CIBC Visa budgeting tool

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I think it’s neat how my visa spending gets organized into different budget categories automatically, it’s not quite perfect since it goes by categorizing the retailer rather than the actual product (for example if I buy make-up at Shoppers it will report it as Health & Education), but I still think it’s kind of fun to look at. I don’t usually bother to look at my statement online, I just look at when it comes in the mail, but I happened to check it today and had some fun looking at the categorical reports on my spending. This tool could be even more useful if you could click on the different amounts and somehow be linked to the purchase so you could easily see exactly what it was that you bought. I have no idea what that $2.63 Professional and Financial Services thing is, so it would be neat to be able to just click on it to find out.

Regardless, I still think it’s a neat and very easy way to get a general idea of what you’re spending money on. I’ve never been much of a budgeter or able to track what I spend all my pennies on, so something like this is great for me to be able to glance at.

Personally, I do better with setting limits on what I can spend and then just staying within that limit. I can’t handle splitting all my spending up, like $30/month on restaurants, $50/month on clothes, etc. Maybe one month I want to spend $70 on clothes, and the next month $50 on eating out, so I just do. And when I’ve almost spent my limit, I just stop spending money for the month, even if it means eating $1.50 Vietnamese subs for the last 3 or so days of the month.

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