Monthly budget can be set up in order to achieve long-term goals. Verify the feasibility of your financial plans by checking expenses and income status in this page and follow your monthly budget, and you will eventually achieve your goals!
Long-term Goal & Budget Planning
You can plan your budget to achieve your long-term financial goal by set time according to your income and expenses status in Whooing. For instance, let's say you have average monthly income of $1,500 and expenses of $1,000 and you want to save up $12,000 in the next two years. This is what we mean by long-term goal. You can lower your average expenses by creating a sound budget plan and manage your income in the same way.
Click the 'Establish Long-term Goal & Budget' button in either of Income Budget or Expenses Budget pages and you will see a pop-up window. You can set up your goal as far as 10 years from now. Your average income and expenses are automatically calculated so you can roughly predict your future. After setting a realistic future goal, click Next to continue to distribute the yearly budget into each month.
Allocating Budget to Accounts
Monthly budget must be set up in accordance with the long-term goal in order to allocate monthly budget to each Account. This will be applied to present and future months and past budget will not be affected.
Click 'Budget(Modify)' to open the Account budget allocation window. You can choose one of the options from the list on the left to automatically set up budget allocation based on past references, or just manually type in the budget amount for each Account. Ideally, the sum of Account budget amounts should not exceed the monthly budget configured by long-term goal setup, but increasing or decreasing the budget to a maximum of 7 times(lucky number!) per month is allowed. However, we recommend you stick to the original budget so that you can achieve your goal.
Change of DisplayBy default, the budget graph shows the rate of the used amount out of the budget, but it can be changed according to your preference of displaying the budget, the used amount and the remaining amount. This option can be configured in the Budget section of the Settings page.
* On mobile, used amount rate display is always used due to limited screen width.
Transfer of related contentA breakdown shown on the screen includes links based on the relevant letter. If you click the item ‘’Snack’, it will refer the breakdown of ‘Snack’ for a certain period. Click the ‘Back’ button, if you wish to go back to the previous page.
Graph toolsThere are graph tools that you can use to outline the relevant figures on the right upper side of the page.
- Pop-up: To open a new window for a graph that you are looking at. It would be used to analyze related graphs on several pages.
- Printing: Open a new window to print the only related data. It could be used to see the data in a simple graph.
- Excel storage: You can download data in Excel. Data in Excel is arranged mainly in rows which is suitable for using in filter or pivot table.