How to Create a Recurring Monthly Budget?

Modified on Thu, 22 Aug at 5:56 PM

Monthly budgets are intended for expense tracking only.

Monthly budgets (without category selection) consider all expense and refund transactions (income marked as a refund).

Suppose a monthly budget is not explicitly available and category-specific budgets are available for the month. In that case, the sum of all category budget amounts will automatically be considered to show the monthly budget.

Steps to create a recurring monthly budget:

Go to Dashboard > Budget.

The Budget screen will appear with BUDGETS, GOALS, and SUMMARY tabs.

Tap on the + icon in the upper right corner.

Choose the type of budget you wish to create:
- Personal Budget: Use this if you want to create your personal budget. (This is the only option in case you are not using the app in group mode)

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Group Budget: Choose this option if you want to set up budgeting for a group/family.

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The Create Budget screen will appear, with tabs BY CATEGORY, WEEKLY, and MONTHLY.

Select the MONTHLY tab.

Choose the month from where the budget needs to start.

Enter the budget amount.

Toggle on the rollover option if you want to carry forward any remaining budget to the next month. Learn more about How rollover budgeting works/supported in TimelyBills?

Click on Next.

Review the budget amount and start of the month on the review screen.

Set a percentage alert for spending notifications within the app.

You can disable these alerts in the app settings. Learn more about How to disable/enable budget notifications in the TimelyBills app.

Click on the Create button.

Once successfully created, the budget will appear under the Expense tab on the budget list screen, as highlighted below.