Sometimes dividing expenses by category isn't enough and you need to carve out a more specific segment. It's important to stay on budget when planning an event, but how can you track expenses of various types? If you add them in the usual way they'll get mixed up with everyday expenditures, and create additional categories for a single event is pointless and time-consuming. This is where tags come in handy. You can use them to decide on your own how you want your expenses to be grouped.
Basic steps for creating and using tags:
- When adding an expense, press the «+ tag» button and enter the name of the tag. For the sake of convenience, you should use a unifying factor such as «Trip». Enter the name, press the «Done» button, and the tag is all set.
- Moneon remembers every tag you enter, so there's no need to enter them again every time. The application will suggest existing options, and all you have to do is select one of them.
- Add as many tags as you need. The most important thing is for tags to help you manage your finances and not the other way around. Don't create lots of identical tags — say, a tag for every shopping mall. It's more convenient to use one tag for all of them so you don't get lost.
- The main summary screen now displays expenses by tag. Select any of them to see your expenditures divided by category within the tag.
- You can also add tags to income entries in exactly the same way if you need to.
Hurray! Your tags have been created. Now let's figure out how to use them to manage your finances.
Tags make the process of dividing up expenses more flexible. We recommend using them with the following types of expenses.
With tags, these expenses will always be under your control
Vacation and Travel Expenses
Vacation expenses can be linked to a single category, and tags can help you do this. Just tag every purchase you make while on vacation with the same tag — something like «Spain 2017» — and combine expenses of various types into a single group. This makes it easier to analyze expenditures and plan your next vacation.
Expenses by Location
Have you noticed that you spend a lot in a certain place or online store? To confirm this, tag expenses with names such as «Amazon» or «Macy's». Now all of your purchases are divided not just by category, but also by location, which makes problem areas more visible.
Expenses by Credit Card
Users with credit cards can tag purchases by card in order to track their balances. Using a credit card makes it seem like you can afford more. That's why it's important to track credit card expenses more strictly and remember that you're going to have to repay the money one day — perhaps with interest.
Budgets by Tag
The greatest advantage of tags is that you can use them to create budgets. With tags, budgets become more targeted. For example, create a «Wedding» tag and apply it to your wedding budget. Now every expense with this tag will be factored into the budget. This is easier than independently tracking expenses by tag in the summary. Now you can be sure you aren't spending beyond your budget.
Now you know how to use tags in Moneon. They're a useful tool for dividing up expenses, and everyone can find a use for them. Some people might want to spend less on online shopping, while others might find tags useful for planning events and trips. It’s pretty simple and effective.