Editor’s note: Larger Family Life often provides practical advice and tips on budgeting. We would like to strongly recommend this user-friendly, online tool which will help you to take control of your family’s finances quickly, easily and efficiently (and you don’t need to be particularly computer literate to use it!).
The OnTrees budgeting tool is the simple and effective way to reach your saving goals; it uses a friendly interface that allows you to target where you’re spending the most.
In your OnTrees profile, you can view a breakdown of all your recent transactions in the ‘Overview’ tab or in ‘Spending Trends’. If your outgoings look a little high in any particular category, you can set specific budgets to help you cut back on that type of spending e.g. clothes, groceries or family outings…Here’s a guide to how it’s done:
Firstly, if you select the budgeting tab on the website, a screen will appear (pictured below) that shows a list of all your categories along the left hand side of the screen. Next to these will be listed the amount that has been spent in this category during the month to date (MTD), with a meter to illustrate how much of your budget you’ve used, and how much you’ve got left.
You can edit this list at any time by selecting the ‘Manage Categories’ option near the top right corner of the screen. Add or delete the categories you want to see listed here, the selected categories will be shown in green and the unselected ones will be grouped under the category ‘Others’. Once this is set you can start budgeting!
In the column that’s headed ‘Budget’ you simply type in what you want to spend in the chosen category in the given month. You can also set the beginning of your month (i.e. payday) in the settings option. Next to the budget column is the status of your budget, which operates using an easy-to-understand traffic light system:
- Green is good, and means everything’s going according to plan.
- Orange means you’ve hit 80% of your budget; you still have time to adjust your spending for the month.
- Red indicates that you’ve gone over your budget
If you want to be alerted of when you’ve gone over budget, you can turn on the alerts in the far right-hand column by simply clicking on it and selecting ‘On’ or ‘Off’. This alert system can be set to send you an email if you overspend or warn you when you’re drawing too close to your allocated spending for the month. Once this is done, you’re all set and ready to start saving!
Visit OnTrees.com now to start taking control of your finances.
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