BUDGET
Compare each category's planned budget with recorded spending and see how much remains as the month progresses.
5 min readBEFORE YOU START
The Budget amount is what you planned for the category. Actual is the recorded spending associated with that category.
Budget shows the amount allocated to the category
Actual comes from recorded transaction activity
Remaining shows the unused part of the category budget
Utilization shows how much of the budget has been used
STEP BY STEP
Start with the Budget amount. This is the amount you allocated to the category for the selected month.
The Budget amount is part of your monthly plan. Changing it changes the allocation, not the underlying spending.
Actual shows how much recorded spending has contributed to the category during the selected month.
Remaining is the difference between the category Budget and Actual spending while the category is still within budget.
Recorded spending has used AED 1,500 of the AED 2,000allocated to Groceries.
Utilization expresses Actual spending as a percentage of the category Budget, making it easier to see how much of the plan has been used.
100% utilization means the recorded spending has reached the category budget. It does not mean the category must stop receiving transactions.
Use Budget, Actual, Remaining and Utilization together to identify categories with plenty of room and categories approaching their planned limit.
FOUR NUMBERS, ONE STORY
Budget tracking combines your planned category amount with recorded spending so you can understand progress throughout the month.
Budget tracking reflects the transactions currently recorded in MoniTrak. If transaction activity changes, Actual, Remaining and Utilization can change with it.
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