Mint & Variable Income

[dawnyp]

We've been getting mint set up with our financial goals for the year but I'm finding it challenging. I get quarterly bonuses and participate in my employer's ESPP which vests twice a year. This money is used towards our savings goals. However mint looks at monthly budgets and income and doesn't take into consideration the variable nature of these items. As a result it is showing us at a massive deficit with our budget. Is there a way to adjust this or should I just not track these goals via mint?

[Deleted]

Are you saving monthly or just when you get those bonuses?

I adjust our income according to the month and save or spend more that month as well.

[dawnyp]

Jan 6, 2013 11:41:42 GMT -5 dbsk8dance said:

Are you saving monthly or just when you get those bonuses?

I adjust our income according to the month and save or spend more that month as well.

We do save monthly, but the large chunks from the bonuses are what is mostly needed to hit the goals I have set in mint.

For example say one of the goals is to save $6000 for vacation by June. Mint calculates that there are 6 months so we need to save $1k a month this is included in the budget and puts us in the red. We save $200 a month towards this and the rest of this money is coming from the ESPP that I receive on May 1st.

I'm beginning to think that I should track the goals via Mint since it assumes equal monthly contributions instead of a lump sum.

[phunluvin82]

Jan 6, 2013 21:20:38 GMT -5 @dawnyp said:

Jan 6, 2013 11:41:42 GMT -5 dbsk8dance said:

Are you saving monthly or just when you get those bonuses?

I adjust our income according to the month and save or spend more that month as well.

We do save monthly, but the large chunks from the bonuses are what is mostly needed to hit the goals I have set in mint.

For example say one of the goals is to save $6000 for vacation by June. Mint calculates that there are 6 months so we need to save $1k a month this is included in the budget and puts us in the red. We save $200 a month towards this and the rest of this money is coming from the ESPP that I receive on May 1st.

I'm beginning to think that I should track the goals via Mint since it assumes equal monthly contributions instead of a lump sum.

Is that really affecting anything though? The goal function rolls over from month to month...so it will show that you didn't save enough for your goal, but you know that you will be catching up later, so NBD.

Or, if it bothers you to see that your budget is in the red, maybe just set the goal lower to what you can afford to contribute in a normal month? So, for your example, of 6 months @ $200/month...maybe just set the goal for $1200 even though you know that you will eventually save more than that when you get your bonus? I like to use mint to keep me on track from month to month, so that is probably what I'd do.

[Deleted]

Honestly, the goal function irritates me.

As long as you have a plan, I'd just ignore it. It isn't putting your budget in the red, just your goal.