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Guide On How To Create a Budget In Quicken



how to create a budget in Quicken

Everyone knows that Quicken is a personal finance program. Here, we’ll talk about “how to create a budget in Quicken” and the steps that need to be taken. So, read the article to learn more about how Quicken Budget works. 

Creating a Budget In Quicken

As you search for information about “how to create a budget in Quicken,” Follow these steps to make one:

  • l Launch Quicken and navigate to the Planning Tab.
  • l Go to the ‘Other Tools’ button and click on the ‘Budget’ tab.
  • l Next, select ‘Automatic’ in the budget setup window if you’ve already put your financial information into the program. Quicken will then look at how you’ve spent money to make your budget.
  • l If you don’t want to set up the budget automatically or do not have any spending history in the program yet, select the “Manual” option in the budget setup window.
  • l Choose each category and account in your budget that you want to keep an eye on. For effective budget tracking, financial experts say you should only show accounts and categories directly related to cash flow.
  • l  Choose each category and put in how much money you want to spend on it. Quicken lets you put in monthly, quarterly, or yearly totals for each item in your budget. If you don’t know how much money you’ll need, start with estimates and then change them as needed.
  • l When you’re done, save your budget and go to the “Summary” tab to look at it.

You now understand ‘how to create a budget in Quicken.’ Let us now look at how to extend your budget.

When you open Quicken for the first time in a new year, it will ask you if you want to carry over a budget from the previous year. click OK, and Quicken will build a new budget for you, copying all of the categories and values from your old budget.

If You Want To Get Started Early

Suppose you want to make the budget for next year before the new year starts. Let us find out how to create a budget in Quicken for the next year in advance.

  1. Click on the date option at the top of the budget window to alter the year.
  2. Quicken asks you these questions regarding the new budget creation method:
  • Copy the budget values and categories to the new budget.
  • Copy the budget actuals and categories into the new budget as budget values.
  • Copy budget categories only over  to the new budget.
  1. Click OK to make the new budget.

In conclusion

Planning your finances well takes time and the right way to use a budget. Follow the steps above to set up your budget in Quicken and stay ahead of the game with your money.