Budgeting

This includes all features of our budgeting system.

Written By Joska

Last updated About 1 month ago

GoMonio uses a hybrid budgeting system that combines two approaches:

  • Monthly budgets for regular recurring expenses (groceries, rent, utilities) — tracked automatically via your transactions

  • Non-monthly budgets for irregular expenses (annual insurance, quarterly taxes) — saved up gradually through sinking funds

Before You Start

Budgeting works best after you've used GoMonio for a while. Spend your first month or so categorizing transactions and reviewing them on the Transactions page. The budgeting page pulls directly from your existing categories, so the more consistently you've categorized, the more useful your budgets will be. You'll also have real spending data to set realistic amounts.

The Budgeting Page

Navigate to Budgeting from the Cash Flow section. The page has three main areas:

  • Month navigator at the top to switch between months

  • Left column: Monthly Overview summary card + Budget Status table (all your categories, budgeted and unbudgeted)

  • Right column: Budget Insights sidebar with analytics

Creating Budgets

The budget table shows all your categories — both budgeted and unbudgeted. Categories without a budget appear with a "Set Budget" button.

Click "Set Budget" to open the budget modal where you can configure:

  • Amount: Your budget limit (expenses) or target (income)

  • Alert threshold: When to get a warning (default: 80%, adjustable 50–95%)

  • Frequency: Monthly, Quarterly, Semi-Annual, or Annual

  • Description: Optional note about this budget

Choosing a non-monthly frequency (quarterly, semi-annual, or annual) automatically creates a sinking fund to help you save up over time.

Editing & Deleting Budgets

Each budgeted category has edit and delete buttons:

  • Edit: Change the amount, alert threshold, frequency, or description

  • Delete: Remove the budget entirely

Changes only affect the selected month — each month's budgets are independent. Deleted budgets will not be auto-created in future months.

Automatic Monthly Creation

On the 1st of each month, the system copies your current month's budgets to the next month — same categories, amounts, and alert thresholds. You can then adjust any amounts for the new month. Budgets you've deleted won't be recreated.

Budget Status Indicators

Expense Budgets

Status

Condition

Example

On Track

Spending under alert threshold (default 80%)

Budget: €500, Spent: €350 (70%)

Warning

Spending between threshold and budget (80–99%)

Budget: €500, Spent: €450 (90%)

Exceeded

Spending over budget (100%+)

Budget: €500, Spent: €550 (110%)

Income Budgets

For income, the logic is inverted — you want to meet or exceed your target:

Status

Condition

Example

On Track

Income met or exceeded target (100%+)

Target: €2000, Earned: €2100 (105%)

Warning

Income between threshold and target (80–99%)

Target: €2000, Earned: €1800 (90%)

Shortfall

Income below threshold

Target: €2000, Earned: €1400 (70%)

Sinking Funds (Non-Monthly Budgets)

When you create a budget with a quarterly, semi-annual, or annual frequency, GoMonio automatically sets up a sinking fund to help you save gradually.

How They Work

The system calculates how much you need to save each month:

  • Quarterly budget of €300 → save €100/month

  • Semi-annual budget of €600 → save €100/month

  • Annual budget of €1200 → save €100/month

Tracking Progress

Each sinking fund shows:

  • Saved / Target: How much you've accumulated vs. the goal

  • Progress bar: Visual percentage of completion

  • Monthly contribution: The amount needed per month

  • Months remaining: How long until the target is reached

  • On Track / Behind: Whether you're keeping up with the saving pace

Allocating Funds

Click "+ Allocate" on a sinking fund to contribute from your available cash flow. The allocation modal shows:

  • Available cash flow: How much unallocated money you have (all-time income minus expenses minus prior allocations)

  • Monthly target: The recommended monthly saving amount

  • Remaining to goal: How much more you need to reach the full target

  • Max allocation: The most you can contribute right now

  • Quick-select buttons: Suggested, monthly target, and max amounts

Contributions are validated: you can't allocate more than your available cash flow or more than the remaining target.

Withdrawing Funds

When the bill is due, click "Withdraw" to take money out of the sinking fund. You can withdraw up to the current balance.

Monthly Overview (Summary Card)

The summary card at the top of the budgets column shows:

  • Available to Allocate: Unallocated cash flow you can put toward sinking funds

  • Net Cash Flow: All-time income minus expenses

  • Expenses: Total budgeted, total spent, remaining amount, and status breakdown (how many budgets are on track, at warning, or exceeded)

  • Income: Total target, total received, pending amount, and status breakdown

  • Sinking Funds (if active): Total saved, total target, and overall progress percentage

If you have budgets in multiple currencies, a notice will appear.

Budget Insights

The insights sidebar on the right provides analytics for your budgeted categories:

  • Budgets at Risk: Categories currently in warning, exceeded, or shortfall status

  • Projected to Exceed: Monthly expense budgets that will likely exceed their limit by month-end, based on your average daily spending rate

  • Top Spending Categories: Your 3 highest-spending budgeted categories

  • Most Budget Remaining: 3 categories with the most money left

  • Average Daily Spending: Combined daily spending across all budgeted categories

Dashboard Overview

The Cash Flow dashboard includes a Budget Overview card showing a quick summary of your current month's budgets and sinking fund progress.