How to Use TallyTabs.com to Track Your Expenses and Manage Your Money

Managing your personal finances doesn’t have to be complicated. With TallyTabs.com, you can track your daily spending, manage multiple accounts, and even collaborate with others on shared expenses. This guide will walk you through how to use TallyTabs to take control of your financial life.

1. Tracking Your Expenses and Income

The basics of personal money management are simple: record every expense you make and every income you receive.

To log a transaction in TallyTabs.com, click on the “Log Transaction” button, which is available on most views of the app. Then, follow these steps:

• Select the type of transaction (expense or income).
• Enter the transaction date.
• Input the amount.

Building a Habit of Tracking

Consistency is key! To get meaningful insights into your financial health, you need to develop the habit of tracking transactions regularly. After a few months of data collection, you’ll be able to analyze trends and identify opportunities to optimize your spending.

2. Import Transactions Automatically

If manual entry feels tedious, TallyTabs.com offers several ways to import transactions automatically.

2.1 Import Transactions from an Excel or CSV File

If your bank provides statements in Excel or CSV format, you can import them directly into TallyTabs.

• Navigate to the account view where you want to import transactions.
• Click on “Import Statement”.
• Upload your file and map the columns accordingly.

2.2 Link Your Bank for Automatic Syncing

TallyTabs.com supports direct bank connections with thousands of financial institutions worldwide. To link your bank account:

1. Go to Configure → Bank Links.
2. Click “Create New Bank Link”.
3. Follow the authentication process with your bank via our secure provider.
4. Select which accounts you want to sync with TallyTabs.

How It Works:

• Your bank transactions will sync every two days.
• For security reasons, you’ll need to renew the bank link authentication every three months.
• TallyTabs will automatically tag and categorize transactions based on your previous imports.

Note:Initially, you will need to tag and categorize transactions manually, but over time, TallyTabs will learn from your patterns and automate this process, including detecting transfers between accounts or payments to other people.

3. Managing Accounts

Your TallyTabs accounts can mirror your bank accounts, cash holdings, or investments. If you prefer simplicity, you can also manage all your transactions in a single “Default Account”.

When you sign up for TallyTabs, the initial setup wizard will prompt you to create accounts. However, you can always create or modify accounts later under Config → Accounts & Circles.

4. Understanding Circles

Circles are a powerful feature in TallyTabs that help organize your financial transactions.

What Can Circles Do?

• Group transactions from multiple accounts, giving you a comprehensive financial view.
• Share financial data with others, making it easy to manage family budgets or shared expenses.
• Track assets and debts, helping you stay on top of your financial situation.
• Provide a summary of your net worth, including balances, assets, and liabilities.

Each Circle has its own category tags, making it easy for multiple people to use a consistent tagging system for tracking shared income and expenses.

To create or modify Circles, go to Config → Accounts & Circles.

5. Managing Contacts

One of TallyTabs’ best features is its ability to manage shared finances. To add a contact, go to Config → Contacts. Once added, you can use these tools to streamline financial management with others:

5.1 Sharing Circles

Invite contacts to a Circle so they can view and manage transactions together.

5.2 Contact Transfers

Easily record money transfers between you and your contacts.

5.3 OBO (On Behalf Of) Expenses

Log expenses paid on behalf of someone else, ensuring proper reimbursement tracking.

6. Tracking Assets

TallyTabs allows you to track the value of your assets, such as a house or car, over time.

How to Track an Asset:

1. Create an asset tag under the Circle’s tag configuration.
2. Any transaction tagged with this asset will be linked to it.
3. Each transaction will have an “Asset Value” property, where you can manually update its current worth.

By regularly updating the asset value, you can monitor its appreciation or depreciation and see the actualnet value of your assets after accounting for associated expenses and income.

7. Tracking Debts

TallyTabs also provides a straightforward way to track and manage debts.

How to Track Debt:

1. Create a dedicated debt tag in your Circle’s tag configuration.
2. Tag all debt-related transactions with this tag.
3. Each transaction will have a “Remaining Debt” property where you can update the principal amount of your debt.

By consistently updating this value, you can track debt repayments and monitor how your obligations change over time.

Conclusion

TallyTabs.com is a powerful yet simple tool to help you track your spending, manage your income, and take control of your financial future. Whether you’re handling personal finances or collaborating with family and friends, its intuitive features make it easy to log transactions, analyze financial data, and improve your financial health.

Start using TallyTabs.com today and gain full control over your money!