Round here (Norway), your bank already does this analysis part. When I log into my bank's app or webpage, I get an instant overview of how much I spent last month on the mortgage, food, gas, insurance, clothes etc. And I can define custom categories, as well as change how the system sorts transactions into different categories.
The budgets for the next 12 months my wife and I keep in a shared Google Docs spreadsheet. Planning requires thought, so I'm skeptical that you can automate a budget and then have people follow it (unless it's a very lenient budget).
My bank (Netherlands) offers something like what you describe, and I would still prefer to be able to use services like Mint.
> Planning requires thought, so I'm skeptical that you can automate a budget and then have people follow it (unless it's a very lenient budget).
I agree with your point - your budget is specific to your situation, so you will still need to plan it yourself. But - once the budget is set up - don't you see some value in not having to update your spreadsheet and compare it to your bank statements? Or getting a notification on your phone that you are approaching the limit of your entertainment budget this month, because the system has tallied up how much you spent in the coffee shop?
It's a separation of concerns thing. Sure, you can use your bank for analysis, but there's better options out there. Banks are for storing money, not financial analysis.
semi-extrinsic|9 years ago
Round here (Norway), your bank already does this analysis part. When I log into my bank's app or webpage, I get an instant overview of how much I spent last month on the mortgage, food, gas, insurance, clothes etc. And I can define custom categories, as well as change how the system sorts transactions into different categories.
The budgets for the next 12 months my wife and I keep in a shared Google Docs spreadsheet. Planning requires thought, so I'm skeptical that you can automate a budget and then have people follow it (unless it's a very lenient budget).
mryan|9 years ago
> Planning requires thought, so I'm skeptical that you can automate a budget and then have people follow it (unless it's a very lenient budget).
I agree with your point - your budget is specific to your situation, so you will still need to plan it yourself. But - once the budget is set up - don't you see some value in not having to update your spreadsheet and compare it to your bank statements? Or getting a notification on your phone that you are approaching the limit of your entertainment budget this month, because the system has tallied up how much you spent in the coffee shop?
toomanybeersies|9 years ago