Module 7 · Lesson 1

Daily Tracking

10 min read

Daily Tracking

Daily tracking is the practice of reviewing your budget and transactions regularly to stay on top of your finances. It's quick, takes just a few minutes, and keeps you in control.

Why Track Daily?

Daily tracking helps you:
1. Stay aware - Know where you stand financially
2. Catch issues early - Spot problems before they become big
3. Make informed decisions - Know if you can afford something
4. Maintain control - You're actively managing your money, not reacting to it

The Daily Check-In

A daily check-in takes 2-5 minutes:

  1. Review new transactions - See what cleared today
  2. Check cash-flow forecast - See your future balance
  3. Review budget status - See how you're doing vs. budget
  4. Make adjustments - Move money between categories if needed

Using Cash-Flow Forecasting

Cash-flow forecasting shows your future balance based on:
- Current balance
- Scheduled transactions
- Recent transactions
- Budget allocations

Understanding the Forecast

The forecast shows:
- Today's balance - Current account balance
- Future balance - Projected balance on specific dates
- Upcoming transactions - Scheduled items affecting balance
- "Upcoming Through" date - How far into future you can see

Using Forecast for Decisions

Before making a purchase:
1. Check cash-flow forecast
2. See if you have enough money
3. Check if purchase fits in budget
4. Make informed decision

Example: Forecast shows you'll have $500 on the 15th. You want to spend $200. Check: Do you have $200 in the appropriate budget category? If yes, you can spend. If no, you need to adjust.

Reviewing Transactions

Daily Transaction Review

Each day, review new transactions:
1. Check categorization - Are transactions tagged correctly?
2. Verify amounts - Do amounts match your receipts?
3. Identify duplicates - Are there any duplicate transactions?
4. Note patterns - Are you spending more in certain categories?

Adjusting Categories

If a transaction is miscategorized:
1. Click on the transaction
2. Change the tag/category
3. Save

Tip: If this happens often, create or update TagMatcher rules to prevent it.

Budget Status Review

Check how you're doing vs. budget:

Category Status

Each budget category shows:
- Budgeted - How much you planned to spend
- Spent - How much you've actually spent
- Remaining - How much is left in budget
- Status - On track, over budget, or under budget

Making Adjustments

If you're over budget in one category:
1. Reduce spending - Cut back in that category
2. Move money - Transfer from another category
3. Adjust budget - Increase budget for that category (if justified)

Remember: In zero-based budgeting, moving money between categories is normal and expected. The goal is to stay at zero balance overall.

Using Snapshot Views (Tag-Filtered Reports)

Snapshot views let you focus on specific spending categories by filtering your budget to show only selected tags. This is perfect for daily tracking when you want to monitor specific areas.

What are Snapshot Views?

Snapshot views are filtered budget views that show only transactions and line items matching specific tags (categories). They create a focused view of your spending in selected areas.

Creating a Snapshot View

  1. Go to your Budget page
  2. Use the tag filter to select one or more categories
  3. The view updates to show only those categories
  4. All calculations (spent, remaining, balance) reflect only filtered categories

Try it now: If you have demo data, view a budget, filter by tags like "Groceries" and "Fast Food" to see a focused snapshot view.

Common Snapshot Views

Flexible Expenses Snapshot:
- Filter by: Groceries, Fast Food, Gas & Fuel, Restaurants, Home Supplies
- Use case: Monitor discretionary spending that you can control
- Daily check: See how much you've spent on flexible categories

Essentials Snapshot:
- Filter by: Housing, Utilities, Insurance, Transportation
- Use case: Track essential fixed expenses
- Daily check: Verify essential bills are covered

Entertainment Snapshot:
- Filter by: Dining Out, Entertainment, Hobbies, Personal Care
- Use case: Monitor lifestyle spending
- Daily check: See if entertainment spending is on track

Using Snapshots with Cash-Flow Forecasting

You can combine snapshot views with cash-flow forecasting:

  1. Filter by tags - Select categories to focus on
  2. Set "Upcoming Through" date - Include upcoming transactions
  3. View forecast - See projected spending for those categories
  4. Make decisions - Know if you can afford purchases in those categories

Example: Filter to "Groceries" and "Fast Food", set "Upcoming Through" to the budget end date. See projected spending for food categories and remaining budget.

Benefits of Snapshot Views

  1. Focused attention - See only what matters for your current decision
  2. Reduced overwhelm - Don't see all categories, just relevant ones
  3. Better decisions - Clear picture of specific spending areas
  4. Quick checks - Fast way to check status of specific categories

Daily Snapshot Workflow

For daily tracking, use snapshots to:

  1. Morning check - View flexible expenses snapshot
  2. Before purchases - Check relevant category snapshot
  3. Evening review - View any categories you're concerned about
  4. Weekly focus - Rotate through different snapshot views

Tip: Bookmark common snapshot views for quick access during daily check-ins.

Mid-Month Pulse Check

Around the middle of the month, do a deeper review:

  1. Review all categories - See which are on track, which aren't
  2. Check cash-flow - Ensure you'll have enough money for rest of month
  3. Adjust as needed - Make larger adjustments if necessary
  4. Plan ahead - Anticipate upcoming expenses

Using "Upcoming Through"

The "Upcoming Through" date field lets you see transactions through a specific future date. This combines your actual transactions with scheduled/upcoming transactions to show a complete cash-flow forecast.

How to use it:

  1. Navigate to your budget detail page (select any budget)
  2. Find the "Upcoming Through" date field in the filter section
  3. Enter a future date - the budget end date is recommended for the most complete view
  4. Click "Apply" to see your forecast

Try it now: If you have demo data, open a budget, set "Upcoming Through" to the budget's end date, and see your complete cash-flow forecast.

Recommended: Use Budget End Date

For the most accurate and complete cash-flow forecast, set "Upcoming Through" to your budget's end date. This shows:
- All scheduled transactions within your budget period
- Complete projected spending for the entire budget
- Accurate remaining balance projections

What you'll see:

  • Combined view - Actual transactions + upcoming transactions through your selected date
  • Projected balances - Account balances after all upcoming transactions
  • Category totals - Spending in each category including upcoming expenses
  • Cash-flow projection - Complete financial picture through your selected date

Other common uses:

  • Budget end date (Recommended) - See complete budget projection
  • View upcoming week - Set "Upcoming Through" to 7 days from now for short-term planning
  • Plan to payday - Set "Upcoming Through" to your next payday

This helps you:
- Anticipate expenses - Know what's coming before it happens
- Plan purchases - Time large purchases appropriately
- Avoid surprises - See scheduled transactions in advance
- Make informed decisions - Know if you can afford purchases before making them

Best Practices

  1. Make it a habit - Check daily at the same time (morning coffee, evening)
  2. Keep it quick - 2-5 minutes is enough for daily check-in
  3. Review, don't obsess - Check status, make small adjustments, move on
  4. Use tools - Cash-flow forecast, budget status, and snapshot views make it easy
  5. Use snapshots - Focus on specific categories with tag-filtered views
  6. Adjust as needed - Budgets are flexible; adjust when life changes

Common Mistakes

Mistake: Checking Too Often

Problem: Checking multiple times per day, obsessing over every transaction

Solution: Once per day is enough for most people

Mistake: Not Checking at All

Problem: Only checking at end of month, too late to adjust

Solution: Daily check-in keeps you aware and in control

Mistake: Ignoring Forecast

Problem: Not using cash-flow forecast for decisions

Solution: Check forecast before making purchases or financial decisions

Key Takeaway: Daily tracking takes just a few minutes but keeps you in control of your finances. Review transactions, check cash-flow forecast, use snapshot views to focus on specific categories, review budget status, and make small adjustments as needed. This proactive approach prevents problems and keeps you on track.