How to Create a Budget in MoneyCoach

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.

Planning a budget for your household? Read how to create a family budget first, then come back here to set it up in the app.

TL;DR

• Open Budgets.
• Tap the + button.
• Select the category.
• Enter the Limit.
• Set Rollover and Subcategories when needed.
• Tap Done.

Video Tutorial

Step-by-step guide

• Open Budgets from the tab bar or sidebar, or tap the Budgets card on Overview.
• Tap the "+" button.
• If you are in Categories view, select the category you want to budget for on Select Category.
• On Set Monthly Limit, enter the Limit.
• If the category has subcategories, choose in Subcategories which subcategories should have their own limits.
• Choose whether Rollover should be enabled for that category budget.
• Tap Done.

Classic budgets

MoneyCoach also supports Classic budgets. In Budgets, tap the ellipsis (...) menu. Under View, select Classic, then tap "+". On the New Budget screen you can enter:

• The Name
• An Emoji
• The Amount
• The Budget Interval
• The From date, when the budget starts
• The Until date, for a budget with the interval Once
• In Budget For, the categories and subcategories that this budget tracks

Tap Done (the checkmark button) when you are done.

←→

A classic budget can start on any day. To learn how, read how to start a budget on any day in MoneyCoach.

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.

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.