The following article gives an overview of categories within the application, if you are looking for guidelines on how to change a category on your transaction, please refer here.
What are Categories and why are they important?
When you are looking at your transactions on Money Dashboard Neon you might notice the term Categories.
Categories = The ‘category’ that you give to a transaction
Categories are the backbone of using Money Dashboard Neon. Simply put, assigning Categories to your transactions is grouping and categorising your spending and income. Rather than seeing all your spend in isolated transactions you can get a sense of what you're actually spending in certain areas.
Keeping on top of your categorisation is a great way to stay in control of your finances and will ensure that all your budgets and reporting stays accurate.
How do categories work?
Currently, there is 1 level of categorisation, but we do plan to release a second level to this in the future. You can make quick changes if you wish the change the category by selecting the transaction you wish to change.
We automatically sort your transactions into 14 categories so you can see at a high level you’re spending trends. Do you overindulge in Ubers within the Transport category or are do you regularly order a Saturday night takeaway in the Food & Drink category? Knowing where you spend your money is the first step to gaining more control.
What categories are there within the application?
The 14 categories we use are:
- Income: for your positive incoming transactions (salary, pension payments, investment returns….)
- Bills: for all your household bills (mortgage payments, utilities, broadband...)
- Savings: for payments to and from all your savings accounts (ISAs, holiday fund, round ups...)
- Food & Drink: for all your eating out, coffees and after work drinks (pubs, restaurants, cafes…)
- Experiences: for all your fun excursions (concerts, cinema, gaming….)
- Giving: for the transactions intended for others (gifts, donations, sponsorship...)
- Groceries: for your food shopping (supermarket, green grocers, butchers...)
- Household: for expenses relating to your household (plumbers, decorating, building work...)
- Holiday: for any transactions associated with travel (hotels, flights, travel insurance...)
- Personal Care: spending for your health and happiness (dentist, spa treatments, gym memberships...)
- Shopping: purchases from your local, high street and online stores (clothing, books, accessories...)
- Transport: how you get from A to B (taxis, public transport, car payments, fuel)
- General: for your miscellaneous transactions that don't fit within another category (cash withdrawals, Paypal, Amazon)
- Transfers: for moving money between your own accounts
You can see the category associated with each transaction by looking at the icon: