Tracking investments

You can efficiently track your investments and savings. Whether you prefer to keep your savings within your budget or outside of it, the app provides flexible options to manage your finances. Below is a detailed guide to help you set up your investment summary and track savings, with examples of how to handle transactions and updates.

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Creating and Managing Accounts

The app offers three main ways to manage your savings and investments:

1. Off-Budget Account

2. Net Worth Assets

3. Normal Savings Account

Below, we will explain each option and provide examples on how to manage these accounts effectively.

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1. Off-Budget Account

An Off-Budget account is used for tracking assets that should not impact your monthly budget. This can include savings accounts, investments, or any other financial accounts you want to monitor without affecting your daily budgeting goals.

Since Off-Budget accounts are not linked to your main budget, you cannot transfer funds directly from your transaction accounts to an Off-Budget account. These accounts are treated as external entities, allowing you to freely adjust the balance without impacting your overall budget. This gives you the flexibility to track assets like investments or external savings without affecting your day-to-day financial planning.

• How to Create an Off-Budget Account:

  1. Navigate to Accounts: Open the app and go to the Accounts section.

  2. Create a New Account: Tap on New Account.

  3. Select Off-Budget: Under Account Type, choose "Off Budget."

  4. Name Your Account: Enter a descriptive name (e.g., "Emergency Fund").

  5. Initial Balance: If applicable, enter the starting balance.

  6. Save: Tap the checkmark to save your account.

This account will not interfere with your active budget, allowing you to keep tabs on these funds without them affecting your day-to-day financial planning.

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2. Net Worth Assets

The Net Worth section is ideal for tracking standalone assets like stocks, bonds, mutual funds, cryptocurrencies, and other investments. These assets are separate from your budget and are used to calculate your overall financial position.

• How to Add Net Worth Assets:

  1. Go to Net Worth: Access the Net Worth section from the main menu.

  2. Add a New Asset: Click the + icon to add a new asset.

  3. Enter Asset Details: Fill in the details such as the asset name (e.g., "Tesla Stock"), value, and the date of acquisition.

  4. Save: Confirm and save your asset.

The app will automatically update your net worth and display changes over time with a graph, helping you monitor your financial progress.

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3. Normal Savings Account

A Normal Savings Account is a standard account that is included within your budget. This type of account is useful for savings goals that directly influence your budgeting plan, such as saving for a vacation, emergency fund, or major purchase.

• How to Create a Normal Savings Account:

  1. Navigate to Accounts: Go to the Accounts section.

  2. Create a New Account: Tap on New Account.

  3. Select Account Type: Choose "Savings" under Account Type.

  4. Name Your Account: Enter a name like "Vacation Savings."

  5. Initial Balance: Enter the starting balance, if any.

  6. Save: Tap the checkmark to save the account.

This account will contribute to your overall budget, helping you allocate funds toward your savings goals while managing daily expenses.

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Examples of Managing Investments and Savings

Example 1: Stock Purchase Using an Off-Budget Account

Suppose you purchase $1,000 worth of stocks from your broker, and you want to keep this transaction outside of your budget:

1. Record the Transaction: Go to Transactions and add a new transaction from your Off-Budget account.

2. Categorize as Investment: Assign it to an appropriate category like "Investments."

3. Update Net Worth: Add this stock as a new asset in the Net Worth section.

Example 2: Updating Mutual Fund Value

You have an off-budget account for mutual funds. After a few months, the value of your mutual fund increases from $5,000 to $6,000:

1. Go to Net Worth: Access the Net Worth section.

2. Select the Mutual Fund: Tap on the mutual fund entry.

3. Update the Value: Change the value to $6,000 and save the update.

Example 3: Regular Contribution to a Normal Savings Account

You deposit $200 monthly into a Normal Savings Account designated for a vacation:

1. Record the Contribution: Go to Transactions and add a deposit transaction to your "Vacation Savings" account.

2. Categorize Appropriately: Assign it to a savings category like "Vacation Fund."

3. Monitor Progress: Keep an eye on your budget to ensure you're meeting your savings goals.

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Conclusion

By understanding and utilizing these three account types in the app, you can effectively manage your savings and investments, whether you want them to impact your budget or keep them separate. The flexibility provided by these options allows you to customize your financial tracking according to your unique goals and preferences.