SPENDING ANALYSIS

The Spend Analysis tool helps the user by providing an insight on the pattern or areas of expenditures. It can then help users to make better and informed spending decisions.

Using this option, users can view and analyze their spending. The spending analysis is displayed in the form of a donut chart on the Trends dashboard.

The system defines categories and sub categories to which transactions are assigned. The categories or sub categories are assigned to the transactions based on rules defined by the system. The user shall be able to re-categorize the assignment of transactions to any categories or sub categories of his choice. The user can also split a transaction he has done into two or more sub transactions.

In addition to the existing default categories and sub categories (created by the bank), users can also create new categories and subcategories. They can create new categories from the My Spends screen as well as by clicking the Manage My Categories link.

While creating a new category, the system verifies that the category being created does not already exist for the customer. In case of sub category creation, the system shall check that a sub category with the same name does not exist under the same parent category. It is however possible to have duplicate sub categories across categories for the same customer. Hence, it shall not be possible to create duplicate categories nor to have duplicate sub categories within a single category for a customer.

Pre-requisite:

User must have used the account to pay directly to the service provider or merchant online or through the use of 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./Debit cards. If the account has been used to withdraw cash and then a transaction is made, it will not get captured in the spend analysis automatically. However user can always come back and edit those transactions and categorize them accordingly.

How to reach here:

Dashboard > My Spends Widget > View Details > My Spends
OR

Dashboard > Toggle Menu > PFM > Spend >View Transactions/ Manage Categories > My Spends

My Spends

To view the spending analysis:

• Click the Category & Sub Category filter, and select the particular category/ sub category to search the record.
  OR
  Click Account filter to search the spend records based on account numbers.
  OR
  Click Period filter to search the spend records based on the period.
  OR
  Click to clear the search filters.
• Click to re-categorize the transaction or and in case relevant category/sub category not available, one can re-categorize by creating new category/sub category.
  OR
  Click to split the transactions.
  OR
  Click Manage My Categories to add or edit the categories.
  OR
  Click the Back to Dashboard link to navigate to the dashboard.
  

My Spends - Re-categorize Transaction

This option allows the business user to re-categorize the transaction into a different category. The user can modify a category/ sub category or add a category/ subcategory.

Changes made to categories and sub categories shall be done at customer level. Once a category or sub category has been updated, the change shall be visible to the user. Category edition is possible for user created categories only.

To re-categorize a transaction:

• In the My Spends screen, click , against the transaction which you want to re-categorize. The Re-categorize Transaction screen appears.

• From the Category and Sub Category list, select the appropriate option.
• Click Save to re-categorize.
  OR
  Click Cancel to cancel the re-categorization process.
  OR
  Click the Want to Add New Category and Sub Category? link, if you want to add a new category and sub-category.

My Spends - Split Transaction

This option allows the user to split a transaction of any expenditure into different categories and sub-categories. If a user incurs an expenditure of a certain amount in a store and later wishes to split it into different categories / sub-categories, he can do so by using this option. A transaction can be split into any number of transactions with their own categories/ sub-categories. The sum of values of all the split categories/ sub-categories transactions should be equal to the main transaction amount. A transaction can be split into categories/ sub-categories only once.

The split icon is no longer displayed against transactions that have been split.

To split a transaction:

• In the My Spends screen, click , against the transaction which you want to split. The Split Transaction screen appears.

• From the Category/ Sub Category list, select the appropriate option.
• In the Amount field, enter the amount for the split categories/subcategories.
• Click Save to save the split category/ sub category.
  OR
  Click Cancel to cancel the process.
  OR
  Click Add to add more category and sub-category for split.
• The success message of splitting the transaction appear on the My Spends screen.
  Click the Back to Dashboard link to navigate to the dashboard.
  OR
  Click Manage My Categories to add or edit the categories.
  

My Spends - Add Category

Using this option, the user can add categories or sub categories under a category and shall be able to re-categorize the system assigned categories in case if he feels the existing categorization is not as per his wish.. The user should have the option to modify the system provided category displayed along with each transaction details and re-categorize the category/sub category if needed.

To add a category:

• In the My Spends screen, click icon displayed against the transaction. The Re-categorize Transaction screen appears.
• Click the Want to Add New Category and Sub Category? link.
  The Add Category screen appears.
  OR
  Click Manage My Categories. The My Spend screen appears.
  Click Add. The Add Category screen appears.

• In the Category Name field, enter the name of the new category.
• In the Sub Category Name field, enter the name of the new sub category.
• Click Save to save the newly created category.
  OR
  Click Cancel to cancel the process.
  OR
  Click the No, I do not want to Add a New Category link, if you do not want to add a new category.
  The Re-categorize Transaction screen appears.
• The success message of re-categorization of the transaction appear on the screen.
  Click the Back to Dashboard link to navigate to the dashboard.
  OR
  Click Manage My Categories to add or edit the categories.

Manage My Categories

All the user defined categories appear in the Manage My Categories screen. This screen enables users to view and manage all the categories and sub categories created by them. The user can also modify the categories and add new categories.

While creating a new category or sub category the system checks that the category being created does not already exist for the user. In case of sub category the system checks that a sub category with the same name does not exist under the same parent category. It is however possible to have duplicate sub categories across categories for the same user.

How to reach here:

Dashboard > My Spends Widget > View Details > My Spends > Manage My Categories
OR

Dashboard > Toggle Menu > PFM > Spend >View Transactions/ Manage Categories > My Spends > Manage My Categories

Manage My Categories - View

Field Description

Field Name	Description
Category	The category as created and assigned by the user for a transaction.
Sub Category	The sub category as created and assigned by the user for a transaction.
Action	Allows you to edit a category and sub category of a transaction.

• Click against the record for which you want to edit a category and subcategory. The Edit Category screen appears.
  OR
  Click Add, if you do not want to add a new category. The Add Category screen appears.
  OR
  Click the Back to Dashboard link to navigate to the dashboard.

Manage My Categories- Edit

Field Description

Field Name	Description
Category Name	The name of the category that is being edited.
Sub Category Name	The name of the sub categories that is being edited.

To edit a category:

• In the Manage My Categories screen, click against the record for which you want to edit a category and sub category.
  The Edit Category screen appears.
  
• Edit the required category and sub category.
  OR
  Click to add more sub categories.
• Click Save to save the changes.
  OR
  Click Cancel to cancel the process.
• The success message of updating a category appears on the screen. Click the Back to Dashboard link to navigate to the dashboard.
  OR
  Click Add to add more categories.

Note: You can delete a sub category by clicking .

Manage My Categories - Add

To add a category:

• In the Manage My Categories screen, Click Add. The Add Category screen appears.
• In the Category Name field, enter the name of the new category.
• In the Sub Category Name field, enter the name of the new sub category.
  OR
  Click to add more sub categories.
• Click Save to save the newly created category.
  OR
  Click Cancel to cancel the process.
• The success message of adding a category appears on the screen. Click the Back to Dashboard link to navigate to the dashboard.
  OR
  Click Add to add more categories.

• Note: You can delete a sub category by clicking .

FAQs

How Do I Budget for One-Time Expense?

You can budget a onetime expense by selecting the option ‘This Month’ from the periodicity field while creating the budget.

How would I know how much I have spent against the set budget?

The bar graph displays the amount consumed against a budget as a percentage value. The amount spend can also be viewed in terms of actual amount value by hovering over the bar graph.

Home