![]() To get started, you must define at least one account and choose one of the 5 available types: checking, cash, credit or savings. You will be able to store information about the activity on all your accounts, create budgets that will sum up all the expenses regardless of the used account, schedule transfers and then quickly generate colorful reports. MoneyWiz is an efficient application designed to help you understand what you are doing with you money. Once you understand how much you spend in each category, you can choose a budgeting style (of which there are many) that works for you.Acting responsible when it comes to money is a must if you are aiming for a successful financial future. This also includes money you set aside in other savings vehicles, such as a 401(k) or a 529 plan. And while they may never happen, it’s still smart to plan for them (such as in the case of home repairs or emergency medical expenses). They may happen only once or twice in your lifetime (such as getting married, going to college, or buying a house). Savings expenses may happen occasionally throughout the year, but not regularly (gifts or vacations, for example). Variable expenses are things you have more control over, such as groceries, travel, dining out, shopping, and charitable donations. In general, your budget should be divided into three categories of expenses: fixed, discretionary, and savings.įixed expenses are things you can’t avoid paying, such as rent or a mortgage, utilities, and loans. You can make a budget for a specific time frame (monthly or annual are the most common). Take how much you expect to earn next month and use the expenditure percentages from step three to estimate what you can spend.
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