What is it?

True Balance is an important part of broadening the Plum saving universe from setting aside money to providing you with actionable insights. This begins with the Diagnostics feature which provides an overall picture of how you compare to your look-alikes in similar income brackets across a number of spending categories.

This diagnosis is important in surfacing spending insights to you, however, it does not provide a "cure".

True Balance forms a part of the cure for those who have been diagnosed as "over-spenders" and may need help reigning in their spending.

It achieves this by providing you with a number that reflects your true financial picture.

So for example, if you know that you only have £100 left for the rest of the month, then you may be less likely to spend that money at the pub. 😁

Using income detection we can also let you know how long the True Balance balance has to last for. This allows you to budget your True Balance and it, therefore, becomes part of the cure to the previously diagnosed spending problems. 👍

How does it work?

Plum takes your bank balance and subtracts regulars and plum savings to give you an accurate number of what your “True Balance” is till the next income period.

So, it's:

Bank Balance - Regulars - Plum savings = True balance

For example, if you have £1,000 minus £40 Plum savings and minus £500 in Regulars, your True Balance is £460 till you next get paid on the 26th of May.

❗The calculation is using the available balance, meaning it will take your overdraft into account (if any).❗

You are able to add, remove and edit regulars if what Plum has detected is incorrect. You can also edit your income but you cannot add multiple sources at the moment.

Viewing True Balance

1) Tap on 'Linked current account'

2) Swipe to see your true balance

👉 If your True Balance is 0, then Plum wasn't able to detect your income and expenses and prompts you to add them manually:

Adding your income

1) Just tap on 'More info' on the True balance page

2) Edit income

3) Confirm the amount and how often you get paid and the next pay date

All set 🎉

Editing Expenses

You can also edit your regulars from the True Balance menu.

1) Tap on 'More info' in True Balance

2) Tap on 'Regular expenses'

3) Tap on the Regular you'd like to edit

4) Select a category, how often it occurs and the next due date

Adding Expenses

1) Tap on 'More info' in True Balance

2) Tap on 'Regular expenses'

3) Tap on 'Add expenses'

Removing Expenses

1) Tap on 'More info' in True Balance

2) Tap on 'Regular expenses'

3) Tap on the Regular you'd like to remove

4) Tap on 'Delete this expense'

Showing True Balance On Home Screen

You also have the option of replacing the current balance on your home screen with the True Balance.

1) Tap on 'More info' in True Balance

2) Settings > Default view and toggle it ON.

This is how it looks:

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