Step 3: Assign Allowances

After you’ve linked an account, you can select it from the drop down in the upper nav bar to begin budgeting

Notice that your selected account has been split into three virtual accounts: Personal, Shared, and Partner. These can be switched between using the toggle at the top of the overview page of the account you would like to split. Every virtual account comes with its own Allowance and Spend Amount.

Any time you select a bank account within Halfsies, you will land on your Shared tab by default. This is the virtual account you and your partner have equal access to, and it’s a great place to budget collaboratively.

Just underneath the user toggle you can find your Allowance. This is the amount allocated to a specific virtual account for spending and/or budgeting. When you first add a bank account to Halfsies, the entire balance will go toward the Shared Allowance first, where it can then be used to fund both personal accounts.

Further below, large and easily referenced, is your Spend Amount. This is the amount leftover after deducting your Budget from your Allowance. In other words you can spend this amount confidently, knowing that there is enough money set aside to cover expenses when they come due.

It is important to note that until you’ve created a Budget, this amount will be equal to your Allowance, as you haven’t set aside any money for budget items yet.

To transfer money into your Personal Allowance, as well as  your Partner’s Allowance, tap the Move Money button, just below your Spend Amount.

Once you’ve sent money to a virtual account, that amount will be added to their Allowance. It can then be used to set up its budget. It also enables you to split and cover transactions.