The Income Plan Allocation feature allows you to create expense envelope plans connected to a single income plan. This feature is available for both the Envelope System and the Monthly Budget systems.
Note: Income Plan Allocation is currently only available on income plans with a Monthly frequency.
Step 1: Create an Income Plan Allocation
Go to the Plan tab, click on an income envelope, and click the Plan button. Enter in the amount of the income and keep the frequency as "Monthly". Then, click the last option on the form that says "Create Plan Schedule."
Step 2: Create Plan Schedule
First, ensure the income date and income amount are correct. Then, using the Left to Plan, begin to add envelopes and amounts under the Plan Allocation section.
As you add envelopes and amounts to the Plan Allocation, the Left to Plan amount will adjust accordingly. You cannot have a negative Left to Plan, however you can leave money unplanned if you decide you want to come back at a later date to adjust this plan.
Step 3: Auto-funding vs. Manual Funding
When using the Envelope System and creating the income plan allocation, you will notice a toggle for "Auto Fund." When toggled on, this envelope will automatically be funded on the date selected. Any changes to the Income Date will automatically apply to all related envelope plans.
If you elect not to auto-fund the envelopes, you can go into the income plan on or after the income date, and when you click Save, it will ask if you would like to fund the envelopes based on the plan. If you select "Yes," the app will immediately fund your envelopes according to the plan. This option is great if you would like the ability to manually fund your envelopes with one click after verifying the income and the allocation are correct.
If you have questions about the income plan allocation feature, please reach out to us at support@faithfi.com, and we will be happy to help you.