Budget Income & Expenses

NeoBudget lets you define your regular income sources as well as budgeted expenses. Using the budget calculator you can figure out how much money to take out of each paycheck to fund your envelopes and meet your budget goals.

First add an income source by clicking the "New Income Source" button. Give it a name, and amount, and set the frequency at which you get paid. If the amount is different every week, set the amount to about what you expect to get, or the minimum you expect to get each pay period. This will be what you base your budget on, but if your paycheck is more than that you can adjust it on a per-paycheck basis later.

Budget income and expenses 1

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Once you have at least one income source you will see a list of all your envelopes. This list shows your monthly expense amount and how much each envelope is funded (how much you are saving out of each paycheck). You can make changes to each envelope by clicking on one of the rows to show the budget editor.

Budget income and expenses 2

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The top part of this window is for defining your budgeted expenses. You can add as many expenses as you need and adjust their frequency. NeoBudget calculates the amount you need to save each month to meet all of these goals. You can see that amount at the top labeled "Total Monthly Expense."

Budget income and expenses 3

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Once your expenses are defined you need to fund those expenses from your paychecks. The next section shows a list of each paycheck you expect to receive each month. Use the "Split" link to evenly split your budgeted expense amount across all your envelopes, or manually adjust the amounts as needed.

If you are paid every week or every two weeks there will be some months where you get more paychecks than other months. This is because some months have five weeks and others have only four. NeoBudget handles this by indicating these "extra" paychecks in yellow. These will not be applied every month, but only when you get one of these "extra" paychecks. Some people like to budget treating these "extra" paychecks as a bonus. If you do that just leave these yellow boxes empty.

Budget income and expenses 4

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You will be curious how much of each paycheck has already been allocated to other envelopes. On the left you can see the total amount of each paycheck and under each box you can see how much has not been allocated yet. This amount is what you have left to use.

Budget income and expenses 5

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Once you have set up all your expenses and funded all your envelopes from your paychecks, you're ready to start adding transactions. Later when you are adding income transactions, you can choose from these income sources to automatically allocate the paycheck based on this information you just entered. This is how NeoBudget "gives a job to every dollar you earn."

↑ Top Next: Entering Transactions →


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