How to tell how much you save each month.
In Jeff Banks, what you save in a month is the net figure Month gives, what is left of your income once spending is taken out, and your savings rate is that net as a percentage of your income. Jeff Banks works these figures out from the statements you import, in each currency separately. Month's labels are still in Spanish, so each one quoted here has its meaning in parentheses after it.
How is the savings rate worked out?
Take the month's spending away from its income, then divide the result by that same income. Both figures are the ones Month adds up, under the rules that decide what counts as spending, so income covers everything that reaches your accounts and counts in Month, from your salary to a shop refunding a purchase.
Each currency gets a rate of its own, worked out from that currency's income and spending alone.
Where do you see how much you save each month?
With Free, Month shows three figures for the month and currency you pick, “Ingresos” (income), “Gastos” (spending) and “Neto” (net), and that net is what you saved. No screen shows the rate on that plan, and you get it by dividing the net by the income.
Your savings rate as a line.
The “Evolución mensual” (monthly trend) card, which comes with Premium, shows as bars the six months ending with the one you have open, in the currency you picked. Over the bars runs the “Tasa de ahorro” (savings rate) line, with each month's rate on an axis of its own on the right. The card's “Neto” button swaps the bars for each month's net.
What about a month with no income?
It has no rate, since there is nothing to divide by, and the line on “Evolución mensual” breaks there. Months before your first movement have no rate either, and when no month on the card has income in that currency, the line does not appear at all.
Can a savings rate be negative?
Yes, in a month when you spend more than comes in. Income of €1,500.00 against spending of €1,800.00 leaves a net of -€300.00 and a rate of -20%. On the line that point sits below zero, and any rate lower than -100% is drawn at -100%.
A sample home's savings rate.
The card shows the €1,753.83 a sample home spent in euros in September. Two salaries brought in €4,430.00 that month, so the home saved €2,676.17, a savings rate of 60.4%.
The €500.00 it moved from “Joint account” to “Savings” is not part of that spending, since both accounts are in Jeff Banks and its two halves pair up. What it paid in dollars with “Travel card”, $454.55, is kept apart, and with no dollars coming in there is no rate in dollars, while the euro rate stays as it is.
Money you move to your savings account.
Money you send to another account of yours stays out of your spending once Jeff Banks matches it to what arrives in the other account, or once you mark it yourself as “Traspaso entre cuentas” (transfer between accounts) or “No contar en el P&L” (not counted). Without either, Month counts it as spending, so your net for that month drops by that amount and your rate drops with it. For a line like “TRASPASO A CUENTA AHORRO”, the rules pick “Ahorro e inversión” (savings and investing).
Had “Savings” not been in Jeff Banks, the sample home's €500.00 transfer would have counted as spending under “Ahorro e inversión” (savings and investing). Spending would have risen to €2,253.83, and the rate would have dropped to 49.1%.
What about money paid into a pension plan?
That money leaves your account for another company, and Month counts it as spending in its category, so the month's net, and with it the rate, comes out lower than without the contribution. By the rules, “APORTACION PLAN DE PENSIONES” goes under “Ahorro e inversión” (savings and investing), though with Premium, Banks AI may move a line like that to another category if its answer is confident enough. You can always change it yourself, even to an option that leaves it out.
In that category, Payments does not list those contributions as a subscription, even when they come every month. If you take the money back out one day, as in “RESCATE PLAN DE PENSIONES”, the rules file it as income under “Ahorro e inversión” (savings and investing).
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