The Incredibly Cool Budget feature in Income Companion gives you a clear, complete view of how you plan to spend your money for the next year starting now. But, there are situations where it would be great to be able to plan for a year starting on a future date. This is easily done with the advance plan feature in Income Companion.

An advance plan is created when a new budget space is added by checking the advance plan checkbox and entering the start date for the advance plan.

Planning Finances Before Getting Married

Combining finances when setting up a new household can be stressful. With money being one of the top ten reasons for getting divorced, being able to avoid any post-honeymoon financial shocks would be a real advantage for sustaining marital bliss. Toward such an ideal outcome, an engaged couple can pre-plan their combined finances using an Income Companion advance plan which has a start date of either their wedding day, or perhaps the day they return from their honeymoon.

Together they do the first six start-up steps for the advance plan to negotiate how they want their combined finances to work for the first year of their life together. On the plan start date, the couple unchecks the advance plan checkbox. They then do start-up Step 7.

Their combined budget space becomes their money management tool til death do them part.

Small Business Plans

When putting together a business plan for starting a small business, projecting the startup cash flow is typically done with a spreadsheet. There is a plethora of templates available. After a small business opens, updating the cash flow projection periodically is recommended, but that chore is often neglected. The pressure of day-to-day operations gets in the way of doing any business planning.

The advance plan feature in Income Companion overcomes the disadvantages of having to create and maintain a static business plan spreadsheet.

When preparing the small business plan, an advance plan budget space is added in Income Companion with a start date of the business opening day. The cash flow plan for the first twelve months of business operations is created by doing the first six start-up steps for the budget space. (The group name “Allowance” could optionally be changed to something like “Petty Cash”)

On opening day, the advance plan checkbox is unchecked and start-up Step 7 for the budget space is completed. Using the budget space thereafter to manage daily cash provides a dynamic business plan that is driven by day-to-day operations. Planning cash flow for the coming year becomes a natural part of doing business.

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