Set Allocation Date
I’ve made a number of updates on the allocation screen, but the most notable is the ability to set an allocation date. Consider these two problems:
- In theory, payday for me is the 11th and the 26th. Unfortunately I get late paychecks often. So my 26th paycheck may end up coming on the 1st or 2nd of the following month. My budget plan calls for me to allocate that paycheck to the month it was in, but if I get it on the first then I could not go back in time to the previous month and allocate it.
- I get paid on first day of each month. Generally though, since I have direct deposit, it often shows up a day or two early – especially if the 1st falls on a weekend. I don’t want to spend anything until I’ve allocated to my income to my envelopes.
So before being allowed to set the allocation date I’m sure you can see the problem with these two scenarios. Your funded and remaining amounts wouldn’t quite match up for a given month if you didn’t allocate on the right date. Now you can allocate and specify the date to be within the month you need it to be.
Themocracy
I’m trying to figure out how to make Inzolo work for me. I live paycheck to paycheck..not month to month while doing my debt snowball. Some months I get 3 paychecks, most 2 (as I get paid every 2 weeks. About 1/2 of my paychecks have money spent in two months..for example if I get paid April 22 and not again until May 6th..I’ll spend some of the money in April and some in May (for things due May 1-5 for example). How can I handle this with Inzolo? I’ve been using an excel spreadsheet, works well but I’m tired of the cash/paper envelopes.
I also get paid every 2 weeks now. It really doesn’t matter when you get paid while using Inzolo. The monthly focus is simply due to the fact that most bills are due on a monthly basis. The goal is to have your envelopes funded before the bills come due.
I act as if I only get two paychecks each month, so that 3rd paycheck is sort of like a bonus. I generally put the same amount in for food and gas, but I don’t have to fund utilities or mortgage with it.
I also use Inzolo for 2 small businesses. There are no set paydays. I fund envelopes whenever I get money. I generally put 10% in retained earnings first then plan where I am going to spend the money I have earned. After I have allocated money for all my upcoming business expenses, then I can take an owner’s draw on the rest and pay myself.
Really, the goal of Inzolo is to make a plan as to where you are going to spend your money before you spend it. I hope this makes sense.
Thanks a bunch for the reply. What I’m trying to understand is lets say I get paid late in April, can I Alocate part of that check for bills due in both April and May. I’m trying to figure this out then I’ll pass your site on by word of mouth. Thanks for your quick response yesterday. Ricky
Yes you can. You would basically allocate what you want to with an April allocation date, then, come back to the allocation screen and allocate the remaining amount in your unallocated income box with a May date.
If you mess up, don’t worry, there is an undo button on each allocation. I actually had to use it this month because I generally get paid a day early. So I allocated my first April paycheck with a March 31st date. I just undid all the allocations and re-allocated with an April 1st date.