Nancy shows how to set up recurring expenses like utilities and gas, plus one-time large expenses in Bolden. The Basic Budgeter lets you enter current monthly spending; the Detailed Budgeter handles multiple categories and tax-deductible items. If you don't have enough funds for a planned expense, Bolden alerts your coach.
Questions this video answers
Day nine
$2000 per year
$5000 total (must spend $2000 plus like-to-spend $3000)
Chapters
Hi everyone, this is Nancy from Bolden, and welcome to Day nine of our Get Started series designed to guide you in accurately setting up your plan. In today's video, I'll discuss recurring and large expenses in the Bolden Planner. Let's navigate to the Expenses in Health Care section and begin with the recurring expenses. These are things you pay for on a regular basis, such as food, gas, entertainment, and utilities. You may utilize one of two budgeter features to account for your recurring expenses. Choosing the Basic Budgeter Enter what you're currently spending each month. Do not include rent, mortgage payments, other debt payments, or medical expenses because these will be pulled in from other areas of the planner. Exclude income taxes as well because they are calculated by the software. We always recommend considering how your expenses will change over your lifetime and entering a number of separate phases of expenses to account for different levels of spending while still working during early retirement when you're spending more and in later retirement when you're slowing down and spending less. I recommend starting with a detailed budgeter if you want more detail or are very clear on which expenses such as food and transportation are essential and which are discretionary, such as travel, dining out, or attending cultural events. This is because a detailed budgeter allows you to enter a wide variety of categories as well as a must spend budget consisting of your essential expenses and.
A like to spend budget consisting of.
Both your essential and discretionary expenses. The detailed budgeter also allows you to enter monthly, annual and quarterly expenses as well as indicate any expenses which are tax deductible.
When you do this, the planner will.
Compare your standard and itemized deductions each year and apply the one that's most beneficial to you. Note that must spend and like to spend are two individual budgets. In this plan we see that the must spend home improvement minimum is $2000 per year and the like to spend is 3000 more. So the user has entered $2000 in must spend and $5000 in like to spend. Large planned expenses such as a future auto or tuition for dependents may be entered using the one time expense and disbursement features.
Both of these areas require you to.
Select a source account and if the.
Account does not hold sufficient funds at.
The time of the expense, the expense will not be funded, triggering a coach alert.
You can also easily add one time expenses in the budgeter by selecting the same start and stop dates. To avoid this issue and rely upon your withdrawal strategy to fund the large.
Expense.
Disbursements have additional functionality allowing you to account for large expenses such as tuition which are annual and charitable expenses which are deductible. Thank you for joining me in today's video. I'll see you in get started series 10 where I'll discuss the medical, Medicare and long term care expenses in the Bolden Planner.
