Group categories into supercategories using custom fields

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mikhailo2608il
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Group categories into supercategories using custom fields

Post by mikhailo2608il »

Group categories into supercategories using custom fields.

I would like MMEX to implement custom fields for categories in a similar fashion as MMEX has already implemented custom fields for transactions. The field types for the proposed custom fields for categories can be reduced to String, SingleChoice, and MultiChoice. ToolTip, RegEx, and Autocomplete can be completely eliminated from the custom field facility for categories.

The ability to aggregate categories will allow you to forecast your cash flow and budget more effectively.

Example #1
Create four custom fields for categories named Discretionary, Mandatory, Fixed and Variable which will be effectively supercategories. You then update your existing categories with the appropriate custom fields. For instance the Discretionary custom field could be attached to the Dining Out, Cable, Internet, and Clothing categories. The Mandatory custom field could be attached to the Rent, Insurance, Food, and Transportation categories. You could also update the individual categories as to whether they were Fixed or Variable. Now you can easily run reports that show what your aggregate mandatory expenses are for each period, and how much of your income was variable (or fixed) for each period.

Example #2
You and your spouse might decide to divide up the family expenses and you could create a custom field for categories called Spouse and associate the Spouse custom field with the categories that are the responsibility of each spouse. Now you can run reports that show the individual contributions of each spouse to the household. And if you later decide to reallocate the household expenses among the spouses you merely update the Spouse custom field for categories. No need to update any transactions nor to move categories.

Example #3
You are considering buying an annuity to cover some of your retirement expenses. Using the supercategories you created in Example #1 you can determine what your annual Mandatory expenses are and what your annual Fixed sources of income are. If your mandatory expenses are greater than your fixed income then it suggests that you might want to consider purchasing an annuity to cover the shortfall. If your fixed income is greater than your mandatory expenses then you likely do not have any need for the annuity. MMEX already has tools for you to make this type of decision but the ability to use supercategories makes it faster to arrive at the correct decision.

Thank you very much for reviewing the above request.

stpharm
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Re: Group categories into supercategories using custom fields

Post by stpharm »

That is an interesting approach !! I have never encountered it in any Personal Finance application. The most versatile and Full Featured application i ever used (and still use the past 20 Years) is Adarian Money.
There the dev implemented a field Called "Classes" which was not Linked to Categories but you could assign any transaction with full reporting similar to what you suggest.
+1

Nikolay
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Re: Group categories into supercategories using custom fields

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