diff --git a/packages/loot-core/src/server/budget/categoryTemplate.ts b/packages/loot-core/src/server/budget/categoryTemplate.ts
index 0f1e3787330..3106bf1e348 100644
--- a/packages/loot-core/src/server/budget/categoryTemplate.ts
+++ b/packages/loot-core/src/server/budget/categoryTemplate.ts
@@ -444,11 +444,24 @@ export class CategoryTemplate {
   }
 
   private async runSpend(template): Promise<number> {
-    const fromMonth = `${template.from}`;
-    const toMonth = `${template.month}`;
+    let fromMonth = `${template.from}`;
+    let toMonth = `${template.month}`;
     let alreadyBudgeted = this.fromLastMonth;
     let firstMonth = true;
 
+    //update months if needed
+    const repeat = template.annual
+      ? (template.repeat || 1) * 12
+      : template.repeat;
+    let m = monthUtils.differenceInCalendarMonths(toMonth, this.month);
+    if (repeat && m < 0) {
+      while (m < 0) {
+        toMonth = monthUtils.addMonths(toMonth, repeat);
+        fromMonth = monthUtils.addMonths(fromMonth, repeat);
+        m = monthUtils.differenceInCalendarMonths(toMonth, this.month);
+      }
+    }
+
     for (
       let m = fromMonth;
       monthUtils.differenceInCalendarMonths(this.month, m) > 0;
diff --git a/upcoming-release-notes/4066.md b/upcoming-release-notes/4066.md
new file mode 100644
index 00000000000..15e703d8c8e
--- /dev/null
+++ b/upcoming-release-notes/4066.md
@@ -0,0 +1,6 @@
+---
+category: Bugfix
+authors: [youngcw]
+---
+
+Fix spend template not repeating