Easily Create and Maintain a Budget Using Wealthvision

June 21, 2018
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Statistics tell us that the leading cause of household stress is money. Yet many people do not have a system for knowing where their money goes once it comes in the door.

Keeping track of spending — so you can understand your habits and spend more wisely — is an important reason for creating a household budget. This sheet can be a good starting point for those creating a budget for the first time: Creating a Household Budget

Using the Budget Feature in Wealthvision

Wealthvision users have the option of creating a budget under the Spending tab in the Client Portal. This pulls in your transactions from all of your aggregated accounts (they could be checking, credit cards, investment accounts, etc.) and allows you to craft your budget accordingly. Please note: spending is automatically hidden from advisors, unless you provide permission under your account settings.

In the Budgets section, users are able to create a budget for each spending category. The Overview page defaults to Spending by Category, but you can drill-down into each piece of the pie chart to see expense details and related transactions.

Every transaction will be categorized and count towards an overall and category budget. You can change the category if the default isn’t a close match. Categories can be edited by clicking on an individual transaction. By clicking Details, rules can be created to re-categorize future transactions the same way.

Tips and Tricks

  • This feature is automatically hidden from your advisor, but if you choose you can grant access through the Settingstab
  • You will need to aggregate your accounts in the Organizer before transactions are pulled into your Budget
  • You can easily check on your budget using any mobile device
  • When you’re getting started, you can use Create an Auto Budget, which analyzes your last six months of transactions and estimates budget amounts from there.

Questions about your Wealthvision account? Call our office at 856-810-7701 or email Eric Allen, CFP®, Paraplanner Assistant, at eric@mfinancial.us

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