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Review of Emma Finance and Budgeting App

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In this video, I will do a quick review of the Emma finance and budgeting app. This is part of a series where I give my thoughts on a variety of budget systems. Please subscribe and leave comments below! **** A full transcript can be found at www.marblejar.net. **** Hi, everyone. This is Lara Hammock from the Marble Jar Channel and in today’s video I will do a quick review of the Emma finance and budgeting app. This is part of a series where I give my thoughts on a variety of budget systems. OK – Emma is a personal finance and budget tracker that comes out of the UK. It is available for iOS and android platforms – there is no web app. They offer a free version which does allow you to automatically link your financial accounts, but upgrading to Emma Pro for $5 per month gives you a bunch of additional features including export, custom budget categories, split transactions, etc. Signing up for Emma allows you to use your Facebook, Apple ID, or your phone number. The set up process takes you directly into the screen to link an account. This is very easy and straightforward, and as I said before, is available even to free users. It syncs between devices by storing your data up in a cloud account. Emma protects your data by requiring you to enter a four digit pin each time you access the app. Once you have signed up and gone through the quick set up process, you land on the Emma feed screen. This is supposed to be like your Twitter feed, but it’s really just a series of small reports. Will come back to that in a second. The other screens listed here on the bottom are: Analytics, Save Money, Accounts, and More. Rather than go through each of the screens as Emma presents them, I’m going to pop around the app a bit to make sure that I cover the basic budgeting functions. First, Accounts As I said, you can set up your first linked account during the set up process. But, clicking on the Account screen allows you to set up additional linked financial accounts or to set up an account manually. In addition to regular spending accounts, you can set up savings accounts in this tab and your investment accounts in this one. Tapping on the account name brings you to a list of transactions for that account. You can add transactions for your manual accounts, but only edit transactions for linked accounts. You can search your transactions from this screen as well. One of Emma’s nice features is the ability to add color and a pictograph for accounts and budget categories. You can see that Emma has pulled in the Chace logo for my linked credit card account and I’ve chosen a color and an icon to use for my main checking account. Next, let’s set up some Budget Categories Emma provides some default categories. If you upgrade to Emma Pro, you can add custom categories. To see the budget categories, tap on Analytics and then Budgets up here in the upper right hand corner. I’m picky about the naming of my budget categories, so I would want the ability to add and change them. Unfortunately, Emma does not allow you to edit or change their default categories, but you can add new ones. Just click on this box that says “you are on Emma pro. Create a custom category”. From here, you just need to choose a name, color, and icon and done. You can see that Emma groups all of its default categories together down here and any new categories that I have added are grouped up here alphabetically. Other than these two distinctions, there is no way to custom sort or custom group your budget items. OK, now that we have some budget categories set up, let’s look at Transactions In the Emma app, there are a couple of ways to look at transactions. As Emma pulls transactions in from your financial institutions, the app attempts (reasonably successfully) to automatically determine the budget category. So, within this analytics screen you can tap on a budget category to see the transactions that Emma has tagged for it. In addition, you can click on merchants to see transactions categorized by vendor. Inevitably, Emma will not always tag transactions with the correct budget category. Unfortunately, there does not seem to be a way to indicate which transactions have been approved by you and which still need to be confirmed or have the budget category changed. Instead, those new transactions are intermingled with old transactions. This is a pet peeve of mine. Probably the best way to go through and make sure everything is categorized properly, is by going into the accounts screen, and clicking on the appropriate account to see transactions listed by date. From there, you can click on each transaction and check to see if the automatically applied budget category is correct. If it’s not, just tap on the category quickly choose a new one from this list of colorful icons, and tap “Apply edit to one transaction" . . .

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