Hi

At the moment, I manage my household accounts using a spreadsheet.

In addition to balancing my bank accounts I keep a record of how much money I have in each “pot” (gas, electric, insurance, car etc) with the aim of budgeting for each expense over the year.

Each month I transfer a prebudgeted amount to each pot and note any expenses from that category. The amount is determined by what monthly payment would be necessary to cover the years expenses. Hopefully, I don’t over spend in any category.

Can KMyMoney do this? I notice it can do categories but these are either income or expense. I want a category to be like a bank account with income and expense and to balance. Is this what I have to do? Create nominal accounts for each expense?

Thank you

You can basically achieve the same by setting up a budget. For each expense as well as income category you plan what you expect to spend or gain. Then you can use KMyMoney's reporting feature to compare the budget against the real world. Setting up scheduled transactions you can even take a look into the future using the Forecast feature.

Thank you for your prompt reply. I will give it a go.