Whether you’re wondering what’s the fuss about labels — or you’re here to gain inspiration on how to use them, keep reading. We put a lot of thought into designing the best system for categorizing… and here it is.
Labels help categorize transactions in a more precise way — it’s fun, it makes your Spendee organized & it helps with better analysis and understanding your finances. 📈
You can use them in so many ways depending on your style and it’s super easy. 😍 In this article, we’ll introduce you to some of them… choose yours!
When creating a new transaction and determining its value & category, you can easily spot Labels as another option! You can add multiple labels and use them as additional information about the purchase or even as a subcategory. 🤓 It takes just one click, because their order is automatically arranged by their usage. And what’s even better — they’re not tied to a specific category!
How to make the most out of Labels?
Labels as Subcategories 📦
Subcategories are one of the most requested features — and labels are even better! It basically means adding a label to your category to make it more specific. For example — you can track your Food & Drink expenses and choose labels as “pizza”, “restaurant” or “takeaway”. Now, you’re able to track whatever you’re interested in regarding Food & Drink — your type of food, specific restaurants or even purchasing behaviours (eating at work, dinner out or even paying for a date).
In the overview, you can easily analyse what labels you spend the most on! And you know what’s amazing? Since labels are not subcategories, you can use the label “pizza🍕” when eating out at the fancy Italian restaurant, but also in your groceries category when you have a frozen pizza box in the basket.
Labels as Occasions 🏝
Now, labels can be much more than just a piece of one category. They can basically merge categories that are tied up with one event! Use labels to track events such as birthdays, holidays or wedding preparations. It’s interesting to see how much you spent on your vacation — with travel costs, accommodations, food and other expenses altogether! The overview will for sure help you with that!
Labels as Budgeting Tools 💰
If you’re following any budgeting rules, you’ll soon realize labels will make your life simpler. Use them to distinguish your mandatory expenses (needs) and your personal expenses (wants). It’s just one simple step that will help you recognize whether your allocation is according to the 50/30/20 rule!
Let us know what system works the best for you! And don’t forget — using multiple labels for one transaction is a subscription feature!
Try it in the free trial 👀
