A budget plan is a key to controll your spending behavior. It could reach your financial goals faster. Follow our guidance to create your own budget in Money Lover!
1. What is a Budget planA budget plan is amount of money that you want to spend only over a specified period. It like you just want to spend $500 for Food and Beverage in a month, then you can save more money for a house or something.
Budget feature in Money Lover determine how much you want to spend on each category (Food, Bills, etc.) over a week or month. You will get a notice when spending over 50%, 80% or over spending. It help you adjust your spending behaviour and stick with your plan.
Following a budget will keep you out of debt or help you work your way out of debt if you are currently in debt.
2. How to Create a Budget
On Android and Windows devices, you go to ≡ (left menu), select Budget and choose “+” Button.
On iOS devices, go to Planning on the Tab bar, select Budget, then tap to Add button.
Just remember 3 Steps to create a budget:
Select Category: All Categories or a specific one
Set amount: How much you want to spend
Set time range: This month/ This quarter/This year or Custom range
You can choose “Repeat this budget” to renew automatically.
Tap Save to finish.
Take a look at this video to see how to create a budget
3. How it works
Money Lover budgets let you control your spending on each category. The application will always keep you noticed when you reach 50, 80, 100 percent of your budget or overspend.
4. Common questions
How many budgets that I can create? Basic users are able to create only one budget for each wallet. Premium users can create as many budget as they want such as All categories, Food & Beverage, Shopping, etc.
Could I delete the budget or edit it? Yes, you can edit your budget to make adjustments and delete one.
Do budgets sync across devices and platform? Of course, like your transactions, budgets sync across all your devices you have.
I always overspend every month, what should I do? You should create proper budgets that you can stick with and review your spending frequently to have adjustments.
Do you have any questionson Money Lover's budget features? Let Money Lover knows by giving us a comment below!