Expenses

Expenses


What are Expenses?

With Simple Expenses, you can automate the busywork of managing your recurring expenses - think rent, groceries, your water bill. Once you set them up, your budgeted funds are automatically tucked away, making it easier for you to see what’s left over to spend on fun stuff.

How they work

All you have to do is plug in some info about your regular bills and costs, like how much they are and how frequently they occur. We’ll ask you to tell us how often to set money aside for these costs (say every Friday when you get your direct deposit) and then we’ll take care of the rest. You’ll be able to see what you’ve set aside for your bills, and your Safe-to-Spend will show you what you’ve got left over. (Your Safe-to-Spend is the money in your account’s Available Balance that you haven’t put towards any Goals or Expenses. Still got questions about what Safe-to-Spend means? No worries! Check out this article over here.)

How to set up an Expense

  1. Click on the Expenses tab at the top of the page.
  2. Click Add an Expense.
  3. Name your Expense, tell us how much you need to save, and when you need the funds by.
  4. Choose an existing Funding Schedule or create a new one.
  5. Click Create Expense.

That's it! Once created click Money out to set up automatic spending to automate your budget. Choose specific merchants or transaction categories so that transactions will spend from your Expenses automatically.

  1. Sign into the Simple app and swipe right to pull up the navigation menu.
  2. From there, tap Expenses.
  3. Tap the blue + in the upper right-hand corner.
  4. Name your Expense, tell us how much you need to save, and when you need the funds by.
  5. Choose an existing Funding Schedule or create a new one.
  6. Tap the blue Create button to save your Expense.

That's it! Once created you can tap Money out: to set up automatic spending to automate your budget. Choose specific merchants or transaction categories so that transactions will spend from the funds in your Expense automatically.

  1. Sign into the Simple app and swipe right to pull up the navigation menu.
  2. Tap Expense.
  3. Tap the blue + in the lower right.
  4. Name your Expense, tell us how much you need to save, and when you need the funds by.
  5. Choose an existing Funding Schedule or add a new one.
  6. Tap the arrow icon (next to the amount you're saving) to create the Expense.

That's it! Once created you can tap Money out: to set up automatic spending to automate your budget. Choose specific merchants or transaction categories so that transactions will spend from the funds in your Expense automatically.

Check out this article on Funding & Spending from Expenses for more info.

Tracking and managing your Expenses

The Expense page will show you a list of all of your Expenses, when they will be funded next, and how much they will be funded by. We’ll also send you an email when your Expenses are funded to help keep you in the loop and confident in your plan!

Some FAQs on Simple Expenses


What does “No automatic spending” mean?
This just means that you have not specified any merchants or transaction categories to spend from your Expenses automatically. We’ll still fund your Expenses like you asked, you’ll just need to spend from them manually.

What does "Short on funds" mean?
It means that your Expense currently does not have as much in it as you've specified that you need when your expense was "due". This could mean that your Safe-to-Spend is overspent, or that you did not have enough funds available to fund your Expense when your funding schedule rolled around.

If you'd like to fund your Expense manually

  1. Choose the Expense you’d like to move money in or out of.
  2. Hit Transfer.
  3. Specify the amount you’d like to transfer in or out of the Expense.
  4. Choose the direction your funds should move, and where they should go. Ex: From Safe-to-Spend to your Phone bill Expense or from another Goal or Expense to this one.
  5. Hit Transfer again.


What does "Reach target balance" or "Set aside target amount" mean?
By default, on your next scheduled funding date we will fill your Expense back up to the targeted amount aka "reach the target balance". If you’d prefer, you can tell us to save a fixed amount instead.

For example: If you create a "Grocery budget" Expense to set aside $100 every two weeks we will fill the Expense up to $100 on your funding schedule, regardless of how much is saved in your Expense already. If you'd prefer, you can tell us to put in $100 every two weeks, regardless of how much you already have saved. This means your Expense could end up with more than $100 in it.

To adjust these options

  1. Choose the Expense you’d like to adjust to bring up the details page.
  2. Hit Reach target balance or Set aside target amount.


What if I don’t have enough money to fund all of my expenses when my Funding Schedule rolls around?
Hey, it happens. If it turns out that you don’t have enough money to fund all of your Expenses, we’ll fund what we can. We’ll also include info in an email about which of your Expenses we were able to successfully fund. If you end up needing to move some funds around manually, you always can.

  1. Choose the Expense you’d like to move money in or out of.
  2. Hit Transfer.
  3. Specify the amount you’d like to transfer in or out of the Expense.
  4. Choose the direction your funds should move, and where they should go. Ex: From Safe-to-Spend to your Phone bill Expense.
  5. Hit Transfer again.


Why can't I attach this merchant or category to this Expense?
Categories and merchants can only be attached to one Goal or Expense. Most likely it's already been attached to another existing Goal or Expense.

I'd like to fund my Expense with the same amount every time, no matter who much is in there. Can I do that?
You sure can!

  1. Choose the Expense you’d like to adjust to bring up the details page.
  2. Hit Set aside target amount and tell us how much.


How do I spend this transaction from my Expense?
You can 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.

What if I have a transaction or Expense that I don’t want spent automatically?
No worries! If you prefer to go hands-on, you don’t have to set up automatic spending. You can instead 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.


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