The Switch to Wallet 4.0
BudgetBakers is excited to announce one of our biggest updates ever, Wallet 4.0!
(You can check to see if you have the current version by following this link on Android).
Wallet 4.0 will offer a better way to track your money and categorize spending. You’ll now be able to connect directly to your bank, and have your transactions securely synced, directly with Wallet.
But wait, there’s more:
Not only can you get automatic transaction updates, but you can now have your spending categorized automatically too.
Customers like you have told us that categorizing and updating transactions is the hardest thing to have to deal with on a daily basis, which is why categorization will be increasingly automated.
Below are just a few of the new features Wallet has in store:
Bank Connections: Wallet now syncs directly with over 3500 banks worldwide, automatically updating your expenses, so you never miss a thing. Just add a bank account from the main menu.
Planned Payments, Debts, and Shopping Lists: Get even more organized, by planning ahead for future payments, recording your debts, and saving shopping lists to better predict your spending for the future.
Unlimited Sharing: You can now share your accounts, or only certain categories, with family, colleagues, or partners. Collaborate on a budget, and meet your goals together. See the big picture as a group.
Categories: Now with Machine Learning
BudgetBakers is employing new machine learning algorithms to sort your records into categories, starting with brand new main categories and subcategories.
Your recent transactions and all new transactions will be categorized in this new system. Customization will still be possible, but the way it works will be different.
Making the Transition
In order to make this machine learning magic happen, and in order to offer you some amazing upcoming features like smart budgeting, some changes in the way Wallet works with categories are necessary. Specifically, users will no longer be able to alter the master categories. Instead, these categories will be fixed, and transactions will be organized inside them.
This change will affect all users, and will require some adjustments in the way you use Wallet. At BudgetBakers, we know that you’ve spent time building your own system of categories, and that’s really important to us.
Thus, there will be a special transition process, where you will be asked to select which categories you wish to retain from your current system, and you will then be able to import them into the new system. Your old categories will be moved into new master categories and subcategories according to this new system.
In addition, the newer, smarter Wallet will attempt to categorize your transactions, but is likely to mis-categorize them in the beginning, while it is still learning from you. You can make Wallet work better by correcting these errors, and they will begin to decrease over time.
This process will take a bit of work on your part, and we’re really sorry for the inconvenience. We have tried to make it as painless as possible. However, we think that these changes are going to make Wallet even more valuable for you as a daily tool, and we think you’ll be pleased with the changes once you’ve made the transition.
Also published on Medium.