Budgets help you plan your future spendings and allocate a specific amount of money for each category (Food, Transport, Bills, Kids, etc.). Basically, budgets are your goals, showing the amount of money you can spend for each purpose.
The first rule of budget planning is that your income should equal or, ideally, be higher than your expenses (If you plan to spend more than you earn, you’ll have lots of debts).
Fentury makes it very easy to manage your budgets.
In this section you’ll learn how to:
Create a new budget
Click on New budget button from the 'Budgets' page.
You’ll be asked to set up your budget’s details:
- Choose one of the categories from the list;
- Set the month for the budget;
- Type in your budget's amount;
- Choose the currency that you need;
Is it a one-time budget or monthly budget?
- If ‘Repeat this budget’ box is on - budget will be repeated next month
- You can move the box indiator to the 'off' position, if it’s a one-time budget
For example, I want to create a budget for 'Food and Dining' category (choose the right category from the list) for the current month - May. It’s a repeating budget and I enable ‘Repeat this budget’ switch box. The maximum amount that I should spend on this budget is EUR 2,000 (type in 2,000 and choose EUR as a currency). I’ve set up all the necessary information, so I can press the ‘Save’ button.
To view more detailed information about each category, click on the budget name. Here you can see not only how much money is left for this budget category, but also how much you’ve already spent and how much you’ve budgeted for. Along with this, you'll be able to check this category budget month by month and compare them in case you've budgeted for it in the past.
Edit or delete a budget
If you choose ‘Edit budget’ option, you’ll be able to change the allocated amount for this budget category, change the currency or repeat your budget monthly (by ticking ‘Repeat this budget’ box).
If you want to delete your budget, click on the recycle bin icon and confirm your choice.