If you've recently updated to Level Money 3.0 from version 2.5, you've noticed some big changes have taken place!
We've completely redesigned the application around a new universal financial feed that enables us to provide you with lots more insights about your transactions and spending habits right from the home screen. We're super excited about what we can build on top of this new foundation, and we hope you love it too!
Now, you probably have a lot of questions about this update, and we have written this transition guide to help you understand what has changed, and how to configure your account to start getting the most out of the new version of Level.
Powerful Home Screen
In 3.0 we've switched from having three different screens to view your Transactions, Spendable, and Trackers (formerly called Insights), to a single, unified financial feed. This feed looks and feels a lot like a social media feed, bringing you the information you want to see, when you want to see it.
Your Spendable for the month is displayed at the top of your feed, and as you begin to scroll down your transactions will appear by date, and the Trackers are woven right into the main transaction feed.
As time goes on, you'll see all sorts of useful information pop up in different cards in the feed.
Tap on any transaction to edit it, add it to a tracker, or change its type.
For folks who have been using Level 2.5 for a long time, there are some important things to understand about how Spendable is calculated in Level 3.0:
- You now have complete control over your Spendable number
- Your Spendable will not change unless you change it
- Confusing Monthly, Weekly, and Daily Spendable numbers – which used to update on the fly without explanation – have been streamlined into a single Monthly Spendable with a Daily Guide number that updates based on the Spendable you have left for the month
Let’s walk through an example to help you understand how to configure your new Spendable so that it makes sense for you.
|1. Go to Menu > Recurring Expenses and check that all of your monthly recurring recurring expenses are listed there. If any are missing, tap the + sign to add them.||>|
|2. Go to Menu > Income and check that your recurring income events are all listed there. If any are missing, tap the + sign to add them.||>|
|3. Go to Menu > Spending and then tap the gear icon in the upper-right.||>|
4. The next screen will show you your income side-by-side with your spending + recurring expenses for the past three months, and your predicted income side-by-side with your predicted recurring expenses + Spendable for the current month.
5. Tap Next.
|6. On this screen, adjust your Spendable up or down using the slider, or by tapping the Monthly Spendable amount and inputting the number directly. This is the time to pause and think about your spending goals for the month. Here’s an example:
7. Tap Preview. The next screen will give you a snapshot of your Spendable for the current month based on your spending history as well as let you know how much of your income you will be saving if you hit or stay under your Spendable.
8. Tap Finish to exit to the home screen.
TIP: Setting a lower Spendable number and challenging yourself to stick with it can really help reign in your spending throughout the month, and it provides a cushion if you go over by accident. If you set your Spendable to use all of your income after paying your recurring expenses you run the risk of ending up negative at the end of the month.
On the flip side, if you know your income will be going up because you will be getting a bonus or a raise, you can set your Spendable higher now, even before the system sees those income events.
Automatic Recurring Income & Recurring Expenses
Income and Recurring Expense tracking has gotten a lot smarter in Level 3.0.
When you add a new recurring income event or recurring expense into Level, you no longer need to tell us how often the income event or recurring expense will occur. The system will learn how often they happen as time goes by and use that information to provide better spending and balance predictions over time.
Trackers in Level 3.0 are now front and center, displayed right alongside your transactions in the home screen.
Each transaction is tagged with the associated tracker icons, and the most recent transaction for each tracker will have a summary card displayed below it to help you see how you have been spending in that category lately. From there, you can tap on the tracker summary to dive in and check out your spending in that tracker in detail.
Faster Refresh Speed
Level now updates transaction information for your connected banks up to 4 times per day for active users.
An active user is anyone who has opened the app to view their account within the last two weeks, so make sure to check in regularly – not only will it help keep track of your spending, it’ll actually keep your account updating faster!
Please keep in mind that our ability to collect your transaction information is sometimes limited by your bank. Not all banks will post pending transactions for us to see until they have cleared, and others actually limit our access to once per day or less, but you should generally see much more frequent updates for most major banks.
Robust New Search
As you scroll through your transaction feed, you will see a magnifying glass icon in the top bar. Tap that to bring up the search function.
Using this you can search for specific transactions by name, and you can filter transactions by type by tapping on the icons under the search bar.
You now have more control than ever over how your transactions are categorized in Level.
|Non-essential purchases that are deducted from your Spendable throughout the month.|
Transfers from account-to-account. Transactions marked as transfers will not decrease your Spendable for the month.
|Recurring expenses that you know you will have to pay each month. Transactions marked as recurring expenses will not decrease your Spendable for the month.|
|Purchases that you don’t want to be deducted from your Spendable for the month.|
|Recurring income events like your paycheck. Income events will not affect your Spendable for the month.|
|One-time income events like a credit for returning an item to a store. Credits will not affect your Spendable for the month.|