|

FaithFi Features – Set Up Your First Track Only Budget

Welcome to the FaithFi Features blog series. FaithFi Features are blog shorts designed to help you understand a feature of the FaithFi budgeting platform. If you have any questions or feedback, feel free to reach out to me at hello@natesargent.com!

I do not receive any commissions from FaithFi or their affiliates. All pictures of the FaithFi system and logos are used with permission from FaithFi. For more information about FaithFi and their ministry, visit FaithFi.com.

The Track Only budget in FaithFi is a great way to get started budgeting, especially if you are new to budgeting and don’t have a lot of historical data (or don’t really want to take the time reliving the last 12 months to figure it out!). This FaithFi Feature will give you step by step instructions on how to set up your first track only budget in the FaithFi app.

A Track Only budget allows you to organize your transactions by custom categories, which are called envelopes.  There are several advantages to this simple tracking approach, especially as you are getting started.  By capturing your spending habits over the course of several months, you will get valuable data for how to allocate your income in the future.  You will also get in the habit of categorizing your transactions daily, which is important once you pivot to the Envelope or Monthly Budget system.

But this system does have its limitations. This system will not (1) measure how you are doing compared to spending plan or (2) keep track of your running balance of your envelopes.  But that’s OK – at this point you are learning to be in the habit of categorizing transactions and learning about your spending habits.

So, let’s get started!

Step 1 – Create an account with FaithFi

  1. Navigate to faithfi.com
  2. On the home page, click SIGN UP in the upper right of the page
  3. Enter your information and click CREATE AN ACCOUNT
  4. FaithFi only allows one email per account, so if you are creating a shared account with your spouse, use an email and password that you can both share easily.

Step 2 – Subscribe to FaithFi Pro

  1. In the upper right corner of the page, click on your initials
  2. Once the Settings page is displayed, select SUBSCRIPTION from the list
  3. Select your preferred payment plan – monthly or annually and enter your payment information. For the best rate, select Annually.
  4. Select SUBSCRIBE

Step 3 – Select the Track Only style budget

  1. From the Settings page, select SETTINGS
  2. Select the SYSTEM TYPE to modify how FaithFi tracks your spending
  3. Select TRACK ONLY. This will allow you to track expenses and get historical data that we can use to inform a spending plan later.
  4. You’re all set!


Step 4: Create Envelope Groups

  1. Navigate to your Envelopes using the side MANAGE panel and select Envelopes.
  2. Select + Envelope Group to add a new Envelope Group. Envelope Groups are sub-categories that will group similar spending categories.
  3. Give your New Group a Group Name. For a list of common groups and categories, download the Budget Categories Checklist.
  4. Select +Envelope to add a new Envelope or budget category to your budget. For a list of common groups and categories, download the Budget Categories Checklist.



Step 5: Categorize Your Transactions

  1. Navigate to the TRANSACTION screen and categorize any transaction that is new or hasn’t been categorized.
  2. Select the transaction to categorize and SELECT ENVELOPE to choose the most appropriate category for the expense.
  3. Once the category has been chosen, simply click on the SAVE button to save the transaction and move to the next.
  4. When all of the transactions have been categorized, you can navigate back to the TRACK screen to see the totals for each expense category.




Conclusion

The Track Only budget system in FaithFi is a great way to get started creating your spending plan. By capturing your spending habits over the course of several months, you will get valuable data for how to allocate your income in the future.  You will also get in the habit of categorizing your transactions daily, which is important discipline once you pivot to the Envelope or Monthly Budget system.

Similar Posts