Creating a budget in Quicken is one of the best things you can do in Quicken, helping you to get and maintain ways to take control of your finances. Creating a budget is, essentially, creating a plan for your money. You designate the amounts you plan to spend in individual categories that represent the areas A budget allows you to plan how you spend your money in. You can then track how you are doing with the budget, seeing your spending in individual categories and overall.
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A slideshow presentation of the budget creation process is here. |
Quicken automatically creates a budget based on your recurring expense categories. After the budget is created, you can easily add or remove categories to more precisely match your needs.
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Select the Planning tab. 
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If you cannot find your tabs, verify that Tabs are turned on. Go to the View menu and make sure Show Tabs is selected.
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, track progress over time, and make adjustments as needed. With Quicken’s tools, creating and managing a budget is simple, whether you’re just starting or refining an existing financial plan.
This guide walks you through the process of creating, customizing, and maintaining a budget that works for your financial goals.
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Quick steps to create a budget
- Open the budget tool:
- Go to the Planning tab. If tabs are hidden, enable them via View menu > Show Tabs.
- Click Budgets.
- Start your budget:
- If this is your first budget, click Get Started.
- To create a new budget, choose
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- Budget Actions
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- > Create
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- New Budget.
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- Name your budget: Enter a name that identifies its purpose (e.g., "2024 Budget").
- Select the year:
- Budgets default to the current
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- year
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- , but you can adjust this using Advanced Budget Settings to include other years.
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The type of budget created
Quicken creates a budget for all of your recurring personal expense categories. It does not include transfers or income categories in the budget. If you want, you can add transfers and income categories later by clicking Select Categories to Budget at the bottom of the Budget window.
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You can define a fiscal year that begins on any month of the year. When you do so, any yearly or quarterly preferences in Quicken are offset based on the first month of your fiscal year. For example, if your fiscal year started in April 2016, and it's now January 2017, select April in the Start budget on field. Quicken then considers April 1, 2015, to March 31, 2016, as last year. To base Quicken's yearly or quarterly budget options on January 1 to December 31, select January in the Start budget on field. |
- Choose your categories:
- Let Quicken automatically select categories or manually pick the ones you want to include.
- Complete the setup: Click Next to generate your budget.
Purpose: Start tracking your income and expenses by quickly creating a budget with Quicken.
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How Quicken creates your budget
When you create a budget, Quicken uses your transaction history to establish a baseline. This ensures your budget reflects actual spending patterns and provides an accurate starting point for financial tracking.
- Included categories:
- Recurring personal expenses (e.g., groceries, utilities).
- Does not include transfers, income, or special categories like
_401Contrib.
- Data used:
- Budgets are based on the last 12 months of transactions (or as few as three months if your data is limited).
- Budgeting method:
- Past months: Uses actual spending.
- Current and future months: Uses averages of previous spending.
- Rounding: Budget amounts are rounded to the nearest dollar.
- Accounts included:
- All personal expense transactions, excluding Invoice and Sales Tax accounts (Quicken Home & Business only).
Purpose: Use Quicken’s automatic calculations as a foundation for your budgeting efforts.
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Quicken excludes the following categories from a budget when it is first created: Income categories Special investment and paycheck categories (usually preceded by an underscore character), such as "_401Contrib" The Interest Exp, Misc, and Not Sure categories Categories with the following tax line item assignments: Schedule A: Home mortgage interest, W-2: Federal tax withheld, W-2:Medicare tax withheld, W-2:Medicare tax withheld, W-2:Local tax withheld, W-2:Soc. Sec. tax withheld, and W-2:State tax withheld. After the budget has been created you can add categories and further customize it, as necessary. |
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About extending your budget
The first time you view a prior year's budget in a new year, Quicken asks you if you want to extend it to the new year. Just click OK and Quicken creates a new budget for you automatically, copying all of your current budget categories and budget values to the new budget.
If you want to get an early start
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Customizing your budget
After creating your budget, you can refine it to better suit your needs. Add or remove categories, adjust spending amounts, or even extend your budget into future years.
Adding or removing categories
- Click Select Categories to Budget at the bottom of the Budget window.
- Add important categories or remove irrelevant ones.
Adjusting amounts
- Click on a category in the Budget window.
- Edit the monthly budgeted amount to reflect your financial goals.
Purpose: Personalize your budget to reflect your unique financial situation and priorities.
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Extending your budget into a new year
When a new year begins, Quicken prompts you to extend your budget. This ensures continuity while allowing you to make adjustments for the upcoming year.
How to extend your budget:
- Use the date control at the top of the
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- Budget window to
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- select the new year.
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- Choose one of these options:
- Copy
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- categories and budget values
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- : Carry over current categories and amounts.
- Copy
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- categories and actuals: Use actual spending from the prior year as your new budget values
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- .
- Copy
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- categories only
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- : Start with the same categories but no preset amounts.
- Click
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- OK
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- to create the new budget.
Purpose: Transition smoothly into the new year by carrying over or adjusting your existing budget.
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Notes
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Advanced tips for budgeting
Planning ahead
Want to prepare a budget for the next year before it begins? Use the date control to create and customize a future budget.
Creating budgets for past years
Analyze historical spending by creating budgets for previous years. This can help you identify long-term trends or pinpoint areas for improvement.
Tracking actuals
Budgets automatically report income and expense actuals based on transactions from the selected year
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. Editing your current budget won’t affect budgets for previous years.
Purpose: Gain flexibility in planning and analyzing your financial history and future.
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Notes about budgeting in Quicken
- Recurring updates: Quicken recalculates budgets using actuals from the previous year.
- Editing flexibility: You can make changes to your budget at any time without affecting other years.
- Customization options: Filter out non-budgeted categories using the Customize > Advanced tab.
- Integrated reports: Budgets work seamlessly with Quicken’s reporting tools for detailed analysis.
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Why budgeting in Quicken matters
Budgeting in Quicken helps you:
- Track spending: Understand where your money goes and make adjustments as needed.
- Stay accountable: Set spending limits and monitor progress toward your goals.
- Achieve goals: Save for big purchases, pay off debt, or build an emergency fund with a clear plan.
- Gain clarity: Use Quicken’s tools to make informed financial decisions.
By following this guide, you can create a budget tailored to your needs, track your progress, and take control of your financial future. Quicken makes it easy to turn your goals into actionable plans.