With budgeting coming down the line, I was wondering what’s behind what’s coming (if you know what I mean!).
I can see three possible ways to approach budgeting…
The set a spending limit on a category then notify me/ sms me/ block me /send someone round to sort me out if I’m going to go over approach.
The set a budget for income and expenses over a period (week/month/year) then Mondo will track what’s come in and out. [for the record I used to do an annual budget like this, but I realised I kept re-writing it every six months with the spending being in the front half of the year and the back half of the year being all austerity!].
Some kind of envelope budgeting system where the money you have is allocated to jobs. This doesn’t forecast, which is why it isn’t the same as 2), but asks you to decide what you want to do with the money you have.
The challenge for Mondo is that all three are perfectly valid ways, and work for different people. Only 3 works for me, but I know lots of people who are great at doing 2!
So without getting into the implementation (I’m sure Mondo will execute it brilliantly), can someone from Mondo share the thinking behind what’s coming (if they are that far forward with it!).