how do I setup an accurate budget? Dec 28, 2009 11:03 am
This post is about: Quicken Online
The best way is to go back through the last few months of your accounts and see where you spend money. after quicken imports your data and you categorize it, go into "Trends" and set the range to 3 months (or even 6 months, if you have the data) to see how much you spend each month in particular areas.
For example, you might spend an average of $220/month on groceries. If you were trying to save money, then a budget of $200 would make sense for groceries. If you eat out a lot, say, $120/month, you might want to reconsider how much you go out for dinner. setting a budget of $75 with reminders to tell you when you go over will help you save money.
To set the budget, go to the "Goals" tab and add or remove categories and increase or decrease amounts as necessary.
