Introduction
The following article details the step on how to set up a Budget. If you are looking for more information about what the Budget feature can do, please refer here instead.
Setting up a Budget on Mobile app
Setting up a Budget on Web app
Topic Area
Budget
Relevant to users on:
Money Dashboard Neon
Not sure which App you are on?
If you are unsure if you are on Money Dashboard Classic or Money Dashboard Neon? You can find that information here
Setting up a Budget on Mobile app
Option 1 - From Spending Plan
1. On your Home tab click through to your Spending Plan
If you have previously set up your scheduled payments these are automatically tracked against the 'Scheduled payments' budgets
2. Select 'Add category budget' and select one or multiple categories you would like to track in one budget
Based on how you have categorised your transactions, your monthly average spend amount is indicated against each category. It is important to note at this point that a category can only be tracked against a single budget. For example, if you have set up more one budget, the category 'Groceries' can only be tracked against a single budget.
3. Set your budget amount
Money Dashboard Neon automatically populates the budget amount field with the total amount of average spend in the selected categories.
Tap on the budget amount to pull up the keyboard to edit the budget's amount.
There is no maximum or minimum amount you can put in a budget.
4. Customise and name your budget
Money Dashboard Neon automatically populates this field to the category's name if you have selected a single category for tracking. You can choose to edit this by tapping onto the field. Select 'Save budget' to create your budget.
5. Track your spends against your budget(s)
Budgets will track net spend in the selected categories, both positive and negative transactions will be tracked.
As you spend out of your budget, the progress bar decreases and the remaining left over for spending is indicated against the total budget amount.
Option 2 - From Quick action button
1. On the bottom navigation bar, tap onto the + icon for your quick navigation options
Select 'Add budget' from the bar and follow Steps 2 - 5 of Option 1
Setting up a Budget on Web app
1. On your Home tab select 'Add category budget' that is located on the left hand side below your Spending Plan graph
If you have previously set up your scheduled payments these are automatically tracked against the 'Scheduled payments' budgets
2. Select the categories you wish to track your budget against followed by 'Next'
Money Dashboard Neon automatically populates the budget amount field with the total amount of average spend in the selected categories. You can then amend the budget's total amount accordingly.
3. Input your Budget details
- Name of the budget
- Budget target (There is no maximum or minimum amount you can set as your budget target)
4. Select 'Save budget'