In this article, the sections comprise:
- What are categories?
- Where are they used?
1. What are categories?
A "category" refers to categories of income or expenses that we frequently use in our daily lives. Examples include dining, shopping, salary, and even loans or debt repayments...
MoneyLover provides predefined categories for expense and income, such as Food & Beverage, Shopping, Salary... yet you can customize them by adding, editing, or deleting groups based on your preferences or specific requirements. Moreover, there are some "special" categories (default categories) that cannot be edited, deleted or merged, but you can choose to active/inactive (hide/show) these "special" categories within each wallet you select.
2. Where are they used?
a. When creating a transaction
The main function of categories is to help you classify income and expenses when creating any type of transaction in MoneyLover. Under "select category," you can choose either "Expense", "Income" or "Debt/Loan" to categorize the amount in or out of your wallet.
b. When viewing reports
The transaction history of each income/expenses category for the month will be fully listed in the report section, allowing you to understand how much income you've earned, how much you've spent, and on what purposes... This way, you won't need to "worry" about figuring out how you spent your money in the past month.
c. When using budgets
Categories are also used when you create budgets. A budget for a category represents the estimated spending amount for that category over a period of time, reflecting actual spending to help you better predict and control your finances in the future. In addition to individual category options, MoneyLover supports managing budgets for all spending categories.
d. Viewing transactions by category
In the Transactions screen, to view transactions by category, select the button â‹® in the top right corner of the screen, and choose "View by Category".
Choose "View by category" option.