ExMint provides a flexible framework that allows you to tailor the add-in to your specific financial management needs. This section will guide you through customizing categories, setting up budgets, and understanding the formulas used in ExMint.
Custom Categories
Custom Categories and Budget Setup
ExMint provides a flexible system for categorizing transactions and setting budgets, which relies on two important tables: Custom_Cat and Budgets.
Custom Categories
The custom categorization system uses a sophisticated formula to assign categories based on transaction details and user-defined rules.
To customize categories:
- Locate the Custom_Cat table in your workbook.
- This table should have the following columns:
- Name: Keywords or phrases to match in transaction names
- Custom Category: The category to assign if there’s a match
- Amount: Optional amount criteria (e.g., “<100” or “>1000”)
How it works:
- ExMint first tries to match the transaction’s original category against the ‘Name’ column.
- If no match is found, it searches for the ‘Name’ keywords within the transaction description.
- If specified, it also checks if the transaction amount meets the criteria in the ‘Amount’ column.
Example rows in Custom_Cat:
| Name | Custom Category | Amount |
|-----------|-----------------|--------|
| Grocery | Food:Groceries | |
| Restaurant| Food:Dining Out | |
| Amazon | Shopping | <50 |
| Amazon | Big Purchases | >50 |
Tips:
- Be specific with your ‘Name’ entries to avoid incorrect categorization.
- Use the ‘Amount’ column to differentiate between similar transactions (as in the Amazon example above).
- Order your rules from most specific to most general for best results.
Budget Setup
The budget system in ExMint uses a separate Budgets table and a formula that references both this table and historical data.
To set up your budget:
- Locate the Budgets table in your workbook.
- This table should have the following columns:
- Custom Category: Should match categories used in the Custom_Cat table
- Monthly: The monthly budget amount for this category
How it works:
- The formula checks if a category exists in the Budgets table.
- If it does, it uses the specified monthly budget.
- If not, it defaults to the 6-month average spending for that category.
Example rows in Budgets:
| Custom Category | Monthly |
|-----------------|---------|
| Food:Groceries | 500 |
| Food:Dining Out | 200 |
| Shopping | 300 |
Tips:
- Ensure your category names in the Budgets table exactly match those in the Custom_Cat table.
- Regularly review and update your budgets to keep them realistic and aligned with your financial goals.
- Categories without a specified budget will use the 6-month average as a default budget.
Using These Tables Effectively
- Regular Maintenance: Periodically review both tables to ensure they reflect your current financial situation and goals.
- Iterative Refinement: After syncing transactions, check for any miscategorized items and update the Custom_Cat table accordingly.
- Budget Adjustments: As you use ExMint, you may notice areas where your actual spending consistently differs from your budget. Use this information to adjust your Budgets table for more accurate financial planning.
- Consistency: Maintain consistent naming conventions across both tables to ensure the formulas work correctly.
- Detailed Categories: Consider using a hierarchical category system (e.g., “Food:Groceries”, “Food:Dining Out”) for more detailed analysis.
By effectively using and maintaining these tables, you can ensure that ExMint provides accurate categorization and budgeting, tailored to your specific financial habits and goals. This customization is key to getting the most value out of your financial tracking and analysis with ExMint.