Do you group your spending?
On this week's blog we walk through the merchants and transactions feature and see how you can group all your spending into nice & tidy categories to get more clarity on what might be burning a hole in your pocket.
Do you ever just wonder sometimes how much you actually spend on groceries or how much you spend on those late night missions for desert?
Well you're not alone!
Grouping your transactions yourself using your banking app or bank statements can feel like you're back in that dreaded maths class at school trying to solve the magic equation, that’s why we made the BudgetBuddie merchants feature as simple as 1+1.
How does the merchants feature work?
Rather than having to group every transaction into categories we’ve made it super simple where you can group merchants instead. Once a merchant is grouped then this gets applied to all past and future transactions without you having to do anything, nifty right?
The merchant groups are what you enter as categories in your budget, or they can be automatically grouped using our algorithms. Keep in mind though that if they’re grouped automatically you may not see the spend vs budget widgets work correctly. In order for it to work the budget & merchant groups need to match.
If you ever need to categorise particular transactions into different spending groups, then you can do this in the transactions feature as well.
An example of this might be if you’ve spent $50 at a supermarket for a gift, this would usually get grouped under groceries but you can then change that transaction to be grouped under gifts. That way you can stay on track with your budget and know you’re on the right track.
Want to look into a merchant further? Easy! All you have to do is tap on that merchant's logo and you’ll come to the below screen. This is where you can see your spend history, spend locations and recent transactions.
Toggle between periods to show your spendings per week, fortnight, month or year.
How does the transactions feature work?
Transactions work just like they would on your banking app, but better. Most of the information you see is the same as your banking app but you get to group your transactions, filter & sort along with adding any manual transactions like cash payments.
The transactions feature also gives you a snippet of your account balances that you’ve connected to your account and all related details like account number, available balance, account name and who that account is with. These details can also be found in the add widgets feature, which you can read more about here.
That’s all for this weeks blog, check out our other blogs here.
Have you registered for when we launch?
Register for when we launch to get early access and special deals and easily get more clarity on your finances. Sign up here.
Final words
Thanks for reading, if you have any feedback or questions on what you've seen so far, feel free to get in touch using our contact form or alternatively give us a bell at hello@budgetbuddie.co.nz
Disclaimer
This blog or any other information provided by BudgetBuddie is not financial advice. If you're needing financial advice please get in touch with a licensed financial advisor or professional.
