NEW ! How to use budgeting feature in chime FULL TUTORIAL

How to Use Budgeting Features on the Kim App

Managing your finances effectively is crucial, and the Kim app offers easy-to-use budgeting features to help you stay on track. In this article, we’ll guide you through the process of using the budgeting tools available on Kim.

Getting Started

To begin, go to kim.com. Once you’re there, scroll down to find the option to choose a budgeting method. Look for the "Monthly Budget Planner" and click on it. This will open an editable PDF that will serve as your budget template.

Filling Out the Budget Planner

1. Enter the Month: Start by writing the name of the month at the top of the PDF.

2. Total Income: Next, specify your total income for that month. For instance, you might enter $3,000.

3. Categorizing Expenses: The PDF divides expenses into several categories:
   • Needs: This section includes essential expenses like rent, groceries, utilities, and bills.
     • Enter your expected budget, actual spend, and calculate the difference between the two.
   • Other expense categories include:
     • Groceries
     • Phone
     • Internet
     • Transportation

Analyzing Your Needs

Once you fill out the essential expenses, calculate the total needs. Here, you will need to add:

• The expected budget for all needs
• The actual amount spent
• The difference to indicate whether you exceeded or stayed under your budget

Managing Wants

In addition to needs, the app allows you to track your discretionary spending in the Wants section. This includes:

• Subscriptions
• Entertainment
• Travel
• Personal purchases

Fill in the budget for these non-essential items in the provided fields.

Saving for the Future

Don’t forget to allocate funds for savings. In the Savings section, you can budget for:

• Emergency funds
• Retirement savings
• Debt payments

Simply input your savings goals here to keep a close eye on how much you’re setting aside.

Final Calculations

At the end of the budgeting process, sum up your total expenses and calculate the total differences. This will give you a clear overview of your financial standing for the month.

Conclusion

Using the budgeting features on the Kim app can greatly enhance your financial management. By categorizing your needs and wants, you’ll gain a better understanding of your spending habits and savings goals. If you have any questions while using the app, feel free to leave a comment below.

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