Wavvy Wallet simplifies budgeting by allowing you to set spending limits based on your income, categorize your expenses, and get clear visuals on where your money goes each month. Here’s how you can use it to create a stress-free, practical budget—perfect for those taking charge of their money for the first time! 📊
- Start by reviewing your last three months of spending—Wavvy Wallet’s Auto-Create Spending Limits feature does this for you, suggesting realistic budgets based on your habits[1].
- Add your income sources under the Income tab to provide an accurate overview.
- Manually enter your regular monthly bills (like rent or subscriptions) as fixed expenses in the Expenses tab—a solid base for your financial plan[2].
- Wavvy Wallet automatically categorizes your spending into fixed (needs) and variable (wants) costs, so you can see essential versus flexible spending at a glance[5].
Fixed Costs are expenses that don’t change month-to-month—think rent, utilities, phone bill, or subscriptions. You have to pay these regardless of how much you use them. Enter these directly for easy tracking and to make sure your essentials are always covered.[2]
Variable Costs are more flexible and change month to month based on your lifestyle, including eating out, entertainment, travel, and shopping. These are where you can make easy adjustments if you need to save.[2]
- Wavvy Wallet recommends applying the 50/30/20 rule to your budget: 50% of income for fixed costs (Needs), 30% for variable costs (Wants), and 20% for savings or paying down debt[3].
- Needs (50%): Rent, groceries, utilities, transportation—anything essential for living.[4]
- Wants (30%): Non-essentials like dining out, subscriptions, new gadgets.
- Savings/Debt (20%): Emergency fund, future goals, or student loan payments.
- The app visualizes each category and automatically alerts you if you’re about to overspend—keeping you on track.[1]
To get started, use the app’s suggested limits or set your own savings targets if you want to challenge yourself to spend less. You can also adjust these over time as your needs change or your income grows.[3]
- Track spending for each category in real time with the app—no spreadsheets required.
- Get friendly reminders and alerts whenever you’re close to your budget limits, helping build healthy money habits early.[5]
- Adjust fixed/variable spend or your savings rate as your situation changes—like getting a new job or moving apartments.
- Automatic reports make it easy to see your progress and stay motivated toward your financial goals.
Wavvy Wallet turns budgeting from a chore into a personalized, data-driven journey. With smart automation, clear visuals, and instant feedback, anyone can confidently manage their money, avoid overspending, and start building financial security. 🚀
