MoneyBag is the easiest way to manage your day to day finances. With customizable categories, intelligent reports, awesome charts and an amazing design, MoneyBag equips you to budget, track, review, analyze, set goals, save for emergencies, get out of debt, save. This tutorials helps you to get started with MoneyBag in minutes and also serve as a reference if you need help while using the app.
What is MoneyBag?
MoneyBag is nothing but a category to which you assign your transactions. MoneyBags can be of several types which are : Expense, Saving, Income, Goal and Emergency Fund. Categorising the transactions helps you to understand your spending and savings patterns more accurately.
Examples of each type of MoneyBag :
- Expense – Grocery, Utility Bills, Credit Card Payments.
- Saving -Bank Savings, Insurance, Investments.
- Income – Salary, Freelance Income, Rental Income
- Goal – Buying a Mac, Going on a vacation, Building a Home.
- Emergency Fund – 6 months of monthly salary recommended.
How to add a MoneyBag?
- Click on the Add a New MoneyBag button.
- Enter the MoneyBag name and select an icon from the list.
- Choose a MoneyBag Type.
- Enter the expected budget for Expense, expected income for Income or expected savings goal for Savings Type.
- If you selected Goal or Emergency fund enter the goal amount and the months in which you want to achieve that along with an image for the Goal. Research shows that having an image for a goal gets you motivated to save for it. The app will automatically calculate the monthly amount of your goal or emergency fund and save accordingly.
- Once you create, this MoneyBag will be available for categorising the transactions.
How to edit a Transaction?
- Click on the transaction description or amount to edit them instantly.
- Click on the Favourite icon to mark a transaction as Favourite / Important.
- Click on the Category icon of the transaction to show the list of MoneyBags to choose a category.
- Click on any of the other transaction details like date, notes or tags to open up a pop up to edit those details.
How to edit a MoneyBag and use flexible budgeting?
- Click on the MoneyBags link in the bottom menu or click MoneyBags>Configure MoneyBags option from menu.
- Click on the MoneyBag name or icon to change the details.
- Click on the edit button near the budget amount to edit the budget or goal amount.
- Switch on or off to include the MoneyBag in the current month.
- Click the delete icon to delete the MoneyBag. Please note that all transactions in that MoneyBag will also be deleted.
What are the types of Reports that are available?
Budget Analysis : An analysis of the budgeted and actual amounts of each MoneyBag. For expenses it is the actual spending on a category vs the budgeted amount. For Income and Savings it is the actual income or savings made vs the expected goal.
Expense Analysis : A quick distribution analysis of all the expenses by their MoneyBags to help you understand the category wise spending pattern.
Monthly Analysis : A simple and informative graph comparing the Income, Expense and Savings for each month for all the previous months.
Quick Overview Report : Gives a quick overview of all the transactions by their transaction type against their budgeted or expected amounts.
Savings Analysis : A graph showing the percentage of savings in the total income for each month provided for current and all the previous months.
How to set up Cloud Sync?
- Click on the Cloud Sync Set up button.
- Switch on the Cloud Sync option.
- Follow the procedures to enable Cloud Sync
Now Cloud Sync will be available on all your Macs and in your iPhone companion app.