Auto allocation
Simplifying your Budget Management
Last updated
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Simplifying your Budget Management
Last updated
Was this helpful?
The Auto Allocation feature is designed to make budgeting effortless by automatically distributing your available funds across different categories. This saves you time and helps ensure your financial goals are met consistently. Here's a step-by-step guide on how to use and customize the Auto Allocation feature to best suit your needs.
This feature can make allocation super fast and automatic, turning your budgeting into a breeze! With just a few taps, you can effortlessly manage your finances, giving you more time to focus on what really matters. Let the app do the heavy lifting while you enjoy the peace of mind that comes with knowing your budget is on track.
How to Access Auto Allocation
Navigate to the Budget Screen: From the main dashboard, tap on the "Budget" tab at the bottom of the screen.
Select Auto Allocation: Inside the "Budget Health Check" section, look for the thunder icon (âš¡) next to your budget summary.
The Auto Allocation feature is only available when you have money available for allocation. Make sure there are funds ready to be distributed across your budget categories before attempting to use this feature.
Auto Allocation Options
When you enter the Auto Allocation settings, you'll find several methods to customize how your funds are distributed:
By Priority:
Overview: This option prioritizes covering any overspending first, followed by allocating money to upcoming transactions, and finally distributing funds based on your savings targets, starting with the most urgent ones.
When to Use: Ideal when you have urgent expenses or want to ensure that essential payments are covered before saving for longer-term goals.
By Average Allocation:
Overview: Automatically allocates funds based on the average distribution from the last three months.
When to Use: Great for maintaining consistency in your budget based on your historical spending patterns.
By Average Spending:
Overview: Distributes funds according to your average spending in each category over the past three months.
When to Use: Best if you want to ensure your spending habits are covered adequately.
Last Month Allocation:
Overview: Allocates funds exactly as they were distributed in the previous month.
When to Use: Perfect for when your expenses are stable, and you want to replicate last month's budget.
Last Month Spending:
Overview: Distributes funds based on your spending in each category from the previous month.
When to Use: Suitable if your spending patterns are stable and you want to ensure you're covered for similar expenses.
Additional Customization Options
Beyond the main methods, you have several additional settings to fine-tune your Auto Allocation:
Allow Partial Allocation:
Toggle this on if you want the system to allocate as much as possible, even if it can't fully cover a category's target or overspent category. This is useful if your budget is tight and you still want to make progress in all areas.
Overwrite Allocated Amounts:
When enabled, this option allows Auto Allocation to overwrite any pre-existing allocations, ensuring that the most current method is applied. Be cautious, as this can replace amounts you've manually set.
Ignore Ready to Allocate Amount:
If activated, this setting will allocate money to all priorities regardless of how much is actually available which could otherwise result in overallocating funds.
Reviewing Auto Allocation Results
Once Auto Allocation is complete, you can review the changes:
View Allocation Changes: After the allocation process, a summary will show how funds were distributed across your categories.
Make Adjustments: If necessary, you can manually adjust the allocations if a category needs more or less funding.
Why Use Auto Allocation?
Efficiency: Takes the guesswork out of budgeting by automating routine tasks.
Consistency: Helps maintain a stable financial plan by leveraging your spending habits.
Flexibility: Allows customization to fit your unique financial situation and goals.
The Auto Allocation feature is a powerful tool that simplifies your budgeting process, ensuring you stay on top of your finances with minimal effort. By taking advantage of its customizable options, you can make the most out of your budget without the repetitive manual work.
Some advanced features within the Auto Allocation settings are only accessible with the Pro Plan. Upgrade to unlock these additional customization options and maximize your budgeting efficiency.
