Introduction
This page gives you an overview of what budgets are and how it can be useful is and how budgets are structured.
Before setting up your Budgets
How can the Budget feature help?
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
Before setting up your Budgets
To set up and use your budget tool effectively, we would recommend that you have gone through setting up your scheduled payments and categorising your transactions first.
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 leftover 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.