BodesWell defines “expenses” as all the various ways that cash leaves your account. Here are some examples of expenses in BodesWell:
There are two ways to tell us about your historical expenses:
For connected accounts, BodesWell will attempt to categorize your expenses into nine categories, each with their own list of subcategories. You can even create your own subcategories if you like! Categorizing expenses is used to develop budgets in the “Budget expenses” event. BodesWell will use your last 12 months of transaction history to project your future expenses, and display the sum of your last 12 months of consistent expenses as your annual expenses.
Categorizing expenses is surprisingly hard to do with 100% accuracy. Therefore, we've built in the ability to edit the transaction categories of all your expenses, as well as set up rules to re-categorize matching expenses in the future.
We use your historical expenses to project your future expenses. We do not assume that your expenses will grow automatically with your income. However, you can use the “Budget expenses” event to plan to spend more (or less!) in the future.
We do not apply inflation effects to expenses in the future. If you'd like to learn more about how we deal with the effects of inflation, you can learn more here.