Recording a transaction in NeoBudget is easy, yet powerful. You can take all of the funds from one envelope, or split it across several envelopes. This tutorial shows the process of recording a "Subtract $" transaction in NeoBudget (essentially, a debit).

First, click on the "Subtract $" tab at the top of your account page. You can also get here through the import wizard when it comes across a debit or charge transaction.

Enter all the details about the transaction such as whom it was to, the date, and any other details you wish to remind yourself of later.

Next, enter the amount of the transaction. If you are in the import wizard, the amount will be added for you automatically. Note that the "Save" buttons are disabled and that the "Remainder" shows the total of your transaction. The "Remainder" is the amount of the transaction that has not been assigned to an envelope. The buttons are disabled until the "Remainder" is $0.00 meaning that the entire amount has been distributed to envelopes.

In the case shown in the image below, we have set the amount to $68.45 but have not said which envelopes to take that money from, so the "Save" buttons are disabled.

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Example 1: Amount is not yet allocated

The final step is to say which envelopes the money should be taken from. In the example below, we are taking the entire amount from Groceries. However, you could just as easily take $10 from Clothing and $58.45 from Groceries.

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Example 2: Taking money from envelopes

Once you have assigned the entire amount, the "Remainder" value will be $0.00 and the "Save" buttons will be enabled, allowing you to save the transaction and continue using NeoBudget.

I often get a question about whether a particular bank is supported in NeoBudget. The truth is, your bank is most likely supported.

NeoBudget doesn't support specific banks, but rather has built in support for common file formats that most banks support. NeoBudget can import both QIF and OFX.

So, is your bank supported? Check and see if it can export your transactions as a QIF or OFX file. If so, then it will work fine with NeoBudget. If not, send us an email and we'll see what we can do. We might be able to add support for new file formats.

Jane asks:

"How do I handle irregular income for someone who is self employed and doesn't get a regular paycheck?"

There are a couple ways you could handle this. Here is the method I recommend:

First, create an envelope labeled "Income".

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Example 1: Create an Income envelope

When you receive income, don't use the "income allocation" feature in NeoBudget. Instead, just record it as a regular deposit and stick it in your "Income" envelope. This envelope will accumulate all your income throughout the month.

Now, create a fake income source. You will use this to transfer money out of your "Income" envelope once per month. To do this, set up an income allocation. Set the amount to $0.00.

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Example 2: Create a fake income source

Figure out how often you want to pay yourself (I recommend once per month because it's easier to track). Figure out what you want your "salary" to be. That is, the fixed amount you will transfer from your Income envelope to your other envelopes each month. Lets say it's $2000. In the income allocation, put -2000 (negative 2000) in the Income envelope. Then, distribute the $2000 across your envelopes as you need.

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Example 3: Subtract 2000 from Income and allocate it elsewhere

Then, at the first of the month, go to "Add $" and select the "Income" button. Record this fake transaction. Since the amount is actually $0, this won't upset the balance of your budget. It only moves money from your Income envelope to your other envelopes.

In this way, you'll also build a cushion in your Income envelope for when times are a bit harder and income is sparse. If a lot of money builds up in the Income envelope (more than you need as a cushion), then transfer some of it to a savings account.

If you find yourself using your credit cards more often than you should and you can't pay off the balance at the end of each month, consider some drastic measures to keep you from using them.

One thing you can do is just stick them in a drawer and forget about them.  Don't carry them around in your wallet or purse.  However, if you find you still use them frequently why not freeze them?  Stick them in a plastic container, fill it with water, and stick it in your freezer.  They're still there if you need them, but the effort required to access them might deter you from using them on an impulse purchase.

If you are having a hard time sticking to your budget, consider finding someone you trust who is willing to keep you accountable.  This can be difficult and perhaps a bit embarrassing at first, but ultimately can be very valuable to your long-term financial prosperity.  If you choose to have someone hold you accountable, it is imperative that you be honest with this person.  It is of no use to lie to that person.  They can't very well hold you accountable if they don't know your actual financial situation.  If you regularly make impulse purchases, have this person ask you once a week if you've bought any items on a whim.  Financial accountability with someone you trust can leverage the power of peer pressure in your favor.