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Creating and Managing Budgets

Take control of your spending with smart budgets

Budgets in Prism Wallet help you track spending, reach financial goals, and build better money habits. Here's how to make the most of our budgeting features.

Creating Your First Budget

Quick Setup

  1. Tap the Budgets tab at the bottom of the screen
  2. Tap the + button or Create Budget
  3. Select a category (e.g., Groceries, Entertainment)
  4. Set your budget amount
  5. Choose the time period (Weekly, Monthly, or Yearly)
  6. Tap Save

Smart Budget Suggestions

Prism Wallet can suggest budget amounts based on:

  • Your historical spending in that category
  • Similar users' spending patterns
  • Your income and financial goals

To use suggestions:

  1. When creating a budget, tap Get Suggestion
  2. Review the recommended amount
  3. Adjust if needed
  4. Save your budget

Understanding Budget Types

Monthly Budgets

  • Most common budget type
  • Resets on the 1st of each month
  • Best for regular expenses like groceries, gas, dining

Weekly Budgets

  • Resets every Monday
  • Great for variable spending
  • Helps maintain consistent habits

Yearly Budgets

  • For annual expenses
  • Useful for categories like travel, insurance, gifts
  • Tracks progress throughout the year

Managing Your Budgets

Viewing Budget Status

The Budgets screen shows:

  • Progress Bar: Visual representation of spending
  • Amount Spent: Current spending vs. budget limit
  • Days Remaining: Time left in the budget period
  • Status Indicator:
    • 🟢 Green: On track (under 80%)
    • 🟡 Yellow: Caution (80-100%)
    • 🔴 Red: Over budget (100%+)

Editing Budgets

  1. Tap on any budget to view details
  2. Tap Edit in the top right
  3. Adjust the amount or period
  4. Save changes

Pausing or Deleting Budgets

  • Pause: Temporarily disable without losing history
  • Delete: Remove budget and its history

Budget Alerts and Notifications

Setting Up Alerts

  1. Go to Settings → Notifications
  2. Enable Budget Alerts
  3. Choose when to be notified:
    • At 50% spent
    • At 80% spent
    • When over budget

Alert Types

  • Push Notifications: Real-time mobile alerts
  • In-App Alerts: Dashboard notifications
  • Weekly Summary: Email recap of budget performance

Advanced Budget Features

Rollover Budgets (Premium)

Unused budget amounts can roll over to the next period:

  1. Edit your budget
  2. Toggle Enable Rollover
  3. Set maximum rollover amount

Shared Budgets (Coming Soon)

  • Share budgets with family members
  • Track household spending together
  • Collaborative financial planning

Budget Goals

Link budgets to financial goals:

  1. Create a savings goal
  2. Connect relevant budgets
  3. Track how spending impacts your goals

Budget Categories

Default Categories

  • 🍔 Food & Dining
  • 🏠 Housing
  • 🚗 Transportation
  • 🛍️ Shopping
  • 💰 Bills & Utilities
  • 🎮 Entertainment
  • 💊 Healthcare
  • 📚 Education

Custom Categories (Premium)

  1. Go to Settings → Categories
  2. Tap Add Custom Category
  3. Choose name, icon, and color
  4. Use in your budgets

Budget Best Practices

Start Small

  • Begin with 3-5 essential budgets
  • Add more as you get comfortable
  • Focus on your biggest spending areas

Be Realistic

  • Use your actual spending history
  • Allow some flexibility
  • Adjust as needed

Review Regularly

  • Check budgets weekly
  • Adjust for life changes
  • Celebrate staying on track!

Use the 50/30/20 Rule

  • 50% for needs (housing, utilities)
  • 30% for wants (entertainment, dining)
  • 20% for savings and debt

Troubleshooting

Transactions in Wrong Budget

  1. Go to Transactions
  2. Tap the miscategorized transaction
  3. Change the category
  4. It will update in your budgets

Budget Not Tracking

  • Ensure you have active accounts connected
  • Check that categories are properly assigned
  • Verify the budget period is current

Over Budget Frequently

  • Review your budget amount
  • Check for forgotten recurring charges
  • Consider breaking into subcategories

Budget Analytics

View detailed insights:

  • Spending Trends: See patterns over time
  • Category Breakdown: Understand where money goes
  • Comparison View: Current vs. previous periods
  • Forecast: Projected end-of-period spending

Tips for Success

  1. Review Weekly: Make it a habit to check budgets
  2. Adjust Quickly: Don't wait to update unrealistic budgets
  3. Celebrate Wins: Reward yourself for staying on track
  4. Learn from Overages: Understand why you went over
  5. Plan Ahead: Set budgets before the period starts

Need help optimizing your budgets? Our AI insights can provide personalized recommendations based on your spending patterns!