What are the different budgeting options?

What is our budgeting tool?

Our budgeting tool is how we help you stay on track of your finances and pay your bills on time. We put aside enough of your income to cover your bills, and the rest goes onto your card for you to spend.

Budgeting in under 60 seconds

How to set up budgeting

Using the thinkmoney budgeting tool in the app couldn’t be easier. All you have to do is:

  • Head to the ‘Budgeting’ section
  • Click ‘Add new income’, fill out the details, and confirm
  • Select the ‘Payments’ section
  • Click ‘Add new payment’, fill out the details, and confirm

The money for these payments will automatically be moved to your bills section each month and the rest of your income will be on your card for you to spend.

If there isn’t enough in your bills account to pay for your bills, for example, if one of your bills comes in higher than expected, we will transfer the money from your card to ensure it will still be paid on time.

What are the different budgeting options?

The thinkmoney app is designed to help you budget in a way that suits you.

It doesn't matter whether your income is paid in once a month or once a week. Our budgeting tool can calculate how much is needed to be put into your bills section based on the information you provide. Therefore, you can either budget the same amount each week towards your bills and regular commitments, or you can budget for these from one income on a monthly basis.

If you want more tips on how to save and make the most out of your money, you can check out our budgeting guides.

How do I change my budgeting?

In the app you can also see how your money will be split between your bills account and your card for up to three months in the future, making it easy for you to amend your income and payments.

To make the changes:

  • Log in to the thinkmoney app
  • Head to "budgeting" and select the month you want to view - This screen will show you what income and bills will come into your account, how much money we’ll hold for your bills, and how much money will be transferred to your card.
  • Select add, change, or remove details of any income and bills - This information helps us calculate how much to keep aside for bills and how much to move to your card, so make sure it’s up to date!

If you don’t have the app, you can amend your budgeting via online banking.

We hope you found this page useful and you now understand how to make the most of your budgeting tool. If you need any help on updating your bills section, you can check out our help and support page on setting up Direct Debits and standing orders.