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DarkJC
Jul 6, 2010
Is there any way to budget for large one time purchases in Mint? I've been experimenting with their budget features for the last month or so and mostly have everything categorized and working smoothly now.

But, it seems like if I make the rare big purchase here and there, like a new computer or something, my budget for the month is going to be very skewed.

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DarkJC
Jul 6, 2010

Ashcans posted:

There are basically two ways to handle non-standard budgeting in Mint.

1) You can set up a budget category that is intended for a non-monthly purchase. So, for instance, my budget includes a 'seasonal spending' category that comes up twice a year. This is to account for when we switch from warm to cold weather (or vice versa) and discover that we need to get something because moths ate a wool coat/sheets are looking threadbare/etc. What this does in Mint is set aside 1/6 of that budget amount each month, and then has it available to spend in the scheduled month.

2) If you are talking about a totally one-off purchase, you can use the 'goal' function to account for this. Basically you can play with how much you want to contribute vs. your timeframe and establish a goal payment (say, $50 a month to buy a new computer until you reach $800 or whatever). That goal payment then becomes part of your budget each month until the goal is met. It works best if you connect it to a specific account, but that is more applicable to larger/longer goals like retirement or emergency funds, because it's not like you are going to open a separate savings account for your computer money.

Thanks! I like your idea of setting up categories like your seasonal spending category. One question, where is the Goal feature in Mint? I actually didn't realize it had such a feature, and exploring around the UI hasn't revealed anything to me.

DarkJC
Jul 6, 2010
Weird! All I see is



Maybe it has something to do with me using Canadian banks? In any case, I'll contact Mint support and see what they have to say. Thanks again.

DarkJC
Jul 6, 2010
It's hard to know if it's a good idea without knowing your monthly expenses and how big these steady payments on the cards are, nor the balance of the cards. Keep in mind the crazy interest rates credit cards charge.

There are calculators on the internet (fake edit: like this one) that will let you plug in your balance, interest rate, and your planned monthly payments and spit out how much you'll end up paying in interest. Consider how much you could comfortably afford paying out of your current accounts towards the debt right now and reduce the balance accordingly, and see how much you save in interest.

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