Once you set up a Reserve in your Novo account, there will be three key balances to keep track of for budgeting purposes.
- Allocated Balance: This is the total amount of money in your Reserve at any point in time. When you make purchases or withdraw funds from your account we won’t touch this money unless your Spendable Balance is insufficient to cover the amount.
- Spendable Balance: This is the amount of money in your Novo account that you have not allocated to your Reserves. If you’re saving your Allocated Balance for something, we recommend not spending more than your Spendable Balance!
- Available Balance: This is also referred to in the Novo app as Available Now. Your Available Balance is the total amount you have stored in Novo, including both your Spendable Balance and the Allocated Balance of all Reserves.