<div class="editor-label">
            @Html.LabelFor(model => model.CategoryType)
        </div>
        <div class="editor-field">
            @Html.DropDownListFor(model => model.CategoryType, ViewData["Type"] as SelectList)
            @Html.ValidationMessageFor(model=>model.CategoryType)
        </div>

        public ActionResult Create()
        {
            ViewData["Type"] = GenerateList();
            return View();
        }

        public static SelectList GenerateList()
        {
            List<SelectListItem> items = new List<SelectListItem>()
            {
                new SelectListItem(){Text="Income", Value="income"},
                new SelectListItem(){Text="Outcome", Value="outcome"}
            };

            SelectList generateList = new SelectList(items, "Value", "Text");

            return generateList;
        }