How rollover budgeting works/supported in TimelyBills?

Modified on Tue, 6 Aug at 3:21 PM

In TimelyBills, rollover budgeting is a feature that allows users to carry forward any unspent portion of their budget from one month to the next.

category-levelThe rollover budgeting is only supported for monthly (without a category) and category level budgets (with monthly frequency). Support for rollover to other frequencies like weekly/bi-weekly and custom date range is going be available soon.

Steps to Enable Rollover Budgeting:

Go to your Dashboard.

Navigate to the Budget section.

In the Budget section, locate and tap on the + icon present in the upper right corner to create a new budget.

Select Budget Type: Choose the type of budget you want to create:
- Personal Budget: If you're managing your finances individually.
- Group Budget: If you're budgeting with others in a group setting.

Set Budget Parameters: After selecting the budget type, you'll be taken to the Create Budget Screen.

Specify Budget Details: Depending on your preference, you can set up:

Category: To allocate budgets to specific spending categories.

Monthly: To set a total monthly budget amount.

Enable Rollover: If you want to enable rollover (carryforward) for your budget:

Select the MONTHLY or the Category tab where rollover budgeting is supported.

To turn on the rollover enable the toggle “Rollover remaining to next month”.

This option ensures any unspent amount from the current month is carried forward to the next month.

Complete Budget Creation: Review all the details you've entered, such as budget amount, start date, frequency, etc.

Once everything looks correct, click on the Create button to finalize and save your budget.

By following the above steps, you can effectively manage and track your budgets in the TimelyBills while leveraging the rollover feature to optimize your financial planning.