Step 4: Adding Expenses
By December 31, 2010 at 01:00 PMon
At the top of the page you will see each user added in Step 1 along with a running total of that user’s income, expenses, savings, remaining income, and remaining income percent. It may be helpful to watch the numbers in this box change as expenses and savings are added. For budgets with multiple people, this summary box is helpful in properly balancing the amount of expenses or savings to assign to each user.There are two sections on this page. The top section is for pre-tax expenses and the bottom section is for all other expenses. Pre-tax expenses include things such as 401k contributions, health insurance premiums, FSA contributions, etc. To add an expense (either pre-tax or regular), first, give the expense a title. Optionally, you may categorize the expense by selecting one of our predefined categories. Currently there is nothing gained by categorizing an expense, but I intend future versions to utilize this information. Next, you can assign the expense to either the pre-tax or regular expense list by checking or unchecking the pre-tax box. The expense can optionally be assigned to a person and bank account. I would strongly suggest doing this as it is very helpful to utilizing the completed budget. On the top of the right hand side of the expense form are two links which will switch the form amount between a fixed amount or a percentage of some or all income sources. For the amount section, simply enter the expense amount and frequency. For the percentage section, enter the percentage (i.e. 10.5 for 10.5%) select what the percentage will be of and possibly select a value for the third drop-down box depending on your selection for the second box. Expenses which may be helpful to add include mortgage/rent, utilities, transportation, cell phone, internet, food, etc.