available anymore from your main account. HELP HELP HELP!!!

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