Creating and Managing Budgets

Take control of your spending with smart budgets

Budgets help you control spending by setting limits for different categories or merchants. Prism Wallet tracks your spending against these limits in real time.

Creating a Budget

Category Budget

1. Go to the Budgets tab
2. Tap Create Budget or the + button
3. Select a spending category (e.g., Groceries, Entertainment, Dining)
4. Enter the budget amount
5. Choose the frequency (weekly, monthly, or yearly)
6. Save the budget

Merchant Budget

1. Go to the Budgets tab
2. Tap Create Budget
3. Choose Merchant Budget
4. Select the merchant you want to set a limit for
5. Enter the spending limit
6. Choose the frequency
7. Save the budget

AI-Recommended Budgets

During onboarding or when setting up budgets for the first time, you can use AI recommendations:

1. Choose the AI-recommended option
2. Enter your monthly or annual income
3. The app calculates recommended amounts for each category based on financial best practices
4. Review and adjust the suggestions
5. Activate your budgets

Understanding Budget Status

Each budget shows a visual progress bar:

• Green (0-79%): On track
• Yellow (80-99%): Approaching your limit
• Red (100%+): Over budget

The Budgets tab shows all your active budgets with:

• Category or merchant name
• Budget amount
• Amount spent so far
• Remaining amount
• Progress bar

Budget Alerts

You'll receive notifications when:

• You've used 80% of a budget (approaching limit)
• You've reached 100% (exceeded)
• You've hit 150% (significantly exceeded)

These thresholds can be customized in notification settings.

Budget Details

Tap any budget to see:

• Total budget amount
• Current spending
• Remaining amount
• Transactions that count toward this budget
• Reset frequency and next reset date

Editing a Budget

1. Tap the budget you want to edit
2. Tap Edit
3. Change the amount, frequency, or other settings
4. Save your changes

Deleting a Budget

1. Tap the budget you want to remove
2. Tap Delete
3. Confirm the deletion

Budget Reset Schedule

Budgets automatically reset based on their frequency:

• Weekly: Resets every Monday
• Monthly: Resets on the 1st of each month
• Yearly: Resets on January 1st

Tips for Effective Budgeting

• Start with a few key categories and expand as you get comfortable
• Use the AI recommendations as a starting point and adjust based on your actual spending
• Review your budgets monthly and adjust as your habits change
• Set up budget notifications so you're alerted before overspending
• Use merchant budgets for specific stores where you tend to overspend