A budget is a spending plan for a certain length of time based on income and expenses. Budgets help you track your spending, and make informed decisions about your finances.
Here are 5 simple steps to create a budget.
Step 1: Log In to your MYRA App.
Step 2: Go to Plan >> Budget, and click on (+) Add Budget.
Step 3: Select a budget category (e.g. Shops).
Step 4: Review your last 12 months of spend history for that category, and then define a future budget amount. Rename your budget category, if needed. Then, SAVE.
Note: By default, MYRA will pre-populate your budget amount as the average monthly spend for that category for the past 12 months.
Note: Red lines on the chart indicate your spend for that month was greater than your budget amount. Green lines on the chart indicate your spend for that month was less than your budget amount.
Step 5: Track all your budgets on the Budget dashboard.
Note: If you’re over budget category, don’t stress, just adjust. Be flexible and address overspending as it happens. Circumstances change and plans change with them. Your budget is no different. If you’re over budget in one category consistently each month, free up money from another category and move along. Move on with your life—no guilt!
Congratulations! You're one step closer to taking control of your finances!