How do I set up a budget?

Before setting up your budget, we recommend you review the categories on your transactions and set up your bills.

The budget is automatically set up based on your past 3 months of transactions. The more accurate your categorisation is, the more accurate your automated budgeted amounts will be. You should categorise your uncategoirsed transactions from the Overview dashboard and review your spending reports. Reviewing your spending reports can identify categories with transactions that should be re-categorised.

How do I manually change the category of a transaction?

If you set up your bills, these will automatically be included in your budget categories.

How do I set up my bills?

You can set up your budget on mobile or desktop.

Mobile

The Budget is located on the Manage my Spending dashboard. When you touch the Set up Budget option you will navigate to the Budget Set up screen which shows you a calendar view of your 12 month budget.

The budget calendar screen shows the income and outgoings for the next 12 months based on the average of your past 3 month’s transactions and the bills you have set up.

budgetsetup_calendar

Changing budget amounts

When you touch a month, you will drill down to see your income, outgoings and any surplus or deficit for that month. Your outgoings are split between essentials, lifestyle, and goals and savings.

budgetsetup

You can drill down into your budget groups to see your budgets at the category level. You can manually change your category budgets by touching the budget amount.

If a category has bills set up, then the budgeted amount includes the bill amounts plus any other amount you set for expenses (either manually or an amount based on the average of your past 3 months transaction history).

When you change a budgeted amount you are given the option to apply the change to:

  • Only this month
  • This month onwards
  • All months

budget_makingchanges

You can drill down further on a category to see any bills and the transactions from the last 3 months. You can re-categorise these transactions if you wish.

Changing the categories in your Essentials and Lifestyle groups.

We have allocated transaction categories between Essentials and Lifestyle groups. But you can change categories between these groups if you wish.

In the Budget Setup screen, where you see your calendar view, touch the Settings icon in the top right hand corner.

You will navigate to the Manage Categories screen. If you wish to move a category between Essentials and Lifestyle, simply touch move located next to the category name.

Changes will save as you make them.

budget_managecategories

Reviewing your overall budget

You should keep checking back to your budget calendar view to see how your budget is tracking overall. You may need to consider setting budgets for those big one off expenses like rates, insurance or car registration if they haven’t been set up as bills already.

If there are months where your budget shows a deficit, this is not necessarily a bad thing. As long as you have surpluses in other months to cover the deficits your budget will stay in the green. You can quickly see your overall surplus or deficit by looking at the bottom of your Budget calendar view.

Once you are happy with your budget, touch Done at the bottom of the budget calendar screen. You will navigate to your budget tracking your income and outgoings.

Editing your budget

Lifestyles change and this means your budget needs to change. You can easily do this at any time by touching Edit in the top right of the Budget screen. When you make changes to your budget don’t forget you can use the options to apply your changes to the month you are editing, future months or all months.

Resetting your budget

If you manually change budget category amounts, you may wish to reset them back to the average of your last 3 month’s transactions. When you are in Budget setup mode there is a reset feature for each of the Income, Essentials and Lifestyle category groups. Reset is located at the top right of the screen, and this will revert all category amounts to the average of your past 3 month’s transactions for that particular group. When you reset, you can choose to

  • Change only for this month
  • Change for this month and onwards
  • Change for all months

budget_essentials

If you wish to reset a single category to the average of your past 3 month’s transactions, drill down on the category to the transaction level where the average will be calculated for you. You can then manually change the budget amount.

budget_transactions

Once you are happy with your budget, touch Done at the bottom of the budget calendar screen. You will navigate to your budget tracking your income and outgoings.

 

Desktop

The Budget is located on the Manage my Spending dashboard. When you click on Setup Budget you will navigate to the Budget Setup screen which shows you a budget for the current month, your Monthly Overview and your Yearly Overview.

You can navigate to other months by clicking on the calendar icon or arrows at the top of the screen.

Your current month budget shows income, outgoings and any surplus or deficit for that month. Your outgoings are split between Essentials, Lifestyle, and Goals and Savings.

budget_setup

Changing budget amounts

You can expand Essentials, Lifestyle or Goals and Savings to see the categories that make up each group. You can manually change your category budgets by clicking a budget amount.

If a category has bills set up, then the budgeted amount includes the bill amounts plus any other amount you set for expenses (either manually or an amount based on the average of your past 3 months transaction history).

When you change a budgeted amount you are given the option to apply the change to:

  • Only this month
  • This month onwards
  • All months

budget_makingchangesmodal

You can drill down further on a category to see any bills and the transactions from the last 3 months. You can re-categorise these transactions if you wish.

Changing the categories in your Essentials and Lifestyle groups.

We have allocated transaction categories between Essentials and Lifestyle groups. But you can change categories between these groups if you wish.

In the Budget Setup screen, where you see your calendar view, click the Settings icon in the top right hand corner.

The Manage Categories window will open. If you wish to move a category between Essentials and Lifestyle, simply click on the category and then click the arrow.

Changes will save as you make them.

budget_managecategories

Reviewing your overall budget

You should make sure you review your monthly budgets to see how your budget is tracking overall. You may need to consider setting budgets for those big one off expenses like rates, insurance or car registration if they haven’t been set up as bills already.

If there are months where your budget shows a deficit, this is not necessarily a bad thing. As long as you have surpluses in other months to cover the deficits your budget will stay in the green. You can quickly see your overall surplus or deficit by looking at your Yearly Overview, at the bottom right of your screen.

Once you are happy with your budget, click view tracking, located at the bottom right of your screen under your Yearly Overview. You will navigate to your budget tracking your income and outgoings.

Editing your budget

Lifestyles change and this means your budget needs to change. You can easily do this at any time by clicking Edit Budget at the bottom right of your Budget tracking screen. When you make changes to your budget don’t forget you can use the options to apply your changes to the month you are editing, future months or all months.

Resetting your budget

If you manually change budget category amounts, you may wish to reset them back to the average of your last 3 month’s transactions. When you are in Budget setup mode there is a reset feature for each of the Income, Essentials and Lifestyle category groups. A reset icon is located to the right of each group name, and this will revert all category amounts to the average of your past 3 month’s transactions for that particular group. When you reset, you can choose to

  • Change only for this month
  • Change for this month and onwards
  • Change for all months

budget_setup

If you wish to reset a single category to the average of your past 3 month’s transactions, drill down on the category to the transaction level where the average will be calculated for you. You can then manually change the budget amount.

budget_transactionaverage

Once you are happy with your budget, click view tracking, located at the bottom right of your screen under your Yearly Overview. You will navigate to your budget tracking your income and outgoings.