How To Create a Budget

Creating a budget in MoneyCoach gives a category, subcategory, or custom group of expenses a spending limit. As you add transactions, MoneyCoach updates the budget so you can see how much is left for the period.

TL;DR

• Open Budgets.
• Tap the + button.
• Choose the category or budget type.
• Enter the Limit.
• Configure subcategories, rollover, interval, and date options when needed.
• Save the budget.

Video Tutorial

Step-by-step guide

• Open Budgets from the tab bar or sidebar.
• Tap the "+" button.
• If you are in Categories view, choose the category you want to budget for.
• Enter the monthly Limit.
• If the category has subcategories, choose which subcategories should have their own limits.
• Choose whether Rollover should be enabled for that category budget.
• Tap Add.

Classic budgets

MoneyCoach also supports Classic budgets. Open the More menu in Budgets, switch the view to Classic, then tap "+". In the New Budget screen you can enter:

• The budget name
• An emoji
• The amount
• The budget interval
• The start date
• An end date for one-time budgets
• The categories and subcategories this budget should track

Tap Save when you are done.

How budgets update

Budgets track expense categories. When you add an expense in a category that belongs to a budget, MoneyCoach counts that transaction toward the budget for the selected month.

When to create a budget

Create a budget for spending that you want to actively control, such as groceries, eating out, shopping, subscriptions, or entertainment.

Good first budgets:

• Groceries
• Restaurants
• Transport
• Subscriptions
• Personal spending
• Shopping

Start with a few important budgets instead of budgeting every category at once. It is easier to adjust a small set of useful limits than to maintain too many budgets from day one.

Common mistakes

• Creating budgets for categories you rarely use.
• Setting limits that are too strict before you know your real spending.
• Forgetting that budgets depend on transaction categories.
• Using a budget when a Smart Goal would be better for saving toward a target.

Additional information

Category Budgets and advanced budget actions are Premium features. Classic budgets are still available, but free users can only create budgets up to their free budget limit.

If you are saving for a specific purchase, use How To Create a Smart Goal. If you want an example that combines both features, see How To Buy A PS5 Using Budgets & Smart Goals.