Once your Frollo account is linked to a financial institution, setting up a budget is easy! We all know budgets are important to manage and track our income and expenses, the first step is to create your budget plan.
Step 1: Log into the Follo app
Step 2: Select the Settings menu
(via the hamburger menu, top left corner of your home screen)
Step 3: Select Budget and enter your income
3.1 Select the edit option under: 'Enter your income for the month'
3.2 Then press 'Done setting up'
Read here to learn why the first step in budgeting is to add your income. Here is an example below:
Step 4: Enter your living budget
Living expenses are those that just flow out of your bank account each month for rent, bills, groceries and other essentials. Basically, if you can’t give it up for a month, then it’s probably a living expense.
4.1 Type in the estimate amount for Living expenses
4.2 Press 'Done setting up'
Step 5: Enter your lifestyle budget
Lifestyle expenses are those that also flow out of your bank account – the difference is that they often put a smile on your face!These expenses include restaurants, taxis, beer, wine, your morning coffee, or yet another item for your wardrobe.
5.1 Enter your estimated lifestyle spend
5.2 Select 'Done setting up'
Once you have completed entering the Income, Living and Lifestyle 'Done setting up' our clever algorithms will calculate how on track you are to achieving a healthy budget. Remember you can always adjust your expenses once you start using the app. Now, lets see your budget!