This tutorial shows how to manage finances in a simple, fast and effective way. And how to start using [Simple Home Budget] for the first time.
Start [Simple Home Budget] and set up categories. You are offered to create a set of categories, you can select them all, you can uncheck some of them, you can just skip this step and click 'Close', or you can add selected categories because it is a quick start entering transactions.
The left sidebar shows the calendar to select an active month of data. Transactions will be shown for selected months in the right sidebar.
Also, the left sidebar has the form for adding new transactions. The first thing you need to do is to enter your money and how much money you had on a specific day. For example, let's say, on the 1st of July 2018 you would have three thousand dollars in your cash or bank account. So you would enter a transaction on the end of the previous month (30th of June).
So this way when you start in July 2018 you would have three thousand dollars running total. That's your money for the current day when you start entering transactions. And this area shows actual, expected expenses and running total, how much money you spend, how much money you got. Running Total is calculated from the beginning of your transaction history and shows the amount of money available by the end of the specific month. To have full benefit from this feature, it is required to enter the "initial balance" in the first month (at the beginning of that month) of your transaction history.
Set a Date, Category, Expense or Income, Notes, Amount and click on the 'Add Transaction' button. Let's say you spend $5 on coffee (2nd of July). That's your money taken out, so you have actual in this month: income - zero, expenses - five total, net income - minus five and your total money is two thousand nine hundred ninety-five dollars. If you switch for the previous month, you'll see three thousand dollars here.
Always forget what bills you will get tomorrow or this week? Just take a look at expected income and expenses and see your situation right away! Click on the 'Recurring' Tab, then click on the 'New' button and add a transaction. Add something you spent every day or you get on a regular basis. Let's say you have a salary and you get a paycheck every two weeks. So, let's say you got a paycheck on July, 6. The current transactions do not create actual transactions, they change your 'Running Total'. But when you process the recurring transaction, it generates an actual transaction. Click 'Save and process' to create Bi-Weekly transactions. We can review and change anything here if you need.
Your income, in this example, is $4824. Your 'initial balance' is $3000 in June 2018. And all subsequent transactions from July onwards. And it's the way to get started quickly. Enter as much recurring transactions, happening every month, as possible. It will be a good start for you to use this tool effectively.
Let's say, for example, you have expense transaction 'Auto & Home Insurance' every month ($200) and weekly expense transaction 'Groceries' ($432). Check 'Hold until confirm' if needed. And then click on the 'Save and Process' button.
We see on 'Recurring Tab' appears (1). It means this one is on hold transaction.
It shows that the time has passed since the last transaction and you need to enter another transaction. You need to confirm that because it's on hold.
Let's say, you spent $398 on 7/13/2018 and $436 and 7/21/2018 at Super Store.
Now 'Recurring Tab' doesn't show (1). It shows that it's on hold but the time did not come yet. (Because of today, for example, 7/22/2018 and next shopping will be 7/28/2018).
Now we have your expected expenses for this month is $436 (because groceries will be processed 7/28/2018), expected income is $0 (because your next salary will be in August) and expected net income is $2917 (because actual income $4824 - actual expenses $436 - expected expenses $436 = $2917). Running Total for this month is $6353 (because $3000 (from previous month) - $5 (starbucks) + $4824 (two paychecks) - $200 (auto & home insurance) - $432 (groceries) - $398 (groceries) - $436 (groceries) = $6353.
Let's create a regular transaction, for example, you spent on coffee $15. We see that the 'Recurring' Tab highlights expected amounts (income as green and expenses as yellow). Total expected income and expenses also are shown in the "Totals" section on the sidebar.
[Simple Home Budget] makes the budgeting, easy exercise since it has no budget table or form to fill! Instead, it uses all available information to show what you should expect. Want to see how much you spend on food for this month? Open 'Categories' Tab and click on the 'Food' category and see all your food expenses at a glance! Plus compare it with previous six months right on spot!
Want to see the pie chart for your total financial health? Just take a look at the 'Overview' Tab to see how you performed for the last twelve months. The 'Totals' section shows actual net income, expected net income and running total with color rectangles behind them. Green means "good", yellow means "pay attention", red means "stop your expenses". Actual "temperature" for a specific amount is somewhere between green and red, something like "solid green", or "the green is more yellow now", or "that light orange color is telling me something".