Skip to main content

📊 Budgets

❓ What is a Budget​

A budget in Balancia is a financial plan that helps you control and monitor your spending over a specific time period. Each budget has a name and covers a defined period, allowing you to set clear financial goals and track your progress.

Key characteristics:

  • Name: Each budget has a descriptive name (e.g., "2026 Annual Budget", "Summer Vacation", "Q1 Savings Plan")
  • Time Period: Every budget operates within a specific timeframe (e.g., January 2026, Q1 2026, Summer 2026)
  • Total Amount: The overall budget amount that will be divided into segments

🔄 Multiple Budgets in the Same Period​

One of Balancia's powerful features is the ability to run multiple budgets during the same time period. This flexibility allows you to track different financial objectives simultaneously.

Why have multiple budgets?

  • Track different goals independently (e.g., overall yearly budget + specific project budget)
  • Separate personal and business finances within the same timeframe
  • Monitor special events or goals alongside your regular budget

Example: You might have:

  • "2026 Annual Budget" - Your main budget covering all yearly expenses
  • "Summer Vacation Budget" - A specific budget for vacation planning during June-August 2026
  • "Home Renovation Budget" - A project-specific budget running from March-December 2026

All three budgets can coexist and track the same transactions from different perspectives.

🎯 How Budgets Work​

Budgets are divided into segments (see Segments), each representing a portion of your total budget. Transactions are then imputed (assigned) to these segments to track spending against your plan (see Imputation).

📋 Use Cases​

  • Annual Budget: Track yearly income and expenses across all categories
  • Project Budget: Monitor costs for specific projects (renovations, events, trips)
  • Savings Goals: Create budgets to track progress toward savings targets
  • Department Budgets: If managing household or business finances with multiple areas
  • Trial Budgets: Test different budgeting strategies side-by-side

Note: Budgets provide structure without limiting flexibility. You can adjust segments, impute transactions across multiple budgets, and modify your approach as your financial situation evolves.