How it Works

Why use Skibbereen Credit Union's Budget Tool?

 

Less Guesswork

With most budgeting tools that are available, the first step in setting it up is "setting your budget". This involves quite a bit of guesswork and is one of the primary reasons that users get frustrated with budgeting tools.

The Skibbereen Credit Union Budget Tool is different; for the first four weeks of using the tool, you track all income and expenditure and only after this has been completed do you set your budget. This budget is based on your ACTUAL spending habits, and not your estimated ones.  This will help to reduce the amount of unexpected expenses and allow you to create a more accurate budget that you can use for future financial planning.

On The Go

 

In order to ensure that your budget is accurate, it is critical that every transaction is recorded. Skibbereen Credit Union's Budget Tool makes that easy by being mobile friendly with easy input of transactions on the go. It takes just seconds to record a transaction like a petrol or diesel purchase straight away so you don't have to remember when you get home. It also allows multiple users on a single account to track expenses from different phones or computers..

 

How It Works

 

1: Hit Track Expenses from the main menu above

2.1: Using the dropdown boxes, select your Expense type, and how often it occurs, then enter the amount and hit Save

2.2: Irregular, once off payments are those that you make that may not occur on regular basis throughout the month, eg petrol. These will not be repeated during your budget month, but will be taken into account for your predicted budget

Repeating payments are those that occur on regular basis, eg phone bill, rent. Selecting this will repeat the payment during the budget month, and the total amount will be used used to calculate your predicted budget

2.3: Repeat Step 2.1 for any other Expense and Income you have

3: After 4 weeks, your personal budget will be created from the data you entered in Step 2

4: Continue to track all your Income and Expenses and use the app to compare your actual spending to your Budget

5: Use the monthly reports generated in the app to keep on top of your finances and make any necessary adjustments

Note: Click on the Info Button for extra tips

 

 

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