Whether you're a team leader, freelancer, or consultant, the budgeting feature keeps you on track while you're tracking time! 🕛 Who wants to have an awkward conversation with their client about going over budget? 👻 With Timely, you can review the budget progress across all your projects at once. It's a great way to manage your schedule. We'll even send you budget notifications to make sure you're in control of how a project is progressing at all times.
When creating a project, you are able to assign two different types of budgets: a Time budget or a Money budget.
Money budgets are a great choice when you and a client decide on a fixed price per project. As you decide on a money budget, it's good practice to adjust or set hourly rates for users to accurately reflect the value of their time. This way you can be sure to allot your team members the correct amount of time to work on a project, while staying on budget.
Time budgets summarize all your hours spent on a project to calculate your progress. Time budgets are a solid choice when you're not so concerned about how much money you're spending per project but more how you're spending it.
Want to see the budget progress of all your projects at once? Head over to the Project page > All Projects tab. It's an excellent way to understand the health of your projects to make sure that your clients stay happy and that you're working on the right tasks!
Read more about projects and budget notifications.
Can I add a recurring budget?
Currently, you can't add recurring budget (this is something we are looking into). All budgets in Timely are total budgets. We recommend you divide your total project budget by the number of weeks or months it cover, then schedule your team's time accordingly. That way, time logged can go against time planned to make sure you're hitting your target!