This page gives you an overview of what budgets are and how it can be useful is and how budgets are structured.
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
Before setting up your Budgets
What is a budget?
Budgeting is the tool that allows you to track your spending against a set budget based on how you have categorised your spends.
How can the Budget feature help?
By creating a/multiple budget(s), you can easily track how much you have left to spend for each/multiple categories you choose to keep track of.
For example, on a monthly basis you would like to keep spends on 'Groceries' within £200, and 'Shopping' within £100. You can set a budget for each. Each time a transaction is categorised with 'Groceries' / 'Shopping' comes through, it will be automatically captured on your budgets and you can quickly see how much you have left for the month.
The budget tool essentially lets you conveniently keep an eye on whether you are overspending for the period you are budgeting. With more awareness, you will gain a better control over your finances.