BUDGET

A budget enables the user to have a definite control over the expenditure. It is the key, the essential ingredient in taking command of one’s money. Setting a budget, and sticking to it long term, can help to cut down a user’s expenses thereby enabling him to create wealth.

The Budgeting tool enables a customer to track the progress of budget as well as create, modify or even delete an existing budget. It enables users to set a limit on various spending categories. Over a period of time user can then observe and analyze the status and progress of expenditures against the budgeted value. Users can further set the periodicity of budget, i.e. whether they want it for current month, a period of months or on recurring basis, while the frequency is set as monthly. This can be created for new customized user defined categories as well. Once created, users can adjust the budget as per the spending pattern, thus ensuring maximum savings.

Pre-requisite:

A user must spend only from the bank account online or through the debit /ATMAutomated Teller Machine terminal allows customers having an ATM or debit card to perform several banking transactions such as cash withdrawal, balance inquiry, funds transfer, and so on. card so that the information is captured under the spend categories. The user needs to create budget against the categories set by bank or else create new categories under the spend module and then set budget against them so that all the transactions are marked categorically and can be viewed against the set budgeted value.

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