- Add a new budget item, or click on the existing budget item you wish to turn into a Fund.
- Click on the word Fund on the detail card to the right.
- Click Make this a Fund.
- Once you do that, you will have the ability to enter how much you have saved so far (Current Balance) and the total amount you want to save (Target Amount). Let's say you have $200 already saved and you want to account for that in the fund. Use that amount as the Current Balance for the fund.
- Input your Current Balance and Target Amount
- Click Save.
Notice the Fund Balance is now updated to $200. It will also reflect this amount under "Remaining" in your budget list.
Once you have the Fund set up with a balance, simply enter the amount of this month's income you want to put into the Fund under the "Planned" column. The amount you plan to put into your Fund this month will be added to your balance and carried forward month-to-month until you need it.
Notes on how to use Funds:
How do I make the Fund grow?
Enter the amount you want to put into the Fund for this month into the Planned column of the Fund line. EveryDollar counts that amount as the monthly "deposit" you're making. You can also track the transfer transactions that come through from your bank if it is connected (make sure you track both transfer transactions if you choose to do this).
What do I do with transactions from my bank?
If you spend money against the Fund (maybe you bought plane tickets for that beach getaway in the summer), then drag that expense transaction into the Fund line. EveryDollar will deduct that expense from your overall Fund balance.
If you are adding money to the Fund you can show that simply by updating the Planned column with the amount you are depositing into it and that's it. If your bank account is connected and you want to track the transfer transactions that come through from your bank for the deposit then you can do that as well, but just make sure that you track both transactions (the positive (+) transaction and the negative (-) transaction) to the Fund item so that it updates correctly.
If you do not want to add money to the Fund during the current budget month, then you will need to set that month's Planned amount to 0.
How do I make sure the money is actually in my account?
Some people like to have a separate savings account for all of their Funds and some like to have multiple savings accounts for their Funds. It is really up to you! Some even put theirs in a cookie jar in the closet! The key is to know where you are keeping the money you are saving in a way that is convenient for you and helps you stay organized.
What if I had already set some money aside?
Click on the Fund line, then click Fund Details on the right side of the screen (in the little white box), and you'll see the Current Balance field. Change the number in that field to whatever amount you already have, then click Save. You will then see the change displayed below in the "Activity This Month" section for the Fund.