We have several tips & tricks to answer some common questions.

There are many creative ways you can use moneySweet to fit your needs. Contact us if you have more questions and we will be happy to offer a solution!

Q. I received a work bonus. How do I enter my bonus?

A. Simply add the bonus in ‘Income’ under the ‘Additional Income’ category. Make sure you select ‘one-time income’ as the frequency. Note: Bonuses can be taxable, so make sure you enter the ‘net’ amount (the amount shown going into your bank account).

Q. I changed jobs 6 months into the year. How do I enter my income?

A. Add both jobs in ‘Income’ under the ‘Predictable Income’ category. Divide your income of job #1 by 6 months (or 27 weeks). Do the same for job #2. Make sure to enter the frequency of each job as a one-time income. Make sure to add notes so you remember the details!

Q. What is Necessary Spending versus Extra Spending?

A. We encourage everyone only to put the very basic expenses in Necessary Spending. This includes the things you cannot live without, such as rent, hydro, heat, water, food, dentist, medications and clothing. Everyone has different needs but the less you allocate here, the more you can allocate to Extra Spending. Extra Spending is for everything that is not in Necessary Spending; the small luxuries that we may even take for granted, such as eating out, massages, subscriptions, and impulse buys. This allows you to spend all your time in the Extra Spending section throughout the year, and prioritizing which things you can afford and which you can afford to give up! You will have more control and more awareness of your overall spending.

Q. I have purchased an item with a payment plan. How do I enter this expense?

A. Add this expense in ‘Extra Spending’ under the ‘Debt and Repayment’ category. Depending on the terms of the payment plan, enter the frequency of what you need to pay and the amount. Make sure to make notes of the payment terms and when you expect it to be paid off.

Q. I have tax owing. How do I enter this expense?

A. Add this expense in ‘Extra Spending’ under the ‘Debt and Repayment’ category. Enter the frequency as a one-time expense and make notes of the tax owing so you can compare next year.

Q. I want to save money by putting money into my RRSPs. How do I do this?

Add this as an expense in ‘Extra Spending’ under the ‘Savings & Investing’ category. Enter the frequency as a one-time expense. We think saving is an important part of this app and encourage everyone to prioritize saving and debt repayment over personal spending.