Seeking to improve your experience and bring you more control over your finances, we've made some improvements to the "Budgets" functionality. The changes we've made will give you more flexibility in what you plan to budget for each month or for a specific time period. We've prepared this article so you can understand what has changed!
This article contains the following topics:
Creating a monthly budget
On the right side of the "+" button in the bottom bar of the app, you'll find the "Budget" option. When you choose the month, the option "Define new budget" will be shown. Tap this option and let's get started!
1. Firstly, you must register your total income for the month. (You can tap the option "Why do we need to know this" so you can understand the reason why we ask this information);
P.S. In case you've registered incomes in previous months, the total amount of these expenses will be suggested as your monthly income.
2. On the next screen, you'll choose how much your total budget will be, i.e. the total amount you plan to spend during the month (you can also use the "Why do we need to know this" option to better understand). You can also use the percentage bar below the value and feel free to choose the percentage of your incomes you'd like to budget.
3. On the next screen, your categories will appear and you can choose which one you would like to set budgets for.
PS. In case you choose a subcategory, the parent category (category in which it was created) will also be automatically selected.
4. Now, this is the time for you to establish how much you want to spend on each category, remembering that if you select a subcategory, its amount can't be higher than planned for the parent category, ok?
PS. If the sum of the amounts you've entered for each category is less than the total budget, a new budget called "Remaining amount" will be created for each expense you enter that is not of the categories you've chosen previously.
If the sum of the amounts placed as planned is higher than the total budget, after completing the steps, the total budget will be shown + what has been exceeded.
5. On this screen, you can choose to receive an alert about your budgets when they reach a certain percentage. For example, we'll let you know when you've spent $500 if you have selected 50% and your total budget is $1000;
Note: Remember that this percentage will be for all categories/subcategories and, if you want a custom alert for a specific one, just edit it by changing the alert percentage.
Done! Your budget for the month has been successfully created!
PS: If you need to edit one of these budgets, just tap it on your list so you can edit it. To delete it, just tap it and tap the trash bin icon at the top of the next screen.
Creating a custom budget
Still in the budgets screen, at the top of the screen, tap the "Monthly" option, switch to "Custom" and then "Define new budget".
The custom budget mode is faster to create, just fill in the information below on the first screen and save. Here's the list of what you must fill in:
- Value: What will be the budgeted amount;
- Description: Name of your planning (e.g. travel, vacation);
- Categories: It'll be possible to select multiple categories/subcategories in this budget because they together will form a single budget;
- Initial date and Deadline: The period you want in custom planning, no matter when it starts or ends.
Done! Your custom budget has been successfully created!
PS. If you need to edit or delete it, just tap the three dots next to the description and tap edit or delete.
Characteristics of budgets
Tapping the three dots at the top of the budgets screen gives you three settings options. Here's a description of what each of them will do:
- Include Planned: Selecting this option will show the card how many expenses you've already registered for that particular category/subcategory in the month.
- Include Card: By selecting this option, credit card charges will be counted as expenses for the month in which they were created, regardless of the payment date.
- Expand: By default, your budgets list will only show category budgets, but selecting this option will show subcategory budgets as well, which are usually hidden below their parent categories.