Set a budget in FiQu

fiqu personal budget app logo boost your financial iiq

Set a budget to track your spending. Typically for a category of expenses, but the FiQu app allows you to set a budget for all your expenses as well. Or for other cross-sections of the money you spend.

The FiQu app starts with the Overview screen. There you will see how much you can still spend on the budgets you have set, for the current week, month, year or other period you selected.

When creating budgets in FiQu, please keep the following in mind:

  • Budgets are intended for expenses: tracking on what you spend your money. It is not possible to set a budget for your income transactions.
  • The same budget amount is used for every period: current, past or future. It is not possible to set a different budget for per specific week or month. You can of course change a budget amount, if your circumstances or priorities change. But previous budget amounts are no longer visible.
  • Budgets can overlap. The same expenses can count in more than one budget spend at the same time, like in Groceries and in All expenses.
  • Budget amounts are not linked to your income transactions. There is no warning in case the sum of the monthly budgets you set for all categories, exceeds your average income. So please consider to first use graphs to learn where your money comes from and goes to, after you have entered or imported your transactions for relevant accounts, to learn. Then use that insight to set budget amounts that suit your situation.

Your new budget in four steps

fiqu budgeting app add new budget screen

1. Select which expenses you want to track

fiqu budgeting app four selection options for scope of new budget

After you tap on the red text “tap to select” on the Add budget screen, you see the Selection Options screen. There you have four choices:

A. Tap on the checkbox for a budget on the total of all your expenses.

B. Tap on a category (see example below). Your budget will only track expense transactions with this category. Create new categories or rename existing ones via the Selection Options button on the Settings screen.

C. Tap on a hashtag. Your new budget will track all expenses labeled with this hashtag, regardless of category.

D. Tap on a filter. This is a combination of one or more categories and/or hashtags. Your new budget will track all expenses that meet the criteria of this filter. You can create a filter via the Selection Options button on the Settings screen.

Options for which you already have created a budget, are no longer visible in this view of the Selection Options. This prevents creating two budgets for the same category etc.

fiqu budgeting app selection of category for new budget

After you tapped on a category (choice B.), you are asked to confirm this choice for your new budget.

If you tap on Select, the Add new Budget screen appears again:

fiqu budgeting app category selected for new budget to add

Your budget is now linked to a selection of expense transactions.

2. Enter a budget amount

You must enter a positive amount. Zero budgets are not allowed in FiQu. The budget amount is in standard currency. If you change this on the Settings screen, you must also manually update the budget amounts to reflect this new currency.

Expenses in other currencies will be automatically recalculated.

3. Choose a period

You can select Week, Month or Year as the period to which the budget amount applies.

In the Overview screen, you can select a different period to check if your spending is still within budget limits. The budget amount is automatically recalculated to match the period you selected.

4. Tap the ‘Create this budget’ button

Your new budget is created. Return to the Overview screen to use your new budget or create another budget.

Using your new budget to monitor spending

You can see your new budget on the Overview screen. Make sure the Budgets tab of this screen is visible by tapping on the radio button with this name. The other tab on this screen contains FiQu Targets which are explained here.

In below example, a budget has been created to track All expenses and compare them against a maximum of € 2,100 per month. The selected period is Month, so the amount “to spend of” on the screen is also € 2,100. In total, you have spent € 1,818, which is 83% of the budget. You have € 2,100 minus € 1,818 = € 282 to spend, before exceeding your monthly spending limit. For that reason, the color of this budget is green with black figures.

fiqu budgeting app overview budget spend per month

If you tap on Month, change the selection period to Week and move (with the arrows) to a specific week in the above month, the All expenses budget amount changes accordingly.

In the Overview screen below you see that the total of expenses in that week of € 709 are compared with the recalculated budget amount of € 485 ( € 2,100.– x 12 months divided by 52 weeks). The resulted overspend of € 224 is shown in red. This means you have spent 46% more than allocated to an average week. That might not be a problem, but it does require your attention.

fiqu budgeting app overview budget spend per week

Diving deeper into your new budget

fiqu budgeting personal finances app tap on budget row in overview screen

If you tap on budget row on the Overview screen, you will see the popup screen below with four buttons:

Transactions: this will open the Budget Transactions screen. See example below.

Edit: change the Selection option, amount or period of your budget.

Delete: remove the budget. Any related transactions will not be deleted. You can always create a budget again later.

Cancel: close the popup screen.

Explore transactions spent in a budget period

In this screen you see exactly which expenses together make up the € 709 spend ( € 224 on top of the budgeted € 485).

If you swipe the list, the transactions for the next or previous budget of the same period are shown. After checking the “Swipe period” option, the next or previous period for the same budget is shown when swiping.

As default, the oldest transaction in the selected period is shown on top. After checking the “Largest on top” option, the expense transaction with the largest amount (for this budget in this selected period) is shown on top of the list. Both options are shown below:

fiqu budgeting app budget transactions in descending date sequence
Default order: most recent transaction on top.
fiqu budgeting app budget transactions with largest amount on top
Largest on top option checked: transactions in descending order of amount.

Do you need more categories to make a budget for?

Then check the article on renaming or creating categories in FiQu.