3. Finalize your budget

Once you have imported your statements and made an initial categorization of your operations, you will be given a budget definition which remains somewhat imprecise at this stage.

At this point, you need to continue refining your budget via the activities described below.

La vue budget

1. Adjusting the amounts expected from variable envelopes

Each envelope defines a payment schedule allowing you to predict your expenses for the current month and those to come.

Regarding your newly created fixed charge envelopes, this payment schedule is calculated automatically: the predicted amount for a given month is based on the amounts observed during the preceding months.

By contrast, with regard to variable envelopes, it is up to you to adjust the amount you want to allocate, envelope by envelope. To adjust a predicted amount, all you have to do is click on it under the Budget view.

Editing planned amounts for your budget

2. Defining envelope time-scales

Some envelopes function on time-scales other than the classic monthly basis. Again, you can edit these to select an appropriate time-scale:

  • every two months
  • every three months
  • every six months
  • every year
Editing time scales for your envelopes

Here is a list of the most frequently adjusted envelopes:

  • Loved-ones’ birthdays, repeated... every year.
  • Vehicle checks, repeated approximately every year.
  • Gas and electricity bills, usually repeated every two months.
  • Taxes, if you do not make monthly payments.
  • Some types of insurance, such as home insurance, repeated every year.
  • Christmas presents.
  • Irregular sources of income (13th month, bonuses etc.)

3. Adding "extras" envelopes and missing projects

At the beginning of each month, you create envelopes referring to "extra" expenses that you have predicted: birthdays, outings, significant leisure expenses, furniture etc.

For more complex expenses – travel, building works, weddings – you can create "projects" within which you plan various elementary expenses.

4. Setting up your savings

The main goal of BudgetView is to help you to monitor your expenses so as to strengthen your savings and let you realize the projects close to your heart.

In this regard, we recommend that you follow a key rule of personal finance management: start by saving, before moving on to your ordinary monthly expenses. This method is a lot more effective than just waiting until the end of the month to see what money remains to be saved.

To achieve this, you would ideally set up an automatic transfer from your current accounts to a savings account. This transfer must be made at the start of the month, just after your income has been registered.

Once this payment has been set up with your bank, you can enter it into BudgetView, ensuring that your savings account is correctly assigned, and adjusting the predicted amount for the envelope representing payments from your current accounts to this account in the "Savings" section.

5. Balancing your budget

To help you set up your budget, BudgetView shows you daily changes in the daily balance of your current accounts for the current month and those to come:

Budget monitoring

The key figure on this indicator is the minimum balance in the coming weeks:

  • If this minimum balance is negative, you will need to pay unarranged overdraft fees to your bank. Therefore you need to reduce certain envelopes, typically variable ones such as shopping and leisure. In the worst case scenario, you will need to take the money from your savings.
  • Conversely, if this balance is highly positive, you can allow yourself extra expenses or boast your savings to prepare your projects.

6. Piloting

Once your budget is correctly set up, you can pilot it on a weekly basis by doing the following:

  • Import your latest transactions
  • Categorize any operations that have not been automatically categorized
  • The Budget view will instantly show you any excesses with regard to your predictions. You can then react appropriately and adjust your expenses to avoid overdraft charges and protect your savings.