How fixed expenses work
Know the amount spent on fixed expenses is essentiel to improve budget management. The fixed expenses tracking tool has been designed to accompany Sumeria+ customers in this initiative.
With this tool, customers can:
- Become aware of all their charges and the amount allocated to them;
- Look up details of their charges and billing dates;
- Obtain monthly and annual totals for all registered charges;
- Link a dedicated budget account to their fixed charges.
This tool can be reached from the Sumeria+ center in-app, for all Sumeria+ customers.
Adding a fixed expense
From the Sumeria+ center, by default, the main view displays "Fixed Expenses to estimate". By tapping on "Begin", customers can add a fixed expense and enter its associated details.
Expense type
It can be filled in manually or chosen from a list of common expenses provided by the tool (rent, insurance, Netflix, etc.) or selected from transactions detected as recurring on your account;
Amount and frequency
Customers can enter the cost of the fixed expense and how often it will be debited, whether weekly, monthly or annually.
Example: For a gym subscription of €80 debited every 4 weeks, we recommend to add in the tool a weekly payment of €20.
(52 weeks / 12 months = 4.33 weeks per month)
Debited account
Customers specify whether the charge is debited from a Sumeria account or an external account.
Monthly tracking
Customers can set the day of the month on which the charge is debited. They can also activate a reminder to receive a notification the day before the charge is debited (or 2 months before for annual debits).
Managing fixed expenses
From the Fixed expenses tracking screen, customers can freely :
- Edit and update existing fixed expenses
- Delete fixed expenses
- Create new fixed expenses.