Setting up a Budget in myFinanceTracker

Step 1. How to Set up a Budget

From the myFinanceTracker navigation:

Select “My Goals”

Select “Budget”

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Step 2. View Income

From the “Budget” page you can:

View your monthly income in the ”Income” section

• This information is captured by myFinanceTracker from transactions which you have classified as income, e.g. Paycheque / Salary (this includes direct deposits received from an employer on payday)

• Money transferred into the account by you will not be counted as income

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Step 3. Other Options

From the “Budget” page you can also:

View your monthly spending

View the averages of your monthly income vs. monthly spending

View your monthly spending average divided into the spending categories designated by you

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Step 4. Creating Budgets

From the “Budget” page for each spending category you can:

Create a budget with your Fixed Spending or create a budget with your Variable Spending.

To do either, select “Edit Budget”

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Step 5. Editing Budgets

From the “Edit Budget” page, you can:

View the monthly average (to inform your decision)

Enter an amount you decide to budget for each category

Categories include Daycare, Education, Insurance, etc.

Once complete, select “Track Budgets” to continue

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Step 6. Track Budgets

From the “Track Budgets” page you can:

View the budgets you have set up

View the transactions you have made in each category of your budget

View how the transactions are categorized, for example, which items are classified as personal care

View if you are exceeding your monthly spend on any budget - the amount will be shown in red

Set a spending threshold to be notified about if your spending exceeds your budget amount

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