The 1 feature I miss from my bank
I will be honest, I am not good with money! Somehow I always forget that it’s the end of the month every time. So people like me need protection, mainly from myself. Now there are banks that provide solutions close to the one that I’m proposing (like revolut & Bunq in the Netherlands), but I wanted to share something I have on my mind for a long time.
*disclaimer, I'm not a designer by all means, but to emphasize the story some visuals will help me paint a clear picture (even if those visuals look like they are made by a three-year-old)
Main problem
My main problem is that I'm spending money that I should be spending on groceries or my recurring electric bill. Because my cash flow is set up as follows
Now a couple of these expenses are variable, but 90% of the time the total amount is the same on rent, electrical and insurance. But this requires me to remember when what expense has already been subtracted from my account because it all comes from 1 account.
Needs
To prevent cash flow problems during the month you need a way to reserve part of your income every time it comes in and tell your expenses where to tap into that reserve so you don’t have to manually pay your expenses
Solution
Now the solution is two-fold;
- Multiple accounts
You need multiple accounts to split your expenses part from your general part (or even create an “f*ck you money” part, but that’s personal for everyone)
2. Automatic income split
Your account needs to know when amount X is coming in, it needs to split that amount automatically and quick!
This solution is very close! There are already multiple accounts out there at banks like Bunq and Revolut, but it’s just such an easy thing to just automatically split your income right after it comes in to minimize the surprises down the month.
