The purpose of this page is to present how to easily manage daily budgets with Lydia.
📩 Envelopes to categorise everyday expenses
Lydia allows you to manage your budgets and categorise your daily expenses with "Envelopes".
Whether it's for "Shopping", "Sport", "Leisure", "Bars and restaurants" or others, to create a budget envelope or category of expenditure, simply go to the second tab of the application and click on "+".
Once the envelope has been created, it can be filled periodically with the defined budget. The money can come from the main Lydia account with a simple drag and drop or from an external account with an instant transfer directly to the envelope's IBAN.
The budget envelope is ready to be used. The user can :
- Connect a Lydia card to the envelope and make a purchase.
- Allocate the expense to the right envelope after a payment by changing the source of the payment from the transaction receipt.
🔃 Recurring transactions to build habits
Budgeting needs to be regular over time to have an impact on daily spending. To enable the implementation of this habit, Lydia offers recurring transactions.
These transactions are fully customisable by the user. For example, it is possible to set up a monthly transaction between the main Lydia account and the "Food" envelope of the monthly amount allocated by the user to food. At the beginning of each month, the budget is replenished and can be spent for the following month.
Similarly, recurring transactions make it easy to set up a monthly, weekly or daily savings habit to more easily reach savings goals.
👉 Read more about recurring transactions.
💳 Correct use of the Lydia card
The Lydia card allows you to spend money from an envelope at any time.
Before spending money on the food budget, you can connect your Lydia card to the "Food" envelope. Using the Lydia card takes money from the food budget.
Allocating an expense to a budget is also possible after payment. It is possible to open the receipt of a transaction made with a Lydia card and change the payment source to select the correct budget.
👉 Read more about the Lydia universal card.