Seeking to improve your experience and bring more convenience in controlling your expenses, we made some improvements to the Budgets functionality. The changes we've made will give you more flexibility in what you plan to budget for your month or for a specific period. We have prepared this article to understand what has changed!
This article will be divided into three parts:
Creating a Monthly Budget
On the left side of the screen, you'll find the option "Budgets" . When accessing this screen, the option "Define new budget" will be displayed. Click that option and let's get started!
Step 1: First, you must enter your total income for the month! (you can tap on the "Why we need to know this" option to understand why we ask this information);
PS: If you have incomes registered in the previous months, the total amount will be suggested as monthly your income.
Step 2: On the next screen you'll choose how much your total goal will be, that is, the total amount you intend to spend during the month (you can also use the option "Why do we need to know this" to better understand). You can also use the percentage bar below the amount and feel free to choose the percentage of your earnings that you plan to budget.
Step 3: On the next screen, you'll be able to choose which categories and subcategories you'd like to set budgets for.
PS: If you choose a subcategory, the parent category (the category in which it was created) will also be selected automatically.
Step 4: Okay, this is the time for you to establish how much you want to spend in each category, remembering that, if you select a subcategory, its value cannot be higher than what you budgeted for the parent category, ok?
PS: If the sum of the amounts you entered for each category was less than the total budget, a new budget called "Remaining category" will be created for each expense you register that are not of the categories chosen by you.
If the sum of the amounts budgeted is greater than the total budget, when completing the steps, the total budget + the one that has been exceeded will be shown.
Step 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 have spent $500 if you selected 50% and your total budget is $1000.
It is worth remembering that this percentage will be for all categories/subcategories and, if you want a personalized 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 quotes, just tap on the pencil icon in your list and you can edit it. To delete it, just touch the trash can next to the pencil icon.
Creating a Custom Budget
Still on the Budgets screen, at the top, click the option "Monthly Budget", switch to "Custom budget" and then "New Budget".
The personalized budget mode is much faster to create, just fill in the information below on the first screen and click "Save". Here is the list of what must be completed:
- Value: What will be the budgeted amount;
- Description: Name of your budget (e.g. travel, vacation);
- Categories: It will be possible to select multiple categories/subcategories in this budget because together they will form a single budget;
- From/ Until: The period you want in personalized 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 click the pencil or the trash bin icon.
You'll find two options at the top of the budget screen. Here's a description of what each of them will do:
- Include planned: Selecting this option, the card will show the forecast of how many expenses you already have registered in that particular category/subcategory in the month.
- Include card: When we make a purchase on a credit card, we're not spending anything that month yet (normally) and therefore these expenses are not counted in your budget for the current month, only in the month in which they'll be paid. When enabling this option, your credit card expenses will be considered as already paid. Rest assured that this is just a preview, it'll not affect your balance. Let's take an example:
When making a purchase of $500.00 in installments on your credit card, you'll see that the current month's budget + the next 4 will already be committed to $100.00;