Learn about the Budget Yearly Summary place

Learn about the Budget Yearly Summary place

Tip: For easier reading, click (above).

This place shows how your budget works in for the entire year.

This summary includes two parts:

Amount available for expenses This table reflects the bottom-line totals from the Income, Long-Term Savings, Occasional Expense Fund, and Debt places. Monthly totals from these places are multiplied by 12 (for 12 months) to equal full-year totals. Occasional amounts are already calculated for the year, and thus match the place totals. Extra amount spent every month equals 12 times the surplus of the Monthly Summary if you choose the Spend the money option. Yearly totals for savings, debt, and spending are subtracted from income to arrive at the amount available for expenses. (An asterisk means the scheduled transaction will end in less than 12 months.)
Will my budget work? This bottom-line total for the year shows the amount available for expenses from the top table is added to the Occasional Expense Fund amount. This is the amount available for all scheduled bills, occasional expenses, and other expenses. The budgeted monthly expenses and occasional expenses reflect the bottom-line totals from the Expenses place. The monthly total from Expenses is multiplied by 12 months to equal a full-year total. (An asterisk means the expense is scheduled to end in less than 12 months.) Total monthly and occasional expenses are subtracted from total amount available to arrive at the final bottom-line amount.

What does the bottom line mean?

The bottom line shows whether your Yearly budget balances. If you have a shortage or a surplus for the year, Money will show you this amount.

Use the Yearly Summary together with the Monthly Summary to see how well your budget works. It's OK if your Monthly Summary doesn't always balance as long as your Yearly Summary does.

The bottom line says "Your expenses exceed your income." What should I do now?

1 In the left pane, click Monthly Summary.

If your monthly budget balances, your occasional expenses exceed your occasional income.

Be sure that you've clicked Save it in my Occasional Expense Fund to make any excess funds from your Monthly Summary available for occasional expenses.

2 If your annual budget still doesn't balance, revisit the Income, Long-Term Savings, Occasional Expense Fund, Debt, and Expenses places.

Make sure you have accurately indicated your amounts shown in the Occasional column for each of these places.

3 If necessary, find ways to reduce the expense and debt amounts you have budgeted.

The bottom line says I have money left over. What should I do now?

Adjust your budget to save that amount of money. Add that amount to either your long-term savings or Occasional Expense Fund. See Add a long-term savings contribution to my budget and Add a contribution to my Occasional Expense Fund.

My Yearly Summary balances, but not my Monthly Summary. Why?

This is probably because the Monthly Summary does not include occasional income and expense amounts; only monthly amounts. Occasional amounts are included in the Yearly Summary.

Also, if certain income or expense amounts end before year-end (you'll see an asterisk next to the line item), your budget may be a little high one month and a little low the next.