For anyone that has attempted to setup a personal or family budget you will know that it is difficult to implement. In my experience the hard part of using a budget is the implementation. It is easy to sit in front of a computer and make an excel sheet. The hard part is keeping track of the 5 dollar coffee here and 15 dollar t shirt there. No one wants to live a life where you have to bring home all the receipts and then spend time entering all that information into the computer. This might work for a short period to get yourself on track but no one wants to live like this constantly tracking every purchase.
Here is my idea: At the beginning of the month you deposit your paycheck to the app. Then within the app there are sub accounts and you can preset how much money goes to each account. For example, say your paycheque is $4,000 then that money will be sent to all the various sub accounts.
Clothes - $100
Eating Out - $200
Groceries - $600
Savings - $200
and so on.
You pay in stores using the app. The power of the app is that the "Groceries" account can only be used at grocery stores. You can't use the "Groceries" money to eat out at a restaurant.
This idea is born out of necessity. I had a long conversation with my brother and he is having difficulty getting on the same page with his wife when it comes to saving money and not making impulsive purchases which add up over the month. I imagine many couples struggle to get on the same page with spending and actually implementing a budget.
I have no idea about building an app or building software but I am interested in people's feedback on how to actually get started on a project like this. I am also interested in general feedback on how the app should work and what functionality it should have.
Thanks!
Here is my idea: At the beginning of the month you deposit your paycheck to the app. Then within the app there are sub accounts and you can preset how much money goes to each account. For example, say your paycheque is $4,000 then that money will be sent to all the various sub accounts.
Clothes - $100
Eating Out - $200
Groceries - $600
Savings - $200
and so on.
You pay in stores using the app. The power of the app is that the "Groceries" account can only be used at grocery stores. You can't use the "Groceries" money to eat out at a restaurant.
This idea is born out of necessity. I had a long conversation with my brother and he is having difficulty getting on the same page with his wife when it comes to saving money and not making impulsive purchases which add up over the month. I imagine many couples struggle to get on the same page with spending and actually implementing a budget.
I have no idea about building an app or building software but I am interested in people's feedback on how to actually get started on a project like this. I am also interested in general feedback on how the app should work and what functionality it should have.
Thanks!