Categories are the primary transaction tracking mechanism in Walbux. It’s best practice that they be assigned to the vast majority of your transactions, but that doesn’t mean there are no exceptions!
Walbux recommends skipping the category in the following situations:
- When you’re paying off a credit card.
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When you’re simply moving funds to a new location, such as...
- Transferring money from savings to checking accounts
- Transferring money from one checking account to another
- Getting cash out of an ATM, IF you track your cash flow in Walbux
- When you legitimately don’t know what the transaction was for!
Of course, you could also assign any of these transactions to a Reference category, but it’s really just a matter of preference. Reference categories show up on your Budget, which could be a pro/con depending on your view. It’s probably a good idea to use Reference categories when transferring money into a savings account, that way you can track your savings on your budget.
If it’s not yet clear, the general idea is this: if you’re not saying hello or goodbye to your dollars for the first/last time -- you’re instead just moving those dollars -- there is no need to categorize.