Feature of the Week: Expense Categorisation

It really is important to keep track of how you are spending your money. It is the first step to understanding how you are managing your money, and taking control of your finances. 

It can be a lot of work but with WLTH it is much easier to manage. By having a full understanding of your expenses and where you are spending money, will help you budget and keep on top of your hard earned money.

With WLTH you are able to categorise your expenses in the cashflow section. There are generic fields that you can allocate expenses to and if you would like to manage something specifically and create your own expense group or tag then you can do so in the tools section.

Spending time working through this and categorising your expenses correctly will assist across all aspects of your finances. You will be able to identify problems and with everything tagged correctly, it will also help you when it comes to keeping a budget!

Here is how to categorise your spending with WLTH:

1. In Cashflow, click on expenses and navigate to the transaction you would like to categorise. As part of the automated categorisation process, the categorisation engine uses the name of the transaction to determine the most appropriate default category.

2. To change it, simply click on the category that has been selected and choose your preferred alternative from the drop down list.

1. Selecting a new category will prompt you to choose whether you want to apply this new category in the one instance, or across all matching transactions. To apply the category to a single transaction, click on “Just this transaction”or Save for all current, past and future transactions matching the criteria.

A tip for categorising expenses is to start by viewing the cashflow section in the below settings.

This will allow you to see the categorises you are spending money (Which will show you where you’re spending money and if a major expense has pulled into the wrong area). It will also show you all expenses for the last 30 days. This will allow you to see regular transactions, making it easier to assign rules!

Using WLTH to track and manage your expenses is a great way to get on top of your finances! Next week on the FinTech Five for Friday, we will show you how to take the next step with your expenses and assign Tax Tags, to simplify how you do your tax!