One of the main purposes of using a personal finance manager is budgeting and planning. When you plan your spendings, you allocate certain amount of money for each purpose like Food, Bills, Car, Kids, etc. You should be very careful to make your budgets doable and at the same time your salary should cover all of them.
MoneyWiz makes it really easy to manage your budgets. In this guide we will cover:
- Add budget
- Edit budget
- Delete budget
- Reorder budgets
- Budget Indicators
- Budget Transfers
If you have already set up at least one account, you should be able to access the Budgets section in the left panel just below the Accounts section. Click on it and you will see all your budgets if you have any. Please note that if you have many budgets the list will become scrollable. Budgets in MoneyWiz are highly customizable and yet very easy to set up.
The screenshots in this guide are made from an iPad device. Whenever there are differences between the platforms/devices where MoneyWiz is available, these will be described. Please, do not hesitate to contact us in case you have any questions.
Adding a budget
Select New Budget option
To create any type of budget you need to click the New Budget button. You can do this in one of the following ways.
- Go to Settings > Accounts & Budgets > Budgets, then select New Budget (available on iOS & Android)
- Tap on the 3-dotted button on the top right corner in the list of budgets, then select New Budget (available on iPhone & Android)
- right-click on the Budgets section and select New Budget (available on Mac OS)
- click the plus button in the bottom left corner and select New Budget (available on Mac OS)
- from the menu – File > New > New Budget (available on Mac OS)
- use the ⌘ cmd + ⇧ Shift + B shortcut (available on Mac OS)
Enter budget details
You’ll be asked to configure your budget.
- Name: enter the name of your budget (“Entertainment” for example).
- Amount: enter the maximum amount of money you think you should spend on this budget.
- Currency: you can also select currency. By default the local currency is selected.
- Accounts: select the accounts that this budget should monitor. This means that the budget will include all expenses in any of these accounts. All other expenses are excluded from this specific budget.
- Categories: select one or more categories that this budget will monitor. This means that the budget will include all expenses in any of these categories. All other expenses are excluded from this specific budget.
- Icon: choose a budget icon and the app will use this icon to represent the budget in the list of budgets.
- Start date: this is the date when the budget will start looking for expenses. If you set a date in the past, the budget will get all expenses that appeared in the past starting from that selected date. If you set a date in the future, the budget will be inactive until this date arrives.
- Repeat: if you make expenses covered by this budget on regular basis, you should set Repeat to ON. On the other hand, if you intend to use this budget for something temporarily, for example birthday party or vacation, you may need to set Repeat to OFF.
- Frequency: if Repeat is set to ON, indicate how often the budget should restart. You can choose between days, weeks, months and years and you can enter any value you want. For example if you choose 1 Month, this means that the budget will repeat monthly (set this way by default); if you choose 1 week, the budget will repeat weekly; and if you choose 3 months, the budget will repeat quarterly.
- Rollover: this is a special feature in MoneyWiz that helps keeping you motivated to fit in the budget. If you overspend a budget with enabled rollover, your allowance for the next month will be less. If you underspend, your allowance for the next month will be more.
- Carried balance: if you already used a service which provides rollover, you are likely to have a balance that you need to transfer into MoneyWiz.
- End date: if you set the Repeat to OFF, then you need to select when this budget ends. The budget will only monitor expenses made during the period between the start date and end date.
Completing the budget creation
Click the tick mark button of the top right to complete the budget creation (iOS & Android). Note that this would be the "Create" button on the bottom right for Mac OS.
In MoneyWiz you do not need to enter the transactions separately in your accounts and then again in your budgets. The budgets are smart enough to automatically monitor the transactions from the accounts and categories that you entered manually or imported, or downloaded from your online accounts.
In the list of budgets, each budget is presented with the following features
- Icon: the icon that you selected is colored in blue
- Name: the budget name that you entered when setting it up
- Balance: the budget balance at the beginning of the current budget period
- Progress bar: a progress bar that indicates how your budget is progressing for the current period
- Used amount: the progress bar provides you with a quick overview, but if you need to know the exact used amount, just check the small number in the right part of the progress bar
- Time progress indicator: a subtle vertical line indicates what part of the budget period has passed and what remains
To edit a budget, you can:
- Go to Settings > Accounts & Budgets > Budgets, then select the budget that needs changing (available on iOS & Android)
- Tap on the 3-dotted button on the top right corner in the list of budgets, select Edit list, then select the budget that needs changing (available on iPhone & Android)
- right-click on the budget that needs changing and select Edit (available on Mac OS)
- double-click on the budget that needs changing (available on Mac OS)
Note that when editing a budget, you will be able to change everything about this budget. Once you press Save button (top right corner on iPhone and iPad, bottom right on Mac), the budget will recalculate to include or exclude any transactions that it has to.
To delete a budget, you can:
- Go to Settings > Accounts & Budgets > Budgets, then tap on the red circular button on the left side of the budget that needs deleting (available on iOS & Android)
- Tap on the 3-dotted button on the top right corner in the list of accounts, select Edit list, then tap on the red circular button on the left side of the budget that needs deleting (available on iPhone & Android)
- right-click on the budget that needs deleting and select Delete (available on Mac OS)
An important note is that when you delete a budget the balances of your other budgets may be affected - that happens only if the budget you are deleting includes budget transfers to and from other budgets. These budget transfers will be deleted.
Unlike with accounts, deleting a budget doesn't delete the transactions in it. You can safely delete budgets and create new ones if you need to. You can create an unlimited number of budgets.
If you need to change the order of your budgets you can do this if you:
- Go to Settings > Accounts & Budgets > Budgets, then tap on any 3-lined button on the right side of each budget and move it anywhere you need (available on iOS & Android)
- Tap on the 3-dotted button on the top right corner in the list of budgets, select Edit list,then tap on any 3-lined button on the right side of each budget and move it anywhere you need (available on iPhone & Android)
- Simply drag and drop the budget to the position where it is supposed to be (available on Mac OS). To do that:
- Position the cursor on the budget name.
- Click and hold for less than a second.
- While still holding the mouse button, move the cursor to a position above the first account.
- Release the mouse button to drop the account there.
Each budget has indicators, which you can see on the bottom of the application window when you select the budget. You can choose what you want to see in these indicators from the following options:
- Remaining: it shows you the amount of money that you allowed yourself to spend in this area.
- Used: it shows you the amount of money that you have already spent in this area.
- Days left: it shows you in how many days the budget will restart.
- Daily Allowance: it shows you how much you should spend on an average day if you don’t want to overspend.
Please, note that on iPhone & Android there is space for only one indicator.
Additionally, you can tap/click on the green/red flags to select whether the budget balance should be calculated including or excluding pending transactions.
MoneyWiz has the ability to show you quickly your Total budgeted amount as well as Total used and Total remaining.
The feature is conveniently located and for each platform it has a different place.
- iPhone: when you are in the Budgets section, you will see it at the bottom of the list
- iPad: in the list of Budgets above the first budget - just pull the list down and you will see it
- Mac: you will notice a small arrow pointing up at the bottom of the left side menu; click this arrow to see more about your finances, including your Net Worth.
This is a special feature in MoneyWiz that helps keeping you motivated to fit in the budget. If you overspend a budget with enabled rollover, your allowance for the next month will be less. If you underspend, your allowance for the next month will be more.
For clarification, here is a good example - imagine you have a monthly budget which starts on January 1, with amount $100 and enabled rollover. In January you spent $80 and in February you spent $150. This means that in March you will have $70 to spend. Here is why:
January start balance = 100
January end balance = 100 - 80 = +20
This is added to your February balance, so
February start balance = 100 + 20 = 120
February end balance = 120 - 150 = -30
This is added to your March balance, so
March start balance = 100 - 30 = 70
If you are using your budgets for financial planning, most likely you have already set the budget balances in such a way that you neither overspent often, nor get into debts. However, every now and then something unexpected comes up and no matter how good your plan was, the budget that is supposed to cover the expense is just not sufficient. Budget transfers come handy in this situation.
To initiate a budget transfer transaction you can:
- iOS & Android: in the list of transactions for a budget, tap the 3-dotted button on the top right corner, then select Budget Transfer
- Mac: right-click on the budget, then select Budget Transfer
A budget transfer increases the used amount of the From budget and therefore decreases its remaining amount. It also increases the remaining amount of the To budget.