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 your Expenses

  1. Click on the Expenses tab at the top of the page.
  2. Click Create an Expense.
  3. Name your Expense and tell us when you need the funds by, how often you need to pay, and how much you need to save.
  4. Click Create Expense.

That's it! Once created you can set up automatic spending to automate your budget. Choose merchants (if available) or transaction categories so that transactions will spend from your Expenses automatically.

Using your Expenses

Spending from your budgeted Expenses

Your Expenses tuck funds away for you so that they are ready when you need them. You then have a few options for taking money out and getting those bills paid.

  • You can choose to move the funds to your Safe-to-Spend.
  • You can tell us which transactions should spend from your Expenses automatically

Here’s how this works: Whenever you use your account to make a purchase, a merchant name and category are attached to the transaction. You can set up your Expenses so that specific transactions or merchants automatically pull funds from Expenses. We call this Auto-spend.

Example time! Say you need to pay your phone bill, and you have a “Phone Bill” Expense with the full amount saved up. When the charge comes through on your account, you can set it up so the funds are spent from your Phone Bill Expense automatically.

If you'd like to add Auto-spend to an existing Expense:

  1. Select the Expense to bring up the details page.
  2. Select Money out.
  3. Choose merchants (if available) or transaction categories to Auto-spend from your Expense.

If you choose to designate merchants, we will take you to a page where you can search your past transaction history. You can select one at a time, but add as many as you'd like. If you choose to designate categories, we will show you all of the available categories to choose from. Again, you can add as many as you'd like.

That's it! The next time one of those transactions hits your account, it will automatically use money from that Expense, instead of taking the funds from your Safe-to-Spend.

  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 and tell us when you need the funds by, how often you need them, and how much you need to save.
  5. Tap the blue Create button to save your Expense.

That's it! Once created you can set up automatic spending to automate your budget. Choose merchants (if available) or transaction categories so that transactions will spend from your Expenses automatically.

Using your Expenses

Spending from your budgeted Expenses

Your Expenses tuck funds away for you so that they are ready when you need them. You then have a few options for taking money out and getting those bills paid.

  • You can choose to move the funds to your Safe-to-Spend.
  • You can tell us which transactions should spend from your Expenses automatically

Here’s how this works: Whenever you use your account to make a purchase, a merchant name and category are attached to the transaction. You can set up your Expenses so that specific transactions or merchants automatically pull funds from Expenses. We call this Auto-spend.

Example time! Say you need to pay your phone bill, and you have a “Phone Bill” Expense with the full amount saved up. When the charge comes through on your account, you can set it up so the funds are spent from your Phone Bill Expense automatically.

If you'd like to add Auto-spend to an existing Expense:

  1. Tap on the Expense to bring up the details page.
  2. Tap "Money out".
  3. Choose merchants (if available) or transaction categories to Auto-spend from your Expense.

If you choose to designate merchants, we will take you to a page where you can search your past transaction history. You can select one at a time, but add as many as you'd like. If you choose to designate categories, we will show you all of the available categories to choose from. Again, you can add as many as you'd like.

That's it! The next time one of those transactions hits your account, it will automatically use money from that Expense, instead of taking the funds from your Safe-to-Spend.

  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 and tell us when you need the funds by, how often you need to pay, and how much you need to save.
  5. Tap the arrow icon (next to the amount you're saving) to create the Expense.

That's it! Once created you can set up automatic spending to automate your budget. Choose merchants (if available) or transaction categories so that transactions will spend from your Expenses automatically.

Using your Expenses

Spending from your budgeted Expenses

Your Expenses tuck funds away for you so that they are ready when you need them. You then have a few options for taking money out and getting those bills paid.

  • You can choose to move the funds to your Safe-to-Spend.
  • You can tell us which transactions should spend from your Expenses automatically

Here’s how this works: Whenever you use your account to make a purchase, a merchant name and category are attached to the transaction. You can set up your Expenses so that specific transactions or merchants automatically pull funds from Expenses. We call this Auto-spend.

Example time! Say you need to pay your phone bill, and you have a “Phone Bill” Expense with the full amount saved up. When the charge comes through on your account, you can set it up so the funds are spent from your Phone Bill Expense automatically.

If you'd like to add Auto-spend to an existing Expense:

  1. Tap on the Expense to bring up the details page.
  2. Tap "Money out".
  3. Choose merchants (if available) or transaction categories to Auto-spend from your Expense.

If you choose to designate merchants, we will take you to a page where you can search your past transaction history. You can select one at a time, but add as many as you'd like. If you choose to designate categories, we will show you all of the available categories to choose from. Again, you can add as many as you'd like.

That's it! The next time one of those transactions hits your account, it will automatically use money from that Expense, instead of taking the funds from your Safe-to-Spend.

If you start an Expense with specific words in the name, we'll attach Auto-spend categories for you. (Oh, by the way, if the Auto-spend category is already attached to another Expense we'll assume you put it there on purpose and we won't move it.)

Here are the categories we'll attach automatically:

  • rent/mortgage
  • phone
  • electric
  • groceries
  • car/auto/vehicle insurance
  • internet
  • school/student loans

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 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.

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 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 (if available) can only be attached to one Goal or Expense. Most likely it's already been attached to another existing Goal or Expense.

What if I spent the money I had set aside in my Expense? How do I catch back up?

By default, on your next scheduled funding date we will fill your Expense back up to the targeted amount. If you’d prefer, you can tell us to save a fixed amount instead.

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.
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