As you connect financial accounts in the app, Albert categorizes all of your transactions and compiles them into a monthly budget for you. There are four parts to the budget in Albert:
- Income: Albert automatically identifies your income from your transaction data and will predict your future income transactions as well. If your income varies from paycheck to paycheck or you receive income in cash, you can add these transactions manually into the budget.
- Bills and subscriptions: Similar to income, Albert will look for recurring charges and predicts upcoming bills and subscriptions. Tapping the "Bills" section will provide you a breakdown of both bills and subscriptions you've paid and those you owe that month.
- Savings: whatever money you've saved this month, for example money you transferred to a savings account.
- Spending: Any remaining funds spent that aren’t marked as bills will be marked as spending. You can see your spending not only by amount but also by category as well by tapping the category button.
Albert then calculates how much money you have remaining to safely spend at any point in the month. Your remaining funds are calculated with this formula below:
Income - Bills - Savings - Spending = Remaining funds.
Note: transfers will not appear in your budget as bills or spending. For example, if you put money in your IRA account from your checking, Albert will count that as a transfer rather than spending, as you moved the funds from one account to another.