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Money Dashboard's free accounting software links with your online banks and credit cards, showing you all of your spending in one place, helping you to understand where your money is going.
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Have you ever spent time getting your finances in order, tried to set a budget, then completely lost track of spending again? It’s a common problem, but one that is solved with Money Dashboard’s “Track Spending”.
How it works
Track Spending helps you see how well you’re sticking to your budget. It compares what you plan to spend that month with what you are actually spending. So if you’ve deviated from your course, then you can spot it immediately.
Once you’ve set your budgets Track Spending will automatically start monitoring your transactions to see if you’re sticking to your targets. Because all your bank and credit card transactions are tagged, the Track Spending knows exactly which budget they should be allocated to.
It the start of each month your Track Spending will show you:
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Your predicted income for the month (set by you in Set Budgets)
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Your budget to spend or save (set by you in Set Budgets)
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The amount of budget you still have left to spend.
As the month progresses, your Track Spending will keep an eye on how you are doing. If you overspend in one area, a Red warning deficit will appear immediately on the graph, so you’ll know to try to make savings elsewhere.
If something that you didn’t budget for does catch you unawares, such as two new tyres for your Mini or a new filling at the dentist, Track Spending will show you the impact straight away.
Why do it
The Track Spending bar charts always highlights the areas where you really need to find a way to cut back. This is particularly important if you haven’t managed to save any money over the month, or, worse still, if you’ve spent more than your actual income and are building up a debt.
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