Budgets in BodesWell

Last updated:
October 26, 2021

BodesWell helps users plan both their long-term and short-term financial goals. For long-term planning, we offer tools such as life events and savings goals. For short-term planning, we offer budget recommendations, monitoring, and updates. While budgets are often associated with the near term, it is also important to remember that achieving your budget goals today directly translates into reaching your future goals tomorrow.

In BodesWell, we’ve made creating your first budget as easy as two clicks. After you log in, all you need to do is select “Budget” (located on the left-side panel) and after you are directed to following the screen, select one of the following options: “Track spending”, “Reduce spending”, or “Build my own budget”.

If you select “Track spending”, BodesWell will analyze your average overall monthly spending and recommend that as the starting point for your budget. We even provide the U.S. monthly spending average so you can view how you are performing compared to other Americans. We use data pulled from the U.S. Bureau of Labor Statistics to provide these spending averages.

By selecting “Reduce spending”, BodesWell will analyze not only your overall spending but also your spending across all your expense categories. BodesWell will then recommend budgets uniquely designed for you. For example, if BodesWell notices you spend $100 more per month on take-out than the average American, BodesWell will highlight that and offer a budget recommendation within that category.

Finally, you have the option to build your own budget. If you select this option, you will be prompted to select a category in which you would like to build a budget. After selecting the category, you’ll be able to enter your desired budget amount, and we’ll also provide the U.S. average monthly spending in that category to give you a helping hand. Ultimately, budgets within BodesWell function by intelligently identifying your spending patterns, and recommending a comfortable spending pace. However, you can also set budgets close to, near, or above-average U.S. spending now that it is easily referenceable.

Remember, after saving a budget, you can always go back and edit it within BodesWell. To do this, simply click on the gear icon associated with your budget, update the budget number, and click “save”. You can also view your past monthly performance staying within budget by selecting “History”. There you will see a month-by-month comparison of how you did.

Whether you are planning for that well-deserved vacation in 6 months, or you are reconciling your grocery bill from the past week, budgets can help you plan your financial life and gain peace of mind.