SET BUDGET

This function enables the user to set a budget for a particular period with a monthly frequency. User can create a budget for the set category. The option to continue with the same budget on a rolling basis is also available.

Budget can be set for periodicity as: This month, Recurring or Specific Duration. User can also view, modify and delete his created budgets.

You are here How to reach here:

Dashboard > Toggle Menu > PFM > Budgets > My Budgets > Set your Budget > Set Budget
OR
Dashboard > Toggle Menu > Trends > Budgets > More Options > Create Budget > My Budgets > Set your Budget > Set Budget

Set Budget

Field Description

Field Name	Description
Choose a Category	Category of the budget that is to be created. This will list down all the categories maintained by the Bank and categories which are self-created by the logged in user.
Set Budget Amount	The amount which user wish to set as his budget.
Periodicity	The budget period. The values are: This Month Recurring Specific Duration
Frequency	The frequency of the budget.

To set a budget:

From the Choose a Category list, select the appropriate category.
In the Set Budget Amount field, enter the amount for the budget.
From the Periodicity list, select the appropriate budget period.
Click Save. The success message of creating the budget appears on the My Budgets screen.
OR
Click Cancel to cancel the transaction.

View and Modify Budget

The user can view the progress of the budgets set by him and also can modify an existing budget using this maintenance. User is allowed to change the budget amount and also can edit the periodicity set previously

You are here How to reach here:

Dashboard > Toggle Menu > PFM > Budgets > My Budgets

OR
Dashboard > Toggle Menu > Trends > Budgets > More Options > Create Budget/ Manage Budget > My Budgets

Field Description

Field Name	Description
Category	Category under which the budget is created.
Budgeted Amount	The amount set for the budget.
Progress Bar Chart	The graph displaying the current budget in percentage.

To modify a budget:

In the My Budgets screen, select a category for which you want to change budget and click .
Click View/ Modify. The View/ Modify Budget screen appears.

Modify Budget

Field Description

Field Name	Description
Category Name	Name of the category for which budget that is created.
Set Budget Amount	The amount, which the user set as budget.
Periodicity	The budget period. The values are: This Month Recurring Specific Duration
Frequency	The frequency of the budget.

In the Set Budget Amount field, edit the amount for the budget, if required.
From the Periodicity list, edit the budget period, if required
Click Save. The success message of updating the budget appears on theMy Budgets screen.
OR
Click Cancel to cancel the transaction.

Delete Budget

User can delete an existing budget using this option.

To delete a budget:

In the My Budgets screen, select a budget which you want to edit and click .
Click Delete. The warning screen asking you to delete the budget is displayed.

Click Yes, proceed to delete the budget. The success message of deleting the budget appears on the My Budgets screen.
OR
Click No, do not proceed to cancel the deletion process.

FAQs

How Do I set a budget for One-Time Expenses?

How can I identify how much I have spent against a set budget?

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