Why use tags?
Tags are the backbone of your Money Dashboard. We pull in all your spending data and automagically “tag” your spend with categories to help you understand your spend. So rather than seeing all your spend in isolated transactions you can get a sense of what you're actually spending in certain areas. It doesn't really matter if you bought some of your groceries at Lidl and some in Sainsburys - what does matter is how much you spent overall.
Keeping on top of your tagging is a great way to stay in control of your finances and will ensure that all your budgets and reporting stays accurate. Though we have some pretty smart technology under the hood our tagging system probably won't know to begin with that your local shop called “Tasty Buns” is where you buy your coffees so all those daily flat whites will come up as “untagged”. Other examples might be if you buy your lunch meal-deal from ‘Boots’ it will be classified as “appearance” rather than "lunch".
Luckily, you can update and train the tagging rules to suit you!
How do tags work?
There are three levels of tags in Money Dashboard
- "Top level": these are the broadest categories, things like enjoyment, bills, home & family
- "Second level": these are the groups of tags that sit underneath the top level ones. For example, the top level tag 'Enjoyment' is split into sub categories of: cash, dining or going out, entertainment, TV, media, hobbies, activities etc..
- "Third level": are super granular! They break down the second level tags even further. For example a 'second level' tag for "hobbies" could be split into third level with tags for art supplies, course materials, tuition fees etc.
When people start using Money Dashboard level one and two tags are normally more than sufficient. As they progress on their money management journey they might want to activate level three tags or make their own custom tag.
This might all sound very complex, but it's designed to be simple!
- We automatically categorise as many transactions as possible.
- We'll flag 'untagged' transactions so you can easily find them
- You can tag anything we couldn't & update others to suit you
- Use the "apply to similar" rule to train the system to recognise spend unique to you
How to update transaction tags
- Change the description: by clicking on an individual transaction description & editing
- Change a tag: by clicking on an individual transaction tag to activate the pop-up transaction list. Select the appropriate tag from the options given or create a new custom tag by clicking on 'Add a tag'.
- 'Tag similar transactions' by selecting the checkbox if you want transactions with similar/same descriptions to be tagged the same. This will not only apply the same tag to existing transactions; it will apply the tag to transactions with similar/the same description that come into your Money Dashboard in the future.
- Edit multiple transactions by clicking on the blue 'Multi-Edit' icon above the search field to enable multi-editing.
Keep on top of your untagged transactions by logging in regularly & clicking the link (in blue) which tells you how many untagged transactions you have. This will quickly filter your list & you can easily add tags to ensure your dashboard reports are in top shape.