Types
You can set up various account types to organize and track your finances more effectively. Each account type is designed for a specific purpose, offering unique features and controls. Here's a detailed guide to help you decide which account type fits your financial situation.
Checking: This account is used for managing everyday transactions like receiving your salary, paying bills, and making purchases.
Example: Use a checking account to manage your direct deposits, pay utility bills, or buy groceries. It's perfect for handling your day-to-day finances.
Savings: A dedicated space for saving money over time, whether for short-term goals or long-term plans. This account can help you stay focused on building up your savings.
Example: Use a savings account to set aside money for a vacation, a new car, or an emergency fund. You can monitor your progress toward reaching your goals.
Investment: Track accounts that grow your wealth over time, such as retirement funds, stock portfolios, or other investments. This account type helps you stay informed about how your investments are performing without impacting your budget.
Example: Use an investment account to track your stock market investments or your retirement account (e.g., 401(k), IRA). You’ll get a clear picture of your long-term financial growth.
Credit Card: Manage your credit card payments, limits, and spending all in one place. You can set a spending limit, track how much of that limit is being used by upcoming transactions, and monitor your due dates to avoid late payments.
Example: Set a credit limit and keep an eye on how much of your available credit is being used by upcoming purchases. You can also set payment dates and get reminders, ensuring you always stay on top of your payments.
Loan: Use this account to manage any loans you have, such as mortgages, car loans, or student loans. You can set an interest rate, define payment terms, and track how much of your monthly payment goes toward interest, principal, and any fees. This helps you see exactly how your loan is being repaid.
Example: For a mortgage, you can set an interest rate and divide your payment into components like principal, interest, and property taxes, giving you full control over your repayment details.
Cash on Hand: This account is for managing any physical cash you might keep on hand for small purchases or emergencies. It helps you track how much money you have on hand and what it's being used for.
Example: Track the cash you keep in your wallet for daily expenses like coffee, snacks, or small household items.
Off-Budget: Off-budget accounts allow you to track accounts that don’t affect your core budget, such as investments, shares, or any other financial assets that you want to monitor separately. You can manually update the balance of these accounts, but they won’t affect your budget calculations or cash flow projections.
Example: Use an off-budget account to monitor your stock investments or a property you own. These accounts won’t impact your budget, and you can manually update their balances as needed without altering your budget reports.
Each account type is designed to help you keep track of your finances in a way that fits your lifestyle, goals, and needs. Whether you're managing daily expenses, saving for a goal, or monitoring your loans and investments, the app gives you the flexibility to stay in control.
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