At this point, you need to continue refining your budget via the activities described below.
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.
Some envelopes function on time-scales other than the classic monthly basis. Again, you can edit these to select an appropriate time-scale:
Here is a list of the most frequently adjusted envelopes:
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.
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.
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:
The key figure on this indicator is the minimum balance in the coming weeks:
Once your budget is correctly set up, you can pilot it on a weekly basis by doing the following: