I’ve been hanging out from the sidelines waiting for a few features and there’s one in particular that surprises me it isn’t present:
A lot of my bills and subscriptions are yearly (or in the case of my car insurance, Biyearly) and it blows my mind there isn’t an option for yearly or Biyearly bills in the itemized bill list. Is this a feature that’s planned? If not, how does that interact with the bills envelope? What’s the workaround? I would love to use this bank, but I don’t know if I can trust the autopilot to properly figure for those bills if it doesn’t know how often those bills are being paid.
Welcome to our forum, and thank you for sharing your feedback. This feature is on our long term roadmap, but relatively low priority compared to some other major features we are working on (its actually more complex than it sounds, given how our AI is built).
For now, our tech team recommends that you divide yearly or bi-yearly into months currently so that AI can put it away monthly. I apologize for the inconvenience, and if there’s anything else we can do to improve your experience please let us know!
I understand. It’s good to actually have a reason. My fear with dividing it up in such a way is that when it doesn’t see a payment hit, I was worried the AI would stop saving past a certain point and just sustain whatever I saved up to.
For example, if I put 40 dollars a month for my insurance instead of $240 every six months, it might not save up to the $240, but rather just the $40 and maintain that. Is this fear unwarranted? Or should I avoid using the itemized saving altogether?
Great question! Bills are seen as monthly expenses.
It is probably a better option to create a Goal for this bill and save up the $240 over 6 months.
You bring up a good point! As @alwyn recommended, I think the best think in this case would be to create a Goal for $240, due in 6 months. When the payment is due, you can give the vendor the routing/account numbers of the Goal envelope, or if you’re paying with card swipe to link your card to the Goal envelope. I hope this helps!