How does a budget summary screen work on TimelyBills?

Modified on Fri, 2 Aug at 12:45 PM

The budget summary on TimelyBills is calculated by comparing planned (budgeted) amounts with actual income, expenses, and savings on a month-by-month basis.

Please find the detail below to understand it more:

To Be Budgeted (Planned Income) vs Actual Income:

Planned Income: The amount of money you anticipated or budgeted to receive for a specific month.

Actual Income: The actual amount of money you earned or received during that month.

Purpose: Compare your planned income with your actual income to see if your income estimates were accurate. This helps in adjusting future budgeting decisions and understanding any discrepancies in your financial planning.

Budgeted Expenses vs Actual Expenses:

Budgeted Expenses: The expenses you planned or allocated for the month based on your budget.

Actual Expenses: The real amount of money you spent or incurred during that month.

Purpose: Compare your budgeted expenses with your actual expenses to assess how closely you followed your budget. This comparison highlights areas where you might need to adjust spending habits or budget allocations.

Goals (Planned Savings) vs Actual Savings:

Planned Savings (Goals): The amount of money you aim to save for a specific purpose or goal during the month.

Actual Savings: The actual amount of money you managed to save during that month.

Purpose: Compare your planned savings with your actual savings to track your progress toward financial goals. This helps in evaluating your savings habits and adjusting your goals if necessary.

Remaining to Budget (Planned vs Actual):

Planned Remaining to Budget: The amount of money left after deducting your planned expenses from your planned income for the month.

Actual Remaining to Budget: The actual amount of money left after deducting your actual expenses from your actual income for the month.

Purpose: Compare your planned remaining budget to your actual remaining budget to see if you managed your finances according to your plan. This helps in understanding if you stayed within your budget and managed your money effectively."

These comparisons are essential for tracking your financial health, ensuring your budgeting efforts are effective, and helping you make informed decisions about your finances month by month.