Sections Overview
BudgetBuilder consists of four main sections:
- Income Information
- Housing Information
- Expense Information
- Debt Information
Income Information
This section collects your necessary income data. Here are the details you need to provide:
- Name: A name for the income source (default name will be assigned if not provided).
- Amount: The amount of the income.
- Frequency: The frequency of the payment.
- Next Payment Date: The next time you receive that payment.
Notes:
- At least one income source is required.
- Two or more income sources are a premium feature (maximum of five).
- The amount, frequency, and next paycheck date are mandatory to generate a budget.
- You can also add your current savings for better accuracy, as we do not connect to private banking data.
Housing Information
This section captures your recurring expenses. Include any payments you make monthly around the same time each month.
- Includes: Utilities, subscriptions, insurance, childcare, etc.
- Rent/Mortgage: Specific fields for rent and mortgage payments.
- Do not include mortgage payments in the Debt Information section unless the term is less than 10 years.
Details to Provide:
- Name: A name for each housing expense.
- Amount: The amount of the expense.
- Due Day: A dropdown for due days (important for budget generation).
Notes:
- At least one housing expense with an amount is required.
- Expenses without an amount will be removed automatically.
- Free members can add up to five housing expenses; premium users have no limit.
Expense Information
This section includes your recurring expenses without a specific due date.
- Includes: Spending money, groceries, gas, etc.
Details to Provide:
- Name: A name for each expense.
- Amount: The amount of the expense.
- Due Day: Optional due day (not crucial).
Notes:
- No expenses are required, but any expense without an amount will be removed.
- Free members can add up to two expenses; premium users have no limit.
Debt Information
This section focuses on your debts, which is a primary function of the app.
Details to Provide:
- Name: A name for each debt (default name will be assigned if not provided).
- Balance: The balance of the debt.
- Minimum Payment: The minimum payment (must be at least 1% of the balance).
- Interest Rate: The interest rate (default to 0% if not provided).
- Due Day: The due day of the debt.
Notes:
- Balance and payment are required fields.
- Avoid including mortgages if the term is more than 10 years.
- Free members can add up to two debts; premium users have no limit.
Calculating Your Budget
When you’re satisfied with the form, click the “Calculate” button.
Limitations:
- Free users: Limited to 2 calculations per month.
- Premium users: Unlimited calculations.
Error Handling:
- Any errors in the form will block generation and inform you of the issue.