iCMS Challenge

iCMS Challenge is the feature that leads to the development of iCMS DZ. It primarily aims users to limit their spending in as much as possible to be able to save some more amount for future use. This feature is similar to the Php112 Challenge feature of CMS version 1(BTF) to version 3. It was then removed in version 4 because of unreliability. Then as CMS becomes iCMS it improves a lot but then its purpose doesn't improve at all. iCMS 7 to iCMS XI only aims for a cash flow consciousness and cash management. The rise of iCMS DZ now aims for a better cash management as well as better cash spending in day-to-day transaction.

The iCMS Challenge feature of iCMS DZ is found on the left and right sides of Section 1. On the left side, you can see the iCMS Challenge Budget column. In this column, you can set your budget expenses for the day. Here are some of the restrictions that you need to remember in setting up a budget for the day:

1. The budget must be within your Unrestricted Cash Balance as of yesterday.
2. The budget must be a valid positive number.

On the right side of Section 1, the iCMS Challenge Result is placed. The results of your spending over your budget is plotted here.

The result is composed of two columns showing the result and the rating. As seen on the image, the rating is based on the difference between your budget and your total expenses.
Expenses made out of fund established is not counted for these transactions are separately budgeted. However, actual cash payments determines the limit of your budget the next day.


Don't know how much is your budget? Here are some tips in setting a budget.
 
For this example, I received $100 as cash allowance. I want to save at least $25 at the end of the week. Thus, I need to set a budget of $75 from June 1 to June 4. For this week also, I have these expenses.

Budget 1: Proportional Budget

Proportional Budget is distributing your UC equally. On the image above, I allocated the same amount from June 1 to 4. Below is the result.

Budget 2: Weighted Budget

 This is setting a budget according to the day you spend much and spend less. On this example, I assume that I spend more on Weekdays than on weekends that's why I alloted larger amounts on June 1-3 and less on June 4. The result is seen below.

Budget 3: Average Budget

This is allocating budget based on average expenses on the past. You need some sort of statistics in doing such budgeting. The corresponding result of this budgeting is...

Here are also some sort of budgeting that you might want to try.

Budget 4: Historical or Trend Budget
This is forecasting an amount of expenses for the week based on your transactions in the past. So you need to look for the past week's graphs (for June 2016 iCMS DZ, you can check iCMS EleXIon's graphs) to look for the expenses.

Budget 5: Forecast Budget
This is also a forecasted amount because you think you will spend much on this day that may be caused by a foreseeable event that require greater expense than usual.

Of course, the success of this feature is now into your hands. Self-honesty is the key. You need to be true to yourself in recording the right expenses as well as the right amount received so that the system really works for you.

Okay, we're down to the last half of the discussions, stay tuned as we will be discussing the transaction type changes as well as the smarter second section.


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