The app lets you input your budget or your planned expenses and earnings, then it shows you a forecast of your monthly cash balances for the next X years based on your input. Hence, it’s a very useful tool for personal budgeting and financial planning.
First of all, the idea for this app came directly from a spreadsheet I’ve made which I used quite often. However, I figured that Excel is not powerful enough to do everything I want such as the features enumerated in this post. So after the current pndemic forced me to recalibrate my personal financial plan, I decided to convert the spreadsheet into an app because I believe I’ll be using it more often due to the uncertainties presented by this vrus.
This app will be useful if:
- You’re planning for major purchases
- You’re on a tight budget
- You’re concerned about your financial liquidity or solvency
- You want to know what’s the earliest time you can afford a certain purchase
Productivity features that spreadsheets lack:
- One-time expense/income vs. repeating (daily, weekly, bi-weekly, monthly, etc.)
- Option to input multiple amounts for an item. This is useful if the item is variable (e.g., increasing salary, mortgage with downpayment, etc.)
- Tags for easy filtering for grouping items (e.g. group expenses related to your car purchase)
- Enable/disable item for comparing scenarios
- Monthly and annual totals for each item to easily compare items (e.g. annual total of your daily food expense)
Thank you for reading this and I hope the app will be useful for everyone.
P.S. For those curious, the app is built using React, React Native, and Google Firebase.