EveryDollar has a function called Funds which helps people save up for expenses that may occur every once in a while (i.e. quarterly, annually, semi-annually, etc.). It allows users to save up for these expenses while the balance automatically carries into each subsequent month for easy tracking.
Here's how to set up a Fund:
- Add a new Budget Item, or tap on the existing Budget Item you wish to turn into a Fund.
- Tap Fund in the middle of the next screen.
- Tap Make this a Fund (blue button).
- Once you do that, you will have the ability to enter how much you have saved so far (Starting Balance), the amount you plan on saving this month (Planned This Month), and the total amount you want to save (Goal Amount). None of these are required but are recommended.
- Tap Done at the top-right of the screen.
Notice the Fund Balance is now updated and has a piggy bank icon. Once you have the Fund set up, the planned amount will be added to your balance and carried forward month-to-month until you need it.
How do I make the Fund grow?
Enter the amount you want to put into the Fund for this month into the "Planned" section of the Fund line. That's all there is to it. No transaction needed. EveryDollar counts that amount as the monthly "deposit" you're making.
What do I do with transactions from my bank?
If you make an actual deposit into the Fund, or a transfer into/out of it, just delete that transaction (the "Planned" amount takes care of updating the balance). If you spend money against the Fund (maybe you bought plane tickets for that beach getaway in the summer), then drag the expense transaction into the Fund line or enter the transaction manually. EveryDollar will deduct that expense from your overall Fund balance.
💡 Pro Tip: Funds were not created for regular spending. Tracking transactions on a Fund will lower the Fund balance, but it will also lower your current month's remaining balance (throwing off Insights).
How do I make sure the money is actually in my account?
Some people like to have a separate savings account for their Fund. A monthly check is always good. Just verify the bank account balance against the Fund balance and make appropriate changes (add dividends if applicable).
What if I had already set some money aside?
Tap on the Fund line, then tap on the word "Fund" and you'll see the Starting Balance field. Change the number in that field to whatever amount you already have, then click Save.