How To Make The Most Of The New Weekly Reports On Wallet
As some of you have noticed, we have an exciting new addition to our armor of money managing features–weekly reports.
They are concise, yet insightful capsules of data regarding your finances that’ll keep you motivated and informed on the go. By now, you know that knowledge is power when it comes to managing your money. And, these reports give you the most important data that will help you make more meaningful money decisions.
Better money decisions mean that you have more control over your finances and you can create more realistic budgets. So, it is basically a win-win for you.
So here’s what you can expect to find in your weekly reports and here’s how to make the most out of it:
Balance & Cash Flow
The first part of the report shows you your total balance and cash flow in your account. This is, in fact, the gist of what happened to your money in the last week. So if you are in a hurry, even these two figures can give you a lot of insight.
Look out for the percentage changes in your balance during the period and your cash flow (the difference between the money that comes in and goes out during this period). If they are green, your financial health should be largely fine.
Goals, Budgets & Planned Payments
These reports also give you a glimpse into your active goals, your budgets and your upcoming planned payments for the given week. This will help you in two ways:
- You can get a quick picture of where you stand in terms of your payments, budgets and goals.
- You will be reminded of adjustments or new additions to be made to your goals, budgets or planned payments for the coming week.
Again, here, too, we make it easier by indicating problem areas with red, so that you can take a deeper look at it on Wallet.
Detailed Cash Flow
In this section, you’ll find a list of category-wise inflows and outflows from your account, along with percentage changes in these figures with respect to the previous week.
Red signals a problem here as well. You can quickly spot your biggest problem areas and dig deeper to see why exactly there’s a difference in any particular category.
For instance, in the report below, one can spot that there has been an extra spending in the Life & Entertainment category and in the Financial Expenses category. And, there’s also a 12% spike in the income.
This awareness of where your money is going, right in your inbox every period, makes you feel more accountable and motivated. You get all the relevant information and you can plan, budget and set goals realistically.
No matter whether you track and budget on a daily basis, or on a weekly basis, these reports are great for you, because:
- It keeps you posted about the most crucial financial information for the week.
- Gives you a quick recap of the past period & helps you prepare for your goals and plans in the coming week.
- Helps identify problem areas and investigate or deal with them faster.
- Keeps you motivated to continue your tracking and budgeting streak.
- Allows you to check whether your finances are in line with your overall goals.
- Takes stress out of the equation by eliminating surprises.
- Gives you the required information to make more meaningful money decisions.
Ready to dig into your reports?
We hope that you’ll love this new addition to Wallet! Do take a look at them and send us your ideas, suggestion and feedback here.
If you face any difficulties, feel free to head over to our Help Center or reach out to our Support team for assistance.
Also published on Medium.