How to set your Budget with SortMe

Budgeting is a core component of controlling your money. With SortMe, you can easily create and manage your budget, helping you take control of your finances and plan for the future. In this step-by-step guide, we'll walk you through the process of creating your budget.

Step 1: Assess Your Financial Situation

Start by reviewing your Spend Overview. This tab summarizes your income, expenses, and any deficit. You can choose how far back you want to see your spending (as far as pulling in your transactions from all time).

Step 2: Toggle your Essential categories

Once you've reviewed and determined your spending, go to your Budget tab and toggle any you deem as Essential. This feature helps you focus your budgeting efforts by ensuring your essential costs are fully covered first before allocating money to non-essential categories. Click on the category you want and toggle on what category you want to include in your budget.

Reminder: If you don’t toggle a category as Essential, it will NOT be included in your budget total. Make sure you turn on the important ones.

Step 3: Set your Budget for each Essential category

Set how much you want to spend for each category you have toggled as Essential. You can adjust these to better align with your current financial goals or upcoming changes in your spending habits. Setting clear targets per category helps you control your spending and prioritize savings.

Step 4: Track your Budget Automatically

Once your budget for each category is set, SortMe automatically tracks your transactions for the Essential categories, compares them with your set budget, and shows them to you in real time.

You can check and compare your budget versus what you've actually spent based on your spend cycle (Weekly, Fortnightly, or Monthly) by toggling on Budget vs. Actual.

You will receive a progress report of how much you have spent so far on your email based on the frequency you have set, allowing you to adjust your spending proactively before exceeding your budget.

Additionally, the Daily Dough tells you how much money you can spend today on non-essentials. It's the amount you have left over after you've covered your important bills and savings goals.

Step 5: Review and Adjust Regularly

Review your budget regularly to how your financial situations and priorities change. Use SortMe’s insights to analyze your spending patterns, identify areas for improvement, and update your spending accordingly.