Spend Categorization - Tags vs Custom Category

Spends Categorization, would you rather have a Custom Category or Tags option?

  • Custom Category suffices
  • Tags suffice
  • Need both. If yes, could you give us an example?

0 voters

6 Likes

Welcome to the community, @arp4na ma’am. It’s great to see the Jupiter Family growing.

When it comes to categorizing my expenses, I usually stick to general categories such as food, recharges, and travel. I prefer using Custom Categories as they offer a simple and straightforward method to organize my spending habits.

5 Likes

I would prefer the custom category, as it offers better flexibility to me. With a custom category, I can easily create a category that fits my specific spending habits and track my expenses accordingly. I can also easily add or remove categories as needed, which makes it a more dynamic and customizable option.

3 Likes

Hi Arpana, the custom category would be a great addition. Currently insights rely on the spend categories for showing the break down where at times, certain spend categories have to be categorised to closest possible match. The custom category will definately help as it will allow users to categorise their Expenses that best suits their tracking approach which inturn ensures more meaningful insights.

1 Like

Thank you all, for your inputs. We will use this to inform the roadmap here.

4 Likes

You’re welcome Ma’am.
We, the community members, are always pleased to assist in the enhancement and growth of the Jupiter app.
I appreciate the opportunity to be a part of it. :star_struck:

Hi, custom categories will go a long way to make insights actually insightful.
This feature is a must-have. Right now the categories Jupiter offers do not cover many areas.

What I think could be an addition to this feature would be category groups.
For example, I can have multiple categories like Stocks, Mutual Funds, P2P lending, Deposits, PPF etc. and all these categories will be grouped under the ‘investments’ category group.

So now, when I check my insights I can see what I have invested in a time frame and I can even drill down further to see the breakup of where I have invested.

Need both, here’s why:

  • As stated by Yagnesh, certain categories are missing and so one has to default to closest possible match which isn’t useful
  • Tags would help me couple transactions in a way to understand how much I spent in Goa last week. I also use tags like “wtf” to track impulse purchases. Tags also help me track who owes me

Apart from this, there’s another problem:

  • Transactions should some times cancel each other out. For example if I spend Rs. 20,000 on shopping, but get the entire thing refunded, then my shopping insight should ideally be 0

Would recommend looking at lunchmoney and how they do things to get some insights here

1 Like

Some days ago I saw a form . Where is the topic ? Is it deleted ?

are you looking for that card sorting activity?

or this one?

How should I classify the wallet transfers should it be the self transfer or something else.

1 Like

Upto you, choose whichever one you find appropriate.

1 Like

Spend categorization is a personal matter, you can do it according to your own preferences.

Ya, I think the spend tracking in the Jupiter is flawed because it’s useful only if we can track everything, every cash transfer, every wallet transfers and literally every transaction. Because if I classify it as self transfer and then spend that amount on food I had misclassified and can’t pridict on what I’m Going to spend that wallet money in advance.

That is the logic of tracking apps that you take the effort of tracking every expense. If you okay with an app getting access to your SMS and auto classify every transaction with only minimal effort from you to check and make corrections, suggest you use Axio which is available for Android only.

Na, I don’t want a buy now pay later company to scam me.

BNPL is one of the products they offer. You do not have to use it. You can use its budget and transaction tracker only.

But I’m afraid they are gonna use my sms information to some extent in a wrong direction cause they are a bnpl company. Actually I consider all the bnpl company as scam.

The best and most secure method for transaction tracking is Account Aggregator.
AA platform is still developing… with addition of upcoming credit card & loan data tracking… it will be a complete personal finance management system

Implement an intelligent transaction categorization feature that automatically categorizes expenses based on transaction details. This can provide users with a clear breakdown of their spending patterns, making it easier to track and manage their finances.