Setting Up Your First Budget in SavePoint

SavePoint's setup wizard walks you through creating a comprehensive budget in about 15 minutes. Here's what to expect and how to make the most of each step.

Step 1: Set Your Fiscal Year

Enter the year you're budgeting for (e.g., 2026). SavePoint allows one budget per fiscal year. You can also give your budget a name like "2026 Personal Budget" for easy reference.

Step 2: Enter Income Sources

Add each source of monthly income. For most people, this is primarily salary, but include any regular income:

Enter your take-home pay (after taxes and deductions)

Add freelance or side income if applicable

Include investment income, rental income, or other regular sources

Enter monthly amounts. SavePoint automatically calculates annual totals.

Step 3: Set Spending Goals

SavePoint uses the 50/30/20 framework as a starting point:

50% for Needs (essential expenses)

30% for Wants (discretionary spending)

20% for Savings and Debt repayment

Adjust these percentages to match your priorities. If you're aggressively paying down debt or saving for FIRE, you might use 50/20/30 or 40/20/40. The percentages are guidelines, not requirements.

Step 4: Budget Your Expense Categories

For each expense category, enter:

Monthly budget: How much you plan to spend

Subcategory 1: Whether it's a Need or Discretionary (want)

Subcategory 2: Optional life area grouping (Food, Housing, etc.)

Don't worry about perfection. Base initial estimates on what you think you spend, then adjust after a few months of tracking actuals.

Step 5: Review and Save

The review screen shows:

Total budgeted income and expenses

How your actual allocations compare to your 50/30/20 goals

Color-coded indicators showing if you're over or under target percentages

If something looks off, go back and adjust before saving.

After Setup: Making It Real

Your budget is now ready, but it needs data to be useful:

Add your accounts so SavePoint can track balances

Enter or import transactions as they occur

Check the Cashflow Center to see budget vs actual by category

Review weekly for the first month, then adjust based on what you learn

Most budgets need 2-3 months of adjustments before they accurately reflect reality. That's normal.