I would love to be able to reset my spending circle once bills have come out my account. As it stands I’m always in yellow and its not easy to quickly assess how I’m doing with spending for the month as the huge chunk of bills I pay at the beginning of each month comes out my monthly spending. I’d love to be able to pay all bills and then hit reset so it knew that was my available spending for the month then.
Hi Emma & welcome
Using a Bills pot with Salary Sorter will do (almost) all of this automatically for you;
- Set up a Bills pot and assign all bills (excluding subscriptions) to be paid from it
- Add up the rough total of all monthly bills (excluding subscriptions) - let’s call it £600 as an example - (the Bills pot will also show the accurate total amount to be paid from it once all bills are assigned to it)
- When your salary is paid in, set-up a Salary Sort transfer to the Bills pot of [the example] £600
- One by one, as the bills are paid from the main account, the Bills pot will release the same amount of money from the Bills pot into the main account to cover the expenditure
Now, this has ‘hidden’ all known bills (subscriptions excluded) and so the ‘Left-to-spend’ display really is what you have left to spend. Subscriptions (Netflix, Spotify, Google, MIcrosoft, Amazon, etc) are Continuous Payment Authorisations and can’t be paid from a Bills pot - they are taken directly from the main account. But if you set them up as repeating payments (set this up by going into the transaction and activating ‘Repeating payment’) - then the Left-to-spend will take these amounts into account too and deduct them from the left-to-spend total.
Once it’s all set-up and running, keep an eye on the left-to-spend while you go through the cycle until the next payday!