What are Expenses?
With Simple Expenses, you can automate the busy work of staying on top of your recurring bills. Think rent, groceries, the water bill. After the first set-up, money for your budgets and bills is automatically tucked away for you, so you can spend worry-free, knowing your must-haves are covered.
Expenses is available on Web, iOS, and Android. You can set up your first Expense by navigating to the “Expenses” section in the app and clicking Expenses.
Funding your Expenses
With Simple’s Expenses, money is tucked away into labeled buckets, the moment you get paid. No more gut feelings or guessing games. You can have confidence knowing your money is budgeted exactly where it should be.
Funding Schedules do the work of stashing money away into your Expenses. To set up a Funding Schedule tap on a created Expense, tap the “Money in” section, and select “Add Funding Schedule”. Once that’s created, apply the Funding Schedule to any Expenses you want to magically be funded on your payday.
If you'd prefer to move money into an Expense on your own schedule, you can set the Expense to "Money In: No automatic funding". Then use the "Make a transfer" button whenever you want to stash money in that Expense.
Viewing your Expenses
Now that your Expenses are created and set up to automatically fund, the first thing you’ll see is your Overview. The Expenses Overview will tell you how much of your next paycheck will go towards your Expenses, and whether your Expenses are “On Track” or “Off Track”.
“On Track” and “Off Track” only apply to Expenses with Funding Schedules. If an Expense doesn’t have the full amount saved, and you don’t have another payday before it’s due, you’ll see that the Expense is “Off Track”. If an Expense is "Off track" you can manually transfer money into that Expense to ensure that you'll have enough money by the time the Expense due!
The rest of the Overview screen shows you the balance of your Expenses that are available to spend now, and the ones that are building up for a future date.
Spending from your Expenses
Say it’s time to pay rent. You have a rent Expense with the full amount saved up. You can tell Simple Expenses to automatically use that stash of money when that rent transaction hits your account. This is done by tapping on an Expense, navigating to the “Details” section, tapping “Money out”, and selecting which transaction categories you want to spend from that Expense. The next time a transaction with one of those categories hits your account, it will automatically use money from that Expense.
If you prefer to go hands-on, you can manually spend from an Expense by tapping on a transaction in your Activity, selecting “Spending from”, and choosing the Expense that should be tied to that transaction.