I understand that Savings are transfers between accounts and therefore excluded, but surely they should be deducted from your ‘left of your X income’ amount?
Thanks for your feedback, would it be possible to explain this a bit more clearly as I am slightly confused what you mean
In the app there is a section called ‘This Pay Period’, which tells you how much money you have remaining (either from your income or your set budget).
This doesn’t take into account money that has been moved to a savings account.
For example, yesterday I moved £300 into my Savings account, but it has not been deducted from the ‘Left of your X income’ amount in the Emma app.
I hope that makes sense!
Ahhh sorry I got you now!
So the way to get around this is to un-exclude the transfer. If you go into the transfer and un exclude that amount then it will change the ‘left of your X income’. You just need to be careful you do not do it too much because it might start to alter things and not exclude things you actually want to be excluded.
Does this make sense?
It does - this is what I thought about doing but the warning put me off! Is it a bit dangerous to do this every time I save money then?
Its not necessarily dangerous but if you transfer money a lot from one account the next you might start seeing internal transfers that show as income and you will then just need to manually mark them as excluded.
I would strongly recommend to set a Total Budget. By doing so Emma turns into “left of total budget” mode as opposed to “left of your income”. You can then keep all your transfers in Excluded and still budget effectively.
We have released it recently and it’s working great for me personally. Proof/graph:
I need to do this again. I think I did it wrong when I set up Emma.
I get three monthly payments which are income, so I have added these together and divided by 4.5 to tell me (roughly) what I get per week. I then get three payments going out into separate accounts every week (bills and groceries, ISA (which is basically for very pricey items tbh) and money I can basically spend on my collections (records and collectible figures) and get things like ebooks, iTunes movie rentals and Eternium gems out of. Then after that has all gone out, there should be enough left to cover general, vets and small, unplanned expenditures
When I set up Emma, I included every penny I got bar bills. I should have included bills, isa and the fun budget and excluded what was left over from that. I think? I will have to reset it