Tracking Renovation Expenses

Tracking your renovation expenses is crucial for:

• Staying within your planned budget
• Identifying cost overruns early
• Making informed decisions about where to cut back if needed
• Maintaining accurate records for tax purposes
• Learning from your spending patterns for future projects

This guide will show you how to use Home Renovation Pro's expense tracking tools to maintain complete control over your project finances.

Before you begin tracking expenses, take these preparatory steps:

1. Set up your budget categories

   Establish clear categories for your expenses (materials, labor, permits, etc.) in the Budget section.

2. Decide on your tracking method

   Choose between manual entry, receipt scanning, or bank/credit card integration.

3. Establish a receipt system

   Create a physical or digital system for organizing and storing all receipts and invoices.

4. Set up expense alerts

   Configure alerts to notify you when you approach or exceed category budgets.

Here's how to add expenses to your renovation project:

1. Go to your project's Budget tab
2. Click the "Add Expense" button
3. Enter the expense details:
   • Amount
   • Date
   • Vendor/Payee
   • Category
   • Payment method
   • Description (be specific)
4. Upload a photo of the receipt (optional but recommended)
5. Add any tags for easy filtering later
6. Click "Save Expense"

Our receipt scanning feature makes expense tracking even easier:

1. In the Budget section, tap the camera icon
2. Take a clear photo of your receipt
3. Our system will automatically extract:
   • Total amount
   • Date
   • Vendor name
   • Individual line items (when possible)
4. Review the extracted information
5. Add any missing details or make corrections
6. Assign to the appropriate category
7. Save the expense

For best results when scanning receipts:

• Ensure good lighting
• Place the receipt on a dark, contrasting background
• Make sure the entire receipt is visible and in focus

Connect your financial accounts to automatically import expenses:

1. Go to Settings > Financial Connections
2. Click "Connect Account"
3. Select your bank or credit card provider
4. Enter your credentials (using our secure financial partner)
5. Choose which accounts to connect
6. Set up rules for automatic categorization (optional)

Once connected, transactions will be imported automatically. You'll need to:

• Review imported transactions
• Assign each to the appropriate category
• Add any missing details
• Mark as "verified" once complete

Stay on top of your expenses with these tools:

• Budget dashboard

  View a visual representation of your spending by category, with progress bars showing how much of your budget has been used.

• Expense reports

  Generate detailed reports showing all expenses, filterable by date range, category, vendor, or payment method.

• Variance analysis

  See how your actual expenses compare to your planned budget, with highlighting for categories that are over or under budget.

• Trend graphs

  View spending trends over time to identify periods of high expenditure.

Check your budget dashboard at least weekly during active renovation phases to catch any issues early.

If you notice you're exceeding your budget in certain areas:

1. Identify the source

   Determine exactly which expenses are causing the overrun and why.

2. Assess the impact

   Calculate how the overrun will affect your total budget and timeline.

3. Find offsetting savings

   Look for areas where you can reduce costs to compensate for the overrun.

4. Adjust your budget

   If necessary, formally update your budget categories to reflect the new reality.

5. Document the changes

   Keep notes on why the overrun occurred for future reference.