SPENDING ANALYSIS

Spend Analysis tool helps the user by providing an insight on the pattern or areas of expenditures. Customers can make smarter financial decisions by tracking their expenses over time

Spend analysis graphs and charts provides an insightful view into customer’s spending habits. The spending analysis is displayed in the form of a donut chart on the customer’s dashboard.

The system defines categories and sub categories to which the transactions can be assigned. The categories or sub categories are assigned to the transactions is based on rules defined by the system. The users can 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. The categories-sub categories can be created by the user using My Spends screen as well as by clicking the Manage My Categories link.

Pre-requisite:

• Transaction access is provided to retail users.
• User has an account and have done few transactions. • Basic categories and sub-categories are maintained and necessary rules are defined.

How to reach here:

Dashboard > My Spends Widget > View All> 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 enables the customers to re-categorize a transactions. The user can modify a category/ sub category which is assigned to a transaction. An option is also provided to create new categories and sub categories. Newly added values are saved at customer level. User can also modify the self-created categories.

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

The split transaction feature allows the customer to divide a single transaction into multiple categories/sub categories. For example, different items are bought with a single purchase at a departmental store and customer 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 and each division can have 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 which have been already 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 transaction in various 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 appears 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 create new categories and sub categories. Or can just add new a sub-categories under an existing category. Newly created values are specific to the customer.

Further user can re-categorize the transactions using self-created categories/sub categories

To add a category:

• In the My Spends screen, click the 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 appears 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	Category name defined by the user for self-created categories.
Sub Category	Sub-category name defined by the user for self-created sub-categories.
Action	Allows user to edit a category and sub category details only for the values created by the logged in user.

• Click against the record for which you want to edit a category and subcategory. The Edit Category screen appears.
  OR
  Click Add, if you 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 are 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 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.

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