What about having a tool in the app to show how the rest of your month could look financially if you made a big spend. You put in the value of what you want to buy and it gives you feedback and advice.
E.G.
You currently have £180 until payday in 10 days, a nice £18/day, this is £3 above you average daily spend. If you buy these £80 jeans you will be left with £10/day. This is £5 below your daily average and you will really have to focus on careful budgeting and may miss out on something else or raid your savings.
What do you think?
Anarchist
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2
I treat my finance planning in a very similar way. I ‘forecast’ rather than ‘budget’ and would love to see advanced forward-planning/what-if tools available within the app to show me how I’d do in the future if I act as I am today. Let’s say the projected forecast shows I have £200 left over this month and a total of £400 left over the month after, I’d consider putting £300 into savings after being paid - leaving me with £100 ‘spare’ for birthdays/drinks/events after the next payday.
Pocketsmith does this very well on the web. Money Dashboard’s forecasting isn’t as intuitive. YNAB is solid but has only a running balance to show into the future (which is actually very, very useful in itself)
Thanks for the suggestion of Pocketsmith, haven’t heard about that.
Something like this would be a great build into whatever new budgeting they do, something that prompts you to consider, “can I afford this”, or more realistically, “where else do I need to make sacrifices to get this”.
I like how you can do this in month with YNAB ( I know… talking about YNAB again why don’t I just marry it… )
For example I could put in a fake transaction in my Coffee Accessories budget and have to see it I can afford it already and if not, which other categories I’d need to take it out of to cover the difference.
What I like about that is it forces you to consider the damage in month , and gives you a big reg flag of “this will become debt” if you don’t deal with it (sort of…)