How to Set Up Family Budgeting on TimelyBills?

Modified on Fri, 31 May at 1:14 PM

Create a family Group using the TimelyBills app 



Note: Starting a group is simple, all you need is an invite code. Once you generate this code and share it with others, anyone who joins using that code becomes part of the newly formed group.  This also makes you, the code creator, the organizer of the group


Setup Family Group

  • Tap the menu in the top left corner of your home screen 
  • Choose ‘Family Group'
  • Here are two ways to get involved with groups :
    1. Start a Group: Generate a unique invite code and share it with others. Once someone joins using the code, the group is created, and you'll be the organizer 
    2. Join a group: If you have an invite code from a family member or another source, enter it to join the group 


Start a Group 

  • Tap the ‘Share code’ button to reveal your unique code generated by the app. 
  • Share the code using any available methods 





Join a Group

  • Just below the Start a Group section you have the option to join an existing group. 
  • Now enter the code you have received from your family member (group organizer). Tap on the ‘Join Button’ 



  • On the next screen, you will be able to see the basic details like owner and all other members. Click ‘Next’. 



  • On the Share Transaction screen, you have two options:
    1. Share Account: Include your account information along with the transaction details. This provides context for the transaction. 
    2. Share Transaction Only: Only share the specific transaction details without revealing your account information.



  • From your existing bills, select the ones you'd like to share with the group. 



  • Before joining, review what you'll share. Once satisfied, click ‘Join’ to become a member instantly. 




Note: Before finalizing your group membership, you can easily review and edit the information you share. Simply tap the back button in the top left corner to make any necessary changes.




Benefits of Family Group


Family Dashboard


Imagine a family dashboard as the central control panel for your family's finances. It's like a digital kitchen table where everything comes together. Here's how it works:


  • All your financial info in one place: Bank accounts, credit cards, bills, investments – everything is pulled together and displayed clearly. 
  • See the big picture: The dashboard gives you a quick overview of your income, expenses, and savings. You can easily see where your money is coming from and going. 
  • Stay informed: This dashboard can even generate alerts for upcoming bills or track spending trends. This helps you stay on top of your finances and avoid surprises.



Family Budget:


Budgeting made simple! With TimelyBills, no more spreadsheets. Engage the whole family in setting spending goals, allocating funds for bills, groceries, and more. Track your progress collectively, effortlessly add expenses tagged as family costs, and maintain transparency on contributions. Manage money as a team!


Key Features:

Your Family Finance Hub at a Glance

  • Family Budget Card : This handy card on your dashboard gives you a quick snapshot of your family's overall budget.
  • Progress Bar : The budget card's progress bar instantly shows how much you've spent vs. the remaining family funds.
  • Top Contributors : The card highlights the two biggest contributors to the family budget, fostering a sense of shared responsibility. 
  • Detailed Budget Breakdown : Dive deeper into your budget on the dedicated budget screen. See how each category (groceries, bills, entertainment, etc.) is doing with its own progress bar. 
  • Individual Contributions by Category : Get even more granular by viewing who contributed what within each budget category. This promotes transparency and helps everyone understand how their spending habits impact the family budget  




Family Cashflow: 


  • Transparency with a Clear View : TimelyBills acts like a transparent window into your flow. Everyone can see the cash flow (income and expenses) clearly, fostering trust and open communication. 
  • Spot Trends and Rapids : TimelyBills doesn't just show a snapshot; it tracks trends over time. This helps you identify areas of high spending and adjust your course accordingly. Maybe subscriptions are quietly draining your resources like a hidden leak – TimelyBills can help you spot them. 
  • Charting the Future Course : With TimelyBills, you can predict the future cash flow based on your income and upcoming bills. This helps you plan for smooth sailing, even in periods of lower income. Considering financial security is all you want to reach – TimelyBills helps you chart the course to get there, considering individual and family cash flow needs.



Family Expenses:


Imagine your family finances are like a big puzzle with many pieces. Tracking expenses individually is like working on separate corners of the puzzle. You might not see the whole picture and could miss important connections. Here's why tracking family finances together with TimelyBills is important. 


  • Complete Picture : TimelyBills acts as a central hub, gathering everyone's expenses in one place. This gives you a complete view of the family's financial puzzle, showing where all the money goes. 
  • Open Communication : Tracking together fosters open communication. TimelyBills becomes a natural conversation starter, allowing everyone to discuss spending habits and work towards shared financial goals. It's like putting the puzzle pieces together collaboratively, creating a sense of teamwork. 
  • Shared Responsibility : Individual tracking can lead to a sense of detachment. With TimelyBills, everyone feels involved and responsible for the family's financial well being. It's like everyone contributing to completing the puzzle, fostering a sense of shared ownership.



Family Accounts:


Keeping track of family finances individually is like juggling blindfolded. You might keep track of your own accounts, but you miss the bigger picture. Here's how tracking everything together with TimelyBills is like having a steady hand:

 

  • Full Visibility : TimelyBills acts as a central hub, connecting all your family's accounts. This gives you a complete view of your finances, including joint accounts, individual accounts, and shared expenses. It's like finally being able to see all the balls you're juggling at once.
  • Stay Up-to-Date : No more scrambling for forgotten receipts or bank statements. TimelyBills automatically tracks transactions across all accounts, keeping everyone informed and on the same page. It's like having someone constantly reminding you which ball is next in the juggling pattern. 
  • Collaboration is Key : TimelyBills fosters teamwork. By seeing all transactions together, you can discuss spending habits openly and make adjustments as a family. It's like everyone working together to keep the juggling act smooth and efficient.

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