Getting started with BudgetPad is easy.
First, you need to start thinking about all the different areas of spend in your life to create your categories. Most of us will include the typical things like rent or car insurance, but the fun part is coming up with categories that reflect you and your unique lifestyle.
For example, if you’re an avid painter, you would probably include an expense category for art supplies. These expense categories can be set as fixed or discretionary. This lets you track and separate bills you know you will pay every so often (like electricity or phone payment) from ones that are flexible (like food, hobbies, or exercise classes).
Having a strong insight into these two different types of expenses will help you better analyze and allocate your budget. A very high percentage of fixed expenses might mean less savings and less flexibility in the case of an emergency. The good news is, your discretionary categories can always be improved. That’s what BudgetPad is for!
Once you get to know your spending habits, you can set new budget goals and watch that money free right up. We all have our own unique values and priorities, but here are some of the more common fixed and discretionary expenses, to help you get a better idea.
Next, you can set up income categories like salary or allowance to start tracking all of the money that’s coming in to your accounts.
Submitted transactions can be seen on the dashboard allocating to their categories and you can see what percent of your budget you have spent. As you add more transactions you'll develop more insight into your spending habits and the cost of your lifestyle.
Finding just 5 minutes at the end of the day to enter your expenses and reflect on your spending decisions can be a big motivator to stay within your budget and crimp down on areas of frivolous spend. People are surprised when they see that they are spending hundreds of dollars in one area when they didn't even realize it and set about to spend their money much more mindfully.
BudgetPad allows you to quickly build a budget and put yourself onto a path where you're conscious of today's spend and how that fits in with your long-term goals. Once you organize your expenses and income in a way that makes sense to you, you’ll finally be able to see exactly where all that hard-earned money is going!