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Long-Term Budget Items

Aug 28, 2015 05:47PM EDT

For the long-term budget items like car insurance (paid twice a year), I put money into a savings account each month. When insurance came due and my budget item popped up for the month, my budget freaked out because I was $600 over for the month. How do I account for the money put aside each month for that item when it comes due?

HelloWallet Support Answer

Aug 31, 2015 10:54AM EDT
Joe
HelloWallet Support

We are currently working on expanding our budget functionality to help with this, but currently, we recommend using the Every Six Months option for setting up this kind of budget item. Transfers to savings don’t count as spending, so those transactions will not affect your budget from month to month, then every six months, you’ll have an item in you budget for insurance for the appropriate amount, and therefore won’t get the overbudget alert.

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