HELP - My Budgets
- What is personal budget planning?
- How can I create a new Budget?
- How can I edit my Budgets?
- How can I delete a Budget?
- How does the Automatic Budget Generation feature work?
- How can I track my Budgets?
What is personal budget planning?
Budgeting is a vital concept for managing your personal finances and planning ahead for your future. Each family needs to put together their own personal budget plans in order to get a solid grasp on their earnings and expenses and meet their savings goals. Designing a realistic and accurate budget will help you get your finances back on track and avoid running short of money when you most need it. Well-laid budget planning strategies will lead to rational money spending and eventually to your personal financial independence.
InEx Finance online software has developed advanced interactive family budgeting tools designed to give you guidance on how to create, use and adjust a personal budget. Learn how to define your monthly budgets, wisely distribute expected revenues and expenses, identify any problem areas and improve your overall financial situation.
How can I create a new Budget?
To set a new Budget means to outline a plan of projected revenues and expenses. Only if you meticulously document how much money comes in and goes out you will be able to stick to your budget and reach your savings goals. Here are the basic steps to create a new personal Budget:
- Go to the top menu and select Other->Budgets->Add Budget in the upper left-hand corner of the Budgets page.
- Select the Year and Month you are planning your Budget for from the corresponding lists.
- Indicate the Category whose income and expenses you want your Budget to cover (only non-budgeted Categories for selected Year/Month are listed).
- Enter some notes in the Comment box. This field is optional.
- If you want your Expense balance to be rolled over from one month to the next, then select “Yes” in the Rollover field. The Expense balance will be rolled over only for Categories with Automatic Budget Generation feature enabled.
- If you want to be notified when you go over your Budget, then select “Yes” for “Expense limit exceeded notification”. You will be alerted through a pop-up message whenever you add a Transaction in the budgeted Category that exceeds your expense limit.
- Click on “+” button below Amount per Month and enter the Income/Expense amount and corresponding Currency. If the selected Category already has a predefined “Budget template per Month”, you may edit the Income/Expense amount and corresponding Currency.
- If your Budget covers revenues and expenses in different Currencies, click on "+" button to add new entries for Income and Expense amounts.
- When you are finished, click on Create button.
How can I edit my Budgets?
A personal budget is only as efficient as the accuracy of the budget data you submit; an outdated budget that does not reflect your actual income or expenses is of little use for your current budget planning purposes. Access Budgets page and click on Edit icon or Income/Expense amount corresponding to the Budget entry you want updated. Apply your changes on the Edit Budget page. When you are finished, hit Update button.
How can I delete a Budget?
If you no longer want to track the revenues and expenses within a certain Category, you may remove it from your Budget plans. Usually this happens when you have random income/expense Transactions that occur on a non-periodic basis. To delete a Budget, just access the Budgets page and click on Delete icon next to the Budget entry you want removed.
How does the Automatic Budget Generation feature work?
If you can draw up a monthly schedule for expected income and expenses within a certain Category, then you can lay out your Budget plans for a longer period ahead. Rather than manually creating your Budgets each month, you may use our Automatic Budget Generation feature that will create your Budgets for you. To enable this feature, just access the Categories page and click on the Category you want to enable the Automatic Budget Generation feature for. While on the Edit Category page, select “Category Budget” in the “Automatic budget generation” field, enter (or review) the Budget template per Month data and finally hit Update button to save your changes. Please note that the system will automatically generate a new Budget for the selected Category on the first day of each month based on the then current Budget template per Month data.
You should follow the same steps if you want to deactivate the Automatic Budget Generation feature. While on the Edit Category page, select "None" in the “Automatic budget generation” field and click on Update button to save your changes.
How can I track my Budgets?
Each personal Budget should be regarded as a well-defined purpose that is to be achieved within a certain period of time. It is useless to set Budgets if you don't track your progress regularly. With our online budget tracking tools you will quickly determine whether you stick to your Budgets or overspend. You should be prompt in readjusting your Budget whenever you see that it no longer reflects your current state of affairs. You can use any of the following methods to track your Budgets progress:
- Budgets Report (in Table Reports) – you can browse through your Budgets by different years or months and view the results in various Currencies.
- Budget by Category (in Table Reports) – take a look at your monthly Budgets by Categories in different Currencies and see how closely you've adhered to your budgetary plans by studying the Budget fulfillment ratios.
- Budget Transactions (in Table Reports) – monitor your spending habits within a budgeted Category; look at your Transactions history to understand whether you are wisely spending/saving your money.
- Budgets (in Charts) - you can select any budgeted Category and take a look at the chart illustrating your actual versus planned amount (income or expense) over the past six months. This report gives you a great visual idea of how closely you've managed to stick to your monthly budget plans and pinpoints the categories that need to be readjusted.
- Overview (from the top menu) – this page is intended to give you a snapshot of your Budgets divided into income and expense operations. Compare the budgeted figures with your actual spending/saving and see how close you are to your Budget limits.