When you first sign up for Monarch, we will automatically import your most recent transactions and estimate a budget for you! Your first step should be to double-check that information and adapt it to your needs.
Review your recent transactions to make sure they are categorized correctly. Make sure paychecks are categorized as income, make sure your rent or mortgage is categorized as housing, look for your regular grocery stores and the like.
For budgeting purposes, it's easier to start with a shorter list of categories. Look at your categories and disable any that you don't think you'll use. You can always re-enable a disabled category later.
The First Time Budget
There are a few categories that we show by default on the Budget page. These are suggestions based on popular categories but you don't have to keep them. Edit any budget amount by clicking on it.
When you click on the budgeted amount you'll see your historical spend which you can use to decide on the appropriate budget amount for the month (this is why correctly categorizing transactions is important).
Make sure to select "Apply to all future months" if you want to carry any changes into future months.
Then, there are other categories that are collapsed as "Unbudgeted".
Expand to see these categories and set budget amounts for them. You can set a $0 budget for anything that you don't want to budget for right now.
Once you have your budgets for income and expenses, we'll show you the difference in the Savings bar in the summary on the right. Over the month we'll track your progress towards your Savings based on your spending.
You can one-click adjust a category back to your recent average spending by clicking on the planned amount. If you want your changes to apply to future months, make sure to click the "Apply to future months" box.
Congrats on setting up a new budget! This is a major step in getting organized and deciding how to spend and save your money. We want to make this process as quick and painless as possible.
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1. Use the "Apply to all future months" option when a budget amount for a category stays the same every month. This way you don't need to recreate the whole budget every month.
2. Move Money between categories to keep your overall monthly spending on track.
3. Disable any categories you don't need to track so that they don't clutter up your list.