by Steph Sarff & Molly Hetz

Expenses - 5 steps to automating your budget with Simple

No one likes thinking about bills - so don’t! When you turn your recurring bills into Simple Expenses, we’ll automatically save for them, by whenever they’re due. Here’s how to get started.
Expenses envelope

step 1

Make a list of your monthly, quarterly, and yearly expenses

These are things you know you have to pay for: Spotify, Hulu, Bark Box, Lyft costs, Rent, Utilities, Phone Bill. You get what we’re saying. Estimate how much each expense will cost you and note when they’re due, and how often.

To get you started, check out what other Simple customers are using Expenses for.

top 10 expenses at simple

step 2

Add these Expenses to your Simple account

We’ll walk you through how to do that so you can see just how easy it is to put your budget on autopilot. Keep in mind these steps are specific to mobile, but your web experience shouldn’t be much different.

For this example, we’re going to set up an Expense for Rent / Mortgage. Heads up we’re building it out for next month, so we know we’re covered. Screenshots of the whole process are below.

If you don’t have one already, apply for a Simple account here.

Login, and navigate to your Expenses tab. Select the + Sign and get started with your first Expense!

expenses 1

Title it whatever you want, and choose when the bill is due.

expenses 2

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Pick how often this Expense repeats. For this example, it’s the first of every month.

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Then, just tell the app how much you need.

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Next, create your Funding Schedule.

This is when you get to decide how often your Expense gets funded. Is it every payday? Does it get funded every Friday? You get to choose. Heads up, once you set up a Funding Schedule, it’ll save so you can easily add it to other Expenses as you set them up. Check out how to set up a Funding Schedule here.

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An Expense is created!

Once your Funding Schedule is good to go, select “Create”. And Boom. You just created an Expense.

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And finally, the automagical part.

Now, you get to choose which transactions get associated to this Expense. This is what we mean by truly automating your bills. Select “Money out”. And in this case, select “Rent” or “Mortgage”, whichever applies to you. If you’re creating a “Going out for a drink” Expense, you can choose categories like “Bars, Restaurants, etc”.

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On payday, you’ll see all your funded Expenses in the Coming Up bucket. When the due date hits (and as long as the Expense is fully funded), the money will automatically move from Coming Up to Ready, and will be available to spend. And you can get closer to living a stress-free financial life.

step 3

Set a buffer. Plan for the unplanned.

It’s always good to think about the unexpected. We recommend creating a recurring expense for what you don’t expect. Say $200 every three months for a bill that may go up like your water bill in the summer.

step 4

Stay on track

We understand that sometimes things happen. If you see an Expense is off track for any reason, it’s easy to fix that.

To replenish an Expense, select whichever one is “off track” and use the “transfer” button to move money in. If you want the Expense available immediately, select the “ready” option. If you don’t need to spend from that Expense for a few days but you still want the money accounted for, you can select “coming up” and the funds will be ready for spending on the day the bill is due to come out.

step 5

Know you’re covered

The thing about Expenses, and why the feature is so wonderful, is because you have peace of mind when it comes to your everyday needs being covered. Before Expenses, every time you got paid you had to figure out where your money needed to go. Payday used to come with a calculator in hand figuring out how much you needed for each bill.

Now all you have to do is create an Expense, let it fill up over the month, and then pay your bill knowing you’re on track. With your bills covered, you’ll never have to guess how much money you have left for fun stuff, like heading to a concert, or buying yourself some new pool party supplies (hello-o swan floatie and cocktail straws).

So now, go put your bills on autopilot with Simple Expenses and stop stressing about money. It’s time to enjoy life and let technology do the hard work for you.

Interested in getting started with Simple? Apply now!

Disclaimer: Hey! Welcome to our disclaimer. Here’s what you need to know to safely consume this blog post: Any outbound links in this post will take you away from, to external sites in the wilds of the internet; neither Simple or our partner bank, BBVA USA, endorse any linked-to websites; and we didn’t pay/barter with/bribe anyone to appear in this post. And as much as we wish we could control the cost of things, any prices in this article are just estimates. Actual prices are up to retailers, manufacturers, and other people who’ve been granted magical powers over digits and dollar signs.

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