<aside> ⚠️ You can't grow your money until you understand the concept of the Wealth formula!

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Overview

Every month, you either increase or decrease your wealth as calculated by the wealth formula:

Your transactions are divided into 4 categories:

• Inflows: sum of the money you receive
• Recurring Expenses: sum of all your fixed costs (rent, utilities...)
• Variable Expenses: sum of all your variable costs (anything not fixed)
• Wealth: money you gain. It can sit in your current account, savings account, investment account or be used to repay debt.

<aside> 💡 Wealth creation represents the money you have saved or invested

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Why not simply look at how much you move into your savings account? See the answer!

Nova is here to help you consistently create wealth, by spending less than what you earn. You can use your wealth to either fund your goals, invest, leave it as savings or repay debt.

To help you easily analyse your finances, all transactions are colour-coded based using the Wealth formula.

How to track your wealth creation

Nova calculates your monthly wealth creation in the Analytics screen. You can visualise your net wealth created every month in the form of a stacked bar chart. If you spent less than you earned during a calendar month (payday to payday cycles will supported in the future), then you will see a blue bar:

In this example, you created the most wealth in May 2020. To see your net wealth saved simply press on the bar for that month.

The total height of the bar represents your monthly income. Blue represents wealth created, red represents monthly bills, and yellow represents variable expenses.

You can also see your yearly Wealth Formula in the Profile screen.