Categories & Category Rules
Categories are the link between your transactions and budgets - categories break down your earning and spending into different areas, making it easy to create budgets and adjust your spending habits. Category Rules allow you to automatically categorize your transactions.
In this article
As your transactions come into PocketSmith they'll need to be assigned to meaningful categories. Categorizing your transactions is especially important in order to understand your earning and spending habits in different areas. Once you have your transactions assigned to categories, you can create budgets for your categories and track your earning and spending! 🚗 🍕 👞 🍷 ⚒ 📃
- Sam creates a Dining out category to keep track of what he's spending on eating out at restaurants and cafes
- He categorizes all transactions from restaurants and cafes to his Dining out category
- This means it is now easy for Sam to see how much he is spending on dining out!
- Sam notices that he's spending $200 each week on Dining out. Sam thinks he's spending too much, so he creates an expense budget for his Dining out category for $100 and tracks this budget to stay on track
You can use the Categories page in PocketSmith to set up, edit and organize your categories.
If you have a bank feed, it may be set to auto-categorize your transactions as they come in. If you'd prefer to stick with categories you have created, you can switch automatic categorization from the bank feed off.
You can personalize your categories with your own category names, colours, and emoji. You can also change settings about how your categories behave too. Here's everything you need to know about editing your categories.
Helpful Articles - Categories
- An introduction to categories in PocketSmith
- Adding new categories
- Categorizing your transactions
- Editing & deleting categories
- Bill categories
- Setting up transfer categories in PocketSmith
- Sub-categories and nesting
- Options for hiding or restoring categories
- Using the Categorize Items page
- Stop new categories from automatically appearing
- Changing a category's refund behavior
- Viewing all the transactions in a category
- Managing categories imported from bank files
It can be time-consuming to categorize each of your transactions one by one so it's a good idea to create category rules!
Category rules work by remembering the merchant of a transaction and categorizing any future transaction with the same merchant to a particular category 👏