"Oh no, I have overspent again! What about my budget? Well, I broke it…"
Is that what you said to yourself last month? We understand, creating a budget is so simple but managing it is not that easy. That’s why we made a new improvement: Budgets Forecast!
Wanna know how it works and how it will help you? Let’s get started!
1. What could go wrong with our budgets?
A budget is a plan to spend money over a specified period. For example, you may want to spend only $300 for Food this month because you want to save more to buy a new
phone.
However, it is so easy to go beyond the amount of $300 for Food. Why? Last night, you overspent by having a fancy dinner and today you have trouble deciding how much you should spend in order not to break the budget. And for the rest of the month, what should you do?
Good news, the problem is solved! With our new feature Budgets Forecast, you are now stress-free and of course, reaching your budget would be much easier. Let’s see how it works!
2. How Budgets Forecast works
The only step you need to do is to do nothing! Our new feature is shown in your budget details.
Take a look at this example: Your budget for Restaurants this month $150
You can see how much you have spent: $67
And how much you still have: $83
You can also see there are 14 days left
Scroll down, you can see our new update: Budgets Forecast
- Actual daily spending: The average amount of money you have actually spent the last days: $5 per day
- Recommended daily spending: for the rest of the period, this is the average amount of money you should spend each day if you do not want to break your budget: $6 per day
- Projected spending: If you continue to spend the amount of money like the Actual daily spending $5 for the rest of the period, you would spend that amount of Projected spending $134 at the end.
So in case your Projected spending is greater than your budget, you should quickly make adjustments by cutting off unnecessary spending. If you do not want to go beyond your budget, you should spend less than your Actual daily spending and only spend the amount equal or less than Recommended daily spending.
Just spend a little more time to look at Budgets Forecast and take our advice, we are sure you will find it much easier to manage your budget. And of course, we still keep you noticed when you reach 50, 80, 100 percent of your budget.
Note: if you want to know how we come up with our new feature, click here
Got any comments on our new feature? Let us know by dropping a comment below!
Read on:
How to create and manage budgets with Money Lover