Balance Sheet Summary
With the balance overview, you have a complete picture of how your budget account is performing. With our balance overview, you’ll know exactly how much needs to be in your account each month so you can pay your future bills.
Even if you know your fixed expenses and can budget for them, there are some expenses that will vary from month to month or year to year. You’ll have fixed expenses that depend on your usage, such as heating. If we have a cold winter, you’ll typically use more heat than in a mild winter. Your expenses for gas or electricity, for example, may also depend on global market prices. Maintenance costs for your home or car, for example, will also vary.
These factors may mean that you’re either saving too much—which is a good thing—or that you’re saving too little. If you’re saving too little, you’ll find yourself in a situation where you don’t have enough money when the time comes to pay.
With a budget in Personal Finance, we’ve made it easy for you to keep track of whether your budget is on track or behind schedule with our Balance Overview.
How to Use the Balance Overview
To better understand the Balance Sheet, let’s look at a specific example.
Let’s imagine we have a budget with two expenses: one expense of 100 DKK that we pay every month, and another expense of 1,200 DKK that we pay every year in December. It’s therefore important that we set aside money each month for the expense due in December, so we don’t have to dip into our paycheck when the payment is due.
A budget is a plan that helps you manage your money. It outlines how much money you expect to earn and how you’ll allocate that money to cover various expenses. By creating a budget, you can ensure that you don’t spend more than you earn, while also saving for future goals.
By tapping the balance overview icon, we can now see exactly how much we need to have in our Budget account on the first of every month.
You’ll now see an overview of what the balance in your budget account should be on the first of each month.
By tapping on a specific month, you’ll also get an overview of what expense you’re saving up for, as well as an idea of how much should be set aside for expenses in that month.
Benefits of Actively Using the Balance Overview
The advantage of having a good budget is that you don’t end up with unexpected bills you can’t afford to pay. By actively using your account summary, you can ensure that you don’t end up in that situation, even when variable expenses turn out to be more expensive than expected.