Clear Costs - Support and User Guide

1. Adding Accounts

To begin tracking your finances, you'll first need to add your accounts to Clear Costs. Accounts can include anything from your checking and savings accounts to credit cards or even cash on hand.

1. Open the app and navigate to the Accounts section.
2. Tap the Add Account button.
3. Enter the account name (e.g., "Checking Account" or "Credit Card"), initial balance, and select an account type.
4. Save the account, and it will now appear in your list of accounts, ready to track transactions.

2. Adding Income

Keeping track of your income is just as important as monitoring your expenses. Clear Costs allows you to manually enter your income to get a complete picture of your financial health.

1. Go to the Income section in the app.
2. Tap on the Add Income button.
3. Fill in the details of your income source, such as salary, freelance earnings, or other income types. You can categorize your income to make tracking easier.
4. Enter the amount and select the account where this income should be credited.
5. Tap Save to record the income entry.

3. Adding Expenses

Tracking your expenses manually helps you stay aware of where your money is going and make more informed financial decisions.

1. Navigate to the Expenses section in the app.
2. Tap the Add Expense button.
3. Enter the expense details, including the amount, category (like groceries, utilities, entertainment), and the account from which the expense will be deducted.
4. Tap Save to record the expense.

4. Viewing Reports

Clear Costs provides several insightful summaries to help you understand your finances better by organizing your income and expenses on a monthly, annual, and total basis:

• Monthly Summary: Shows all your income and expenses that occur monthly. Provides a breakdown of your monthly income and expenses, and calculates the net monthly balance.
• Annual Expenses Overview: Focuses on expenses that occur on a bi-annual or annual basis, providing suggestions on how to set aside funds to meet these obligations without financial strain.
• Comprehensive Financial Overview: Aggregates all your income and expenses into annual totals, giving you a clear picture of your overall financial health for the year.

5. Interpreting Reports

Clear Costs’ summaries and calculations provide clear, actionable insights into your financial situation:

• Monthly Overview: Monitor your regular spending and income to stay within your budget.
• Planning for Annual Expenses: Prepare for large, infrequent expenses by setting aside necessary funds regularly.
• Overall Financial Health: See if your annual income can cover all your expenses and if you are achieving a surplus or deficit.

Tips for Effective Use

• Regularly Update Your Data: Enter your income and expenses as they occur to ensure your reports are accurate and up-to-date.
• Use All Summaries Together: Each summary offers unique insights. Use them together to get a complete picture of your financial health and make more informed decisions.
• Adjust Based on Insights: Review the summaries frequently and adjust your spending, savings, and budgeting strategies based on the insights you gain.