Funding & Spending from Expenses

Funding & Spending from 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. More information on the two "buckets" here.

Funding Schedules

Funding Schedules do the work of stashing money away into your Expenses at a set time of your choice. You’ll be prompted to set up a Funding Schedule during your expense setup. (In the past, we allowed customers to start Expenses without a Funding Schedule attached.)

To add a Funding Schedule to an existing Expense:

  1. Tap on a created Expense.
  2. Tap the "Money in" section.
  3. Add or select an existing Funding Schedule.
  4. Once created, you can apply the Funding Schedule to any Expenses you want, to magically be funded on the day you set!

If you'd prefer to move money into an Expense on your own schedule, follow the steps for adding a Funding Schedule above and select “No automatic funding". Then use the "Transfer" button whenever you want to stash money in that Expense.

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Spending from your Expenses

Whenever you use your account to make a purchase, a category is attached to the transaction. The category is determined by the merchant. When a transaction comes through on your account, you have a choice. You can choose to spend the funds from one of your Expenses yourself, or you can set up your Expenses so that specific transaction categories automatically pull funds from Expenses, automating your budget. We call this Auto-spend. Say it's time to pay rent, and you have a rent Expense with the full amount saved up. When your rent transaction comes through the funds are spent from your rent Expense automatically, instead of your Safe-to-Spend.

As of 6/3/19, 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

If you'd like to setup Auto-spend on an Expense:

  1. Tap on the Expense to bring up the details page.
  2. Tap "Money out".
  3. Select which transaction categories you want to spend from that Expense.
  4. That's it! 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.

Funding Schedules

Funding Schedules do the work of stashing money away into your Expenses at a set time of your choice. You’ll be prompted to set up a Funding Schedule during your expense setup. (In the past, we allowed customers to start Expenses without a Funding Schedule attached.)

To add a Funding Schedule to an existing Expense:

  1. Tap on a created Expense.
  2. Tap the "Money in" section.
  3. Add or select an existing Funding Schedule.
  4. Once created, you can apply the Funding Schedule to any Expenses you want to magically be funded on the day you set!

If you'd prefer to move money into an Expense on your own schedule, follow the steps for adding a Funding Schedule above and select “No automatic funding". Then, use the "Transfer" button whenever you want to stash money in that Expense.

description

Spending from your Expenses

Whenever you use your account to make a purchase, a category is attached to the transaction. The category is determined by the merchant. When a transaction comes through on your account, you have a choice. You can choose to spend the funds from one of your Expenses yourself, or you can set up your Expenses so that specific transaction categories automatically pull funds from Expenses, automating your budget. We call this Auto-spend. Say it's time to pay rent, and you have a rent Expense with the full amount saved up. When your rent transaction comes through the funds are spent from your rent Expense automatically, instead of your Safe-to-Spend.

As of 6/3/19, 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

If you'd like to setup Auto-spend on an Expense:

  1. Tap on the Expense to bring up the details page.
  2. Tap "Money out".
  3. Select which transaction categories you want to spend from that Expense.
  4. That's it! 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.

Funding Schedules

Funding Schedules do the work of stashing money away into your Expenses at a set time of your choice. You’ll be prompted to set up a Funding Schedule during your expense setup. (In the past, we allowed customers to start Expenses without a Funding Schedule attached.)

To add a Funding Schedule to an existing Expense:

  1. Tap on a created Expense.
  2. Tap the "Money in" section.
  3. Add or select an existing Funding Schedule.
  4. Once created, you can apply the Funding Schedule to any Expenses you want to magically be funded on the day you set!

If you'd prefer to move money into an Expense on your own schedule, follow the steps for adding a Funding Schedule above and select “No automatic funding". Then, you can tap on an Expense and use the "Make a transfer" button whenever you want to stash money in that Expense.

description

Spending from your Expenses

Whenever you use your account to make a purchase, a category is attached to the transaction. The category is determined by the merchant. When a transaction comes through on your account, you have a choice. You can choose to spend the funds from one of your Expenses yourself, or you can set up your Expenses so that specific transaction categories automatically pull funds from Expenses, automating your budget. We call this Auto-spend. Say it's time to pay rent, and you have a rent Expense with the full amount saved up. When your rent transaction comes through the funds are spent from your rent Expense automatically, instead of your Safe-to-Spend.

As of 6/3/19, 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

If you'd like to setup Auto-spend on an Expense:

  1. Tap on the Expense to bring up the details page.
  2. Tap "Money out".
  3. Select which transaction categories you want to spend from that Expense.
  4. That's it! 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.

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