Whether you're a team leader, freelancer or consultant, Timely'd budgeting feature keeps you on-track! 🕛 No one wants to have an awkward conversation with their client about going over budget. 👻 With Timely, you can review budget progress across all your projects at once. We'll even send you budget notifications to make sure you're in control of where your project is headed at all times.
When creating a project, you can assign two different types of budgets: a Time budget or a Money budget. If none are selected, the project will be set with 'No Budget'.
Money budgets are a great choice when you have a fixed price for a project. When deciding 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 you allot each team member the correct amount of work on a project to stay on-budget.
Time budgets collate all the hours spent on a project to calculate your progress. They 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 quickly gauge the health of your projects and show clients that you're working on the right tasks!
Read more about projects and budget notifications.
Can I add a recurring budget?
Not yet, but we are looking into it! All budgets in Timely are total budgets. We recommend you divide your total project budget by the number of weeks or months it covers, then schedule your team's time accordingly. That way, time logged can go against time planned to make sure you're hitting your target!