Using the Budget Assistant
With the Budget Assistant, you can set up financial targets for your categories.The suggested monthly budgets are automatically calculated and shown on the Budgeting page in the Budget Assistant column.
Creating a Target
To create a target in the Budget Assistant:
Click No target in the row of the category you want to add a target for.
In the mobile app, the Budget Assistant column is not displayed due to the smaller screen size.
Tap the Budget amount of a category to open the Edit Budget panel.
The Budget Assistant is shown under the category group / category name.
To create a target, tap the edit icon next to No target.
In the Budget Assistant dialog, click the Target Type dropdown list and select the type of target:
Regular expense
Regular expenses, also known as recurring expenses, are costs that individuals or households incur on a consistent, often monthly, basis as part of their everyday living. These expenses include items such as rental fees, utilities, groceries, insurance, entertainment and more. Debt payments are also considered regular expenses.
Monthly saving
Monthly savings refer to the amount of money an individual or household sets aside or saves on a monthly basis. This is a deliberate and planned allocation of funds from one's income, intended to be saved for future unexpected expenses or emergencies, such as medical bills, car repairs, or job loss. Pension saving can also be considered a form of monthly saving.
Saving for a large purchase
Saving for a large purchase refers to setting money aside over a period of time with the specific goal of acquiring a significant and often costly item or service. This type of saving is typically done to avoid taking on debt and to ensure that the funds needed for the purchase are available when required. Large purchases can include buying a car, a home, a major appliance, funding a vacation, or even starting a business.
Target Configuration
If you selected Regular expense
Click the Amount needed field and enter the amount.
For How often, select:
- Weekly
- Monthly
- Yearly
- Custom
If you selected Weekly, choose the day (Monday, Tuesday, etc.) in the Every (which day) field.
If you selected Monthly, choose the day (1st, 2nd, 3rd, etc.) in the Every (which day) field. This is optional — you can leave it as Not set.
If you selected Yearly, click the First due on field and select the date.
If you selected Custom, click the First due on field, select the date, then set the Repeat every fields (for example: 2 weeks, 3 months, etc.).
Click Save.
Regardless of the selected frequency, the Budget Assistant always calculates the exact monthly amount required so that the target amount is available when needed.
If you selected Monthly saving
Click the Amount needed field and enter the amount.
Click Save.
The set amount will appear every month.
If you selected Saving for a large purchase
Click the Amount needed field and enter the amount.
Click the By date field and select the date.
Click Save.
The Budget Assistant calculates the exact monthly amount required so that the full amount will be available by the selected date.
What is Displayed in the Budget Assistant Column?
Once a target is set, the Budget Assistant displays the automatically calculated budget amount for the selected month.
For example, suppose you create a target with these parameters:
- Regular expense
- $100
- Monthly
This is a simple target — no complex calculation is required. Every month, $100 is needed.
If the Budget field is $0.00, the Budget Assistant column will display:
If you set the Budget field to $80.00, the Budget Assistant column will display:
If you set the Budget field to $100.00, the Budget Assistant column will display:
The orange warning icon disappears when the target is met.
If you set the Budget field to $130.00, the Budget Assistant column will display:
The goal is to set the Budget amount so that the message “Target met this month” appears in the Budget Assistant column.
Setting the Budget Using the Suggested Amount
For a Single Category
Click the Budget amount of the category.
In the popup panel, click Use Budget Assistant Amount.
Click Save.
For Multiple Categories (Web App Only)
This feature is available only in the web app and is not available in the mobile app.
Select the categories by clicking the checkboxes at the beginning of the rows.
- To select all categories inside a category group, click the checkbox in the category group row.
- To select all categories, click the checkbox in the header before Category.
Click Set Budget Calculated by Budget Assistant in the header next to Add Category Group.