The Automatic Budget feature is only available during the initial setup. Once selected, this feature will categorize transactions and suggest a monthly budget based on your synced accounts and last month's spending.
If you choose Manual Budget in the setup phase, you will be given the default set of categories to start with and can adjust the categories to your liking. If you sync any accounts with a manual budget, WizeFi will automatically review these transactions and categorize them to the default budget categories if applicable.
What's the difference between automatic and manual?
Automatic reviews your spending and only displays relevant categories and subcategories based on your historic spending. Manual provides a default budget template.
Automatic reviews your last month's spending and provides a suggested budget amount for each category. Manual mode allows you to customize each budget category from scratch.
Both modes allow WizeFi to automatically categorize transactions from accounts into the existing budget categories/subcategories.
For example, a restaurant transaction will automatically be categorized as 'Dining out'.
Both modes allow you to manually adjust categories, subcategories, or transactions.
Note: If you create or modify a category/subcategory, WizeFi's auto-categorization will not apply to these new changes.
If you would like to categorize transactions from the same merchant automatically, you can create a rule. This allows every future transaction from that merchant to go to the category, or subcategory of your choosing.
Once you select an option (automatic or manual), it can not be changed. However, the only difference between the options is that WizeFi will not set up an initial budget based on your historic spending. You will still be able to automatically categorize transactions in manual mode.
If for some reason you'd like to restart your WizeFi account and select a different mode, you can always delete your account and create a new one using the same email.
If you have any further questions, please reach out to us within the app, or at support@wizefi.com and we will be happy to help!