Updated: Apr 20, 2021
Today, we're super excited to announce our newest tool that will help you save more: Bree Budgeting. Click here to check it out!
What is budgeting and why is it important?
The process of budgeting involves creating a plan of how you will spend your money. This spending plan allows you to determine in advance how much money you will need to do the things you need to do or would like to do.
Simply put, budgeting at its core involves balancing your expenses with your income. If you spend more than what you earn, you will run out of money. Many people don't realize that they spend more than they earn and slowly sink deeper into debt every year.
What can I do with Bree Budgeting?
See how much you've earned and spent
Knowing how much you've spent is crucial when managing your finances. Even if somebody earns a decent salary, if she is excessive in her spending, she can risk spending more than she earns. Whether it involves paying for necessities like rent or food to support for a large family or having too many expensive nights out, spending more than you earn will result in living paycheck to paycheck, or worse.
With Bree Budgeting, you'll be able to track how much you've spent and earned in the last three months. If you earn more than you spend, the difference is called positive cash flow, and can be put towards paying down you debts or saving for a rainy day. More on that in our article here.
Track your spending habits
Knowing how much you've spent is one thing, but just as importantly, you should know what exactly you've spent your hard-earned dollars on. That's why we've included a feature that lets you see how much you've spent across a number of your purchase categories (groceries, restaurants, entertainment, e-Transfers, etc.)
Track your NSF and overdraft charges
We know that when every dollar matters, NSF and overdraft charges can be crippling to your personal finances. With Bree Budgeting, we've included a view of all of your NSF charges incurred over the last three months in order for you, and us, to address them. If these numbers are high, don't ignore them! Email us and we'll do our best to help.
More on how to reverse your overdraft charges with your banks here.
Set your monthly budget
Last but not least, we've included a way to add your own recurring expenses and paydays. This way, you'll see exactly how much you can spend before you get paid next.
If you have more than enough money to cover your expenses, then great!
If not, you could be at risk of NSF charges and overdraft payments. We're always available at Bree to spot you a few dollars ahead of your next paycheck.