Your budget summary is a comparison of your current month’s expenses against previous months of the year.
We understand your spending patterns over time, and then tell you when there are drastic differences in the expenses for the current month from previous months.
For example, if your monthly household expenses are Rs. 10,000 over a certain period of time, InvestmentYogi considers this as an expense you have budgeted for. However, if your household expenses are 12,000 for a month, then we alert you by displaying red arrow (shown below) followed by a % which indicates an increase in expenses. In this example, you would see a figure of 20%.
On the contrary, if your household expenses for a month are Rs. 7,000, you are shown a green arrow (shown below) followed by a % which indicates a decrease in expenses. In this example, you would see a figure of 30%.
Provided we have enough data, the InvestmentYogi algorithm will ignore drastic changes, both increases and decreases when determining your spending patterns. The InvestmentYogi algorithm will also changing over time in an endeavor to provide you with timely and relevant alerts.
For you to derive maximum value from the tool, InvestmentYogi recommends the following:
- Provide us with your income and expenses for previous months also so we can establish trends based on your data.
- Enter all your income and expenses as they occur. This allows us to display alerts early for you to take action.
- Check your budget summary often so that you see the alerts as and when they occur.
We hope you have a great experience using the InvestmentYogi budgeting tool. Happy Saving!