This is the proposed model we will be implementing for assigning categories to transactions.
Let us know what you think? What's missing? Or what's plainly wrong?
> ATM fee
> Bank costs
> Credit card fee
> Bank services (other)
> Credit card payment
> Payment services (other)
> Babysitting and daycare
> Children pocket money
> Children recreational activities
> Children products
> Children clothing
> Children toys
> Children (other)
> Phone and Internet
> Phone, Internet and TV
> Communication (other)
Food and drinks
> Coffee shops
> Fast food
> Restaurants and bars
> Food and drinks (other)
Health and Beauty
> Health and beauty products
> Spa and massages
> Hair and beauty services
> Health and Beauty (other)
> Doctors and hospital
> Glasses and Optometrist
> Health supplies
> Pharmacy and drugs
> Weight loss services
> Health care (other)
> Electrical appliances
> Electricity and gas
> Home cleaning and care
> Home improvement and repairs
> Home security
> Home (other)
> Child support
> Rental income
> Social security income
> Income (other)
Information and education
> Education fees
> School and book fees
> Information and education (other)
> Car insurance
> Home insurance
> Personal and family insurance
> Insurance (other)
> Car maintenance
> Gas and fuel
> Public transport
> Shared mobility
> Mobility (other)
> Pet Supplies
> Pets (other)
Savings and investments
> Emergency fund
> Kids savings
> Regular savings
> Retirement savings
> Savings and investments (other)
Shopping and services
> Clothing and accessories
> Electronics, computers and software
> Media, music and games
> Newspapers and magazines
> Parties and celebrations
> Postage and deliveries
> Sport equipment
> Shopping and services (other)
> Municipality tax
> Income tax
> Tax (other)
Travel and leisure
> Arts and crafts
> Entertainment and night-life
> Hotels and campsites
> Leisure activities
> Lotteries and bets
> Music and Instruments
> Sport activities
> Travel and leisure (other)
This has been implemented, but feel free to suggest improvements or additional categories.
In terms of “custom” categories, our idea is to use tagging for this.
Our goal is to maintain one master categorization model, as this will allow you to compare your spending with peers.
AdminBenoit Billington (Admin, Cake) commented
In next week's release you will be able to search for a specific category #makelifeeasier
AdminThomas Stegen (Data Dude, Cake) commented
Hey guys! Thomas here from the data team!
We realised we were missing a) gifts and b) butchers in our model so we will add them very soon!
For charity: -> shopping and services > charity, I know it's not the best parent category, any other suggestions are very welcome (search function will be there very soon as well)
We have credit card 'bills' under payment services! The cost for the card itself is indeed meant to be under bank services :)
Last but not least, we have a 'reimbursement' category, it's currently under 'Income' but we quickly realised it goes both in and out so we will make it its own category.
Thanks a lot for the input and enjoy your Cake!
Thomas, Data team
AdminEliot (iOS developer, Cake) commented
Charity can be found under Shopping and services
AdminDavy Kestens (Pastry Chef, Cake) commented
Where to put donations and charity?
After categorizing 5 transactions, I noted there is no “gift” category (as well in or outgoing transactions)
Would add credit card debit as a different category in banking: it is somethjng else than the cost of the card
Under food and drinks, I would add 'Butcher' (as there already is Bakeries)
Is it an option to assign a "payback" (of a friend, splitwise,..) to an expense category?
This way you have a correct overview of the category. I can image that you prepay some flight tickets, but then your holiday category (and income category) are artificially high.
However, this would be difficult to assign automatically.
L Belmans commented
Payment services => Apple Pay could be added
Communication => I wouldn't consider TV as communication but rather as leisure. It belongs in the same category as Spotify, Scribd, etc.
It might be interesting to have a separate category for monthly subscriptions. As these are in the end part of your monthly fixed costs and that is what you want to understand as customer?
Food and drinks => deliveries to be added (Uber eats, etc.) or is that all considered as fast food?
Healthcare => what is difference between "health supplies" and "pharmacy and drugs"?
Home => monthly fixed costs to be added? (e.g. for people living in apartments additional costs come on top for elevator maintenance etc.)
Information and education => the subcategories are all about education so why not just calling the parent "education"?
Travel & leisure => no added value in my opinion for separation of winter sports
A more general question, would there be an option to create your own category and link certain vendors to it (instead of having to chose "other")? Or would that be too difficult for the analytics on consumer data?
We changed the name of the main category "Transportation" to "Mobility".
The list is indeed long (information overload), but you should never be confronted with this entire list in our app.
This is a hierarchical list that drills down from the 19 top categories. In several interviews and discussions with customers we have learned that allowing the main categories to be split-up in more fine grained categories is very important.
For me, that list is way too long and just the main categories would suffice, or it would complicate fast categorisation, unless done automatically.
The following modifications have been implemented:
- Added Dentist. As a "dentist" does not fit in the category "doctors and hospital".
- Separated Fines from tax to be it's own category. As "fines" aren't taxes.
- Changed city tax to municipality tax. As "city" is a too narrow term.
- Separated books from Newspapers and magazines. This enables the separation of one off vs subscription based purchases.
The following modifications have not been implemented:
- Create a children education category. We have an education category. We do not want to limit it to being only for children: university, extra training, getting certificates, are for all ages.
- Adding Gifts to income category. Gifts would only require manual labeling. This is an edge case. Also limiting gifts to Income would mean outgoing gifts can be wrongly categorized.
- Separate fuel for electric cars. We take fuel as the broad term; fuel is whatever makes your vehicle drive (including gas and electricity).
- Add extra tax categories. We have no access to the specific tax content of a person's tax payments, we only see it as a payment to the tax-office, the separation is hard to make.
Some general feedback:
- We want to keep the categories broad and fairly mutually exclusive.
- For more specific cases we have purposely created the "(other)" function for all parent categories.
- As we aim for a quick European expansion, we won't implement categories that are specific to a single country.(Edited by admin)
Jo Wouters commented
# Children: extra category
> Children schoolrelated
# Income: extra categories
> Payback (for money received after lending it to someone?)
# Food and drinks
Why a specific category for alcohol ? I would expect it to be related to the place you go to (restaurants, bars, coffeebars, etc)
Otherwise you could add "sweets", "chocolats" of "vegetables" too ?)
Since: "Glasses and Optometrist" also "Dentist" ? (is in some families a big part of health budget)
# Weird that "Fines" is considered a subcategory of Tax. Shouldn't that be a category of itself ?
# Savings and investments
> Emergency fund >> rename to "Emergencies fund" ?
# Shopping and services
A separate category for books (not part of magazines, etc) ?
# Tax: add some categories ?
> City tax (better: "Municipality tax" ??)
> Fines >> separate category ?
> Income tax
> Tax (car)
> Tax (house, real estate)
> Tax (investments)
> Tax (other)
Claude Nuttens commented
I would be more precise for reimbursement categories. One that can become quite important is health insurance/mutuality reimbursement (and quite easily detected ;))
We've integrated both these suggestions. Thanks Jorim and Olivier!
Jorim Tielemans commented
Does 'gas and fuel' include charging an electric car, isn't there a better subcategory name? Maybe add a separate category for 'shared mobility' platforms like Poppy, Mobit... as well.
Olivier Van Biervliet commented