Getting a complete sense of your personal finances is important, even when you just open the app for a quick peek. That’s why we made the Monthly Overview graph. We included the information you need right away and made it easy to go deeper when you need more details.

It’s true that this graph contains a few more elements than usual, so there is a bit of a learning curve. But give it a chance, it will make the quick looks at your finances a lot more effective. Here are the main elements:

 

The “Left to spend” number
As the name implies, this big green number tells you how much money is remaining for you to spend this month. If you have set up a monthly budget, all the expenses in this month will be deducted from the budget amount and what you get is the “Left to spend” number.

For more details on how this number is calculated read the Left to spend blog post, or go to the “River Flow” section in the app menu.

 

The “Left to spend” progress bar
The green-coloured background of the graph is a progress bar that tells you how much money you have “left to spend”. The length of the graph represents all the money you have “left to spend” in the month. In the beginning of the month, the whole graph is green. But as you add more expenses, it starts shrinking from left towards the right side. Kind of like a glacier. The green lollipop shows you where it ends and tells you how much you have left to spend.

If you surpass the budget amount you have set for yourself, or spend more than you earn, the progress bar will start appearing from the left in red colour, with the red lollipop up front. In that case it will display how much you went over your budget, or overspent your earnings.

 

The “today” lollipop
You can also see an upside-down lollipop in dark grey with “today” written on it. This lollipop shows current day compared to the time of the entire month. The entire length of the graph represents all the time in the month and the “today” lollipop displays where you are now.

 

The expense columns
These red columns are daily sums of expenses. They show how much you spent on a given day in the month, telling you when you spent the most and helping you to find the main culprit of overspending. The taller and darker the column, the more was spent.

 

Quick tip: Tap and hold with your finger on the graph to see the daily details.

 

Compare the “left to spend” and “today” lollipops
To quickly size up your financial health this month, look at the two lollipops on the graph. The green lollipop tells you how much money you have left to spend, while the grey – today lollipop tells you how much time you have left.

If they’re aligned or almost aligned, you’re right on track so far. You’re on the way to spend the almost exact amount of money you budgeted or earned in this period.

If the today lollipop (grey) is way ahead of the money left lollipop (green), then you’re doing great this month. You’ve spent less than you thought you will in this amount of time. If this happens a lot, perhaps it’s time to lower the budget amount.

If the money left lollipop (green) is way ahead of the today lollipop (grey), then you’re not doing so well with your budget. You’re spending more than was expected. Time to reduce your spending, or if that’s not possible, make the budget amount larger next time.

 

If the lollipop has already turned to red, you have already spent more than the money you had put in the budget amount. The lollipop simply tells you by how much.

 

To learn more, check out the Left to spend and River flow graph blog posts.

As the name implies, this big green number tells you how much money is remaining for you to spend this month. It gives you a quick information on where you stand financially right now, while keeping your budgeting goals in mind.

If you have set up a monthly budget, all the expenses in this month will be deducted from the budget amount and what you get is the “Left to spend” number.

If you don’t have a monthly budget for all expenses, expenses will be deducted from your incomes this month to get the “left to spend” number.

 

Left to spend with a monthly budget for all expenses

Left to spend without a monthly budget for all expenses

Overspent

If you have already spent beyond your means or over budget, the “left to spend” number turns to the red “overspent”. It shows you how far over your monthly budget or your earnings you already went this month.

Left per day

The smaller number below “left to spend” tells you how much you can spend each day by the end of the month to keep your finances aligned with your goals. The number is simply the current “left to spend” number divided by the amount of days remaining in the current financial month.

 

Reduce spending to

If you have already overspent this month, the smaller number below will turn to the “reduce spending to” mode. This number tells you how much you should have spent per day to get through the month normally. It’s your monthly budget amount or the monthly income (if there is no budget), divided by the number of days in the month.

 

Including planned expenses – or not

The “left to spend” number can either include planned expenses and incomes – or not. Planned expenses are those which you have already entered in this financial month, but they are still in the future – they haven’t been due yet. These can be regular bills that you know are coming, but haven’t paid yet, incomes that should come in the future, but haven’t yet… You get the idea. You can set these to be included in “left to spend” and all the graphs. Tap the time span & accounts indicator on the top right. In the right sidebar that opens up, tap the name of the month on top. Make sure you’re in the “My financial month” tab. Turn the switch “Show planned expenses in graphs” either ON or OFF. Your wish shall be our command.

When you start using Toshl for the first time, it’s prudent to first set up the basic layout of your personal finances. It’s a quick an easy process, nothing complicated. We’ll simply add the accounts where you keep your money and where you pay from. Bank accounts, credit cards, cash etc. Next, we’ll take a look at how to best describe your spending with categories and tags. Last but not least, set up your repeating expenses and incomes so they show up automatically and you get a warning when they need to be paid.

In this tutorial we’ll show you how to do this in the Toshl Android app. You can do all the same things in our Web App app as well, but the buttons and graphs might be positioned a bit differently.

If you’d rather start in the web app, see the How to Set Up Your Finances in the Web App blog post.

 

Without further ado, here’s what you should do:

1. Add your financial accounts and balances

When you sign up on Toshl, a Cash account is added in advance. You can see your accounts by tapping the time span and accounts button on the top right.

That time span/accounts button is there all time time in the Toshl app, except when adding a new entry or in Settings. When it’s there you can also reach the right sidebar simply by swiping anywhere from the right side of the screen towards left.

Open your actual wallet, count what’s inside. Then tap “Edit” below the accounts. Once in editing mode, tap the Cash account to edit it.

In the initial balance field, enter the amount that you counted in your wallet. Keep in mind that the inital balance amount will be added to the current balance, it won’t just replace it. Although if you started with 0 on your account, that’s all the same.

When you’ve entered the initial balance of the account tap the tick button on the top right to save.

If cash is all you use and that’s all you mean to track in Toshl, you’re all done. Most likely you have at least a bank account and a credit card or two to add as well.

Tap “Add account” to add another financial account. You can name the accounts however you like, but for most, the name of the bank or the name of the credit card will be most suitable. Remember to check what the current balance on that account is and enter it as your initial balance. Just like you did with the Cash account.

There you go. All set.

When you add an expense or an income to Toshl, you can choose to which account should this entry go. Expenses will be deducted from your balance, incomes will of course be added. Balances on accounts are “all time” meaning that they will always show the current balance, no matter which time span you have chosen to display.

Quick tips:
– When you withdraw cash at an ATM, add this as a transfer from your bank account (or credit card) to your cash account.
– When you need to pay your credit card bill, add this as a transfer from your bank account to your credit card account. Most likely the credit card balance should be 0 just after you’ve paid.

 

 

2. Check your categories and tags

We have already added the most widely used categories and tags that should cover most of your spending and earnings. Naturally, we all have our own stuff going on, so you might need to add a few.

When adding an expense or income, you can also add categories and tags. When you’re selecting a category or tag, you’ll see a + button on the right side of the section. Tap that to add a category or tab.

For renaming, removing or merging of categories and tags, please use the the Web App. This functionality will be making its way to the mobile apps soon, but for now it’s only available in the Web App.

 

 

3. Add your salary and other incomes (repeating incomes)

Most people have some sort of regular income. It’s best to enter these incomes in advance and set them to repeat automatically, so you don’t have to enter them manually each month or every few weeks.

Go to the Incomes section. Click the green + button on the bottom left.

Quick tip: Drag the + button with your thumb toward the top right corner. You’ll see that it changes colour and switches between adding expenses/incomes/transfers. Let go of the button when you’re on the type of entry you want and the add screen will open. That way you can quickly add different types of entries no matter on which screen you are.

Enter the information about your salary: amount, the category “Salary”, if you like you can also add tags. Choose the financial account this salary usually comes to and the date of the month you get the salary on.

Important: If you wish to add past salaries, you can set the date in one of the past months. Keep in mind that the past salaries will also be added to your financial accounts.

Now tap the R in the circle icon in the bottom row, it will open the options for repeating incomes.

You should set the salary to repeat automatically. Set your salary to repeat in the period that you are paid. Be that monthly, weekly or whichever period is applicable. You can also choose the “Custom repeat” and set it to repeat in any period you like e.g. every 2 weeks, every 17 days.

If your paycheck varies, you can later edit each individual repeat to enter the correct amount. If that happens a lot, set up a reminder (the little bell icon) to remind you to do that with a notification when the next pay-check arrives.

Save and you’re done. The salary will show up automatically in each period. Hopefully, so will the real one.

 

4. Add your regular bills (repeating expenses)

You should also add the bills that you know will be coming each month to make things more predictable, quicker and financial planning easier. Add things like electricity, internet bills, rent, gym memberships… all the regular expenses you have in your life.

Go to the Expenses or Monthly overview section and click the red + button on the bottom left.

Enter all the relevant information like the usual amount, category, tags (optional) and the date in the month that you usually pay the bill on.

Now tap the R in the circle icon in the bottom row, it will open the options for repeating expenses.

Select one of the predefined repeating periods like, weekly, monthly or add a custom period like every 4 weeks, every 3 months etc.

If you would like to be reminded to pay those bills when they arrive, you can also set up a reminder so the notifications will remind you when the bills arrive. It’s also useful if the amount of the bill varies and you need to modify it in each period. You can set up the reminders on the day it’s due, before, or any time you like. Up to 4 reminders per expense.

 

5. Look around Toshl, enter expenses on the go

Now that you’ve entered your expected incomes and expenses, the graphs around Toshl should look a bit differently. Explore them a bit and see how they can help you with monitoring your finances. Then as time passes, remember to enter the expenses and incomes on the fly to keep the balances on your accounts accurate. If you’re having trouble remembering to enter the expenses, set up a daily reminder in Settings / Notifications. You’ll get the hang of it in no time.