Problem: Managing your personal finances is hard: making sure you’re not overpaying for streaming services, understanding ways that you can cut back on spending, making sure that you “pay yourself first”, and more.
Solution: A service that serves as your personal financial butler with the sole purpose of eliminating financial waste from your life. The app/platform (which could either be a mobile wallet or analyze existing transactions in your current bank account on a recurring basis). This could even be as simple as upload your bank account statement to have all your purchases analyzed for a specific time period. For example, some things that this financial butler would do include:
- Analyzing your subscription services and recommending when you should unsubscribe (e.g. if you have both Blue Apron and Hello Fresh, it would automatically recommend that you cancel one)
- Automatically canceling subscriptions for you after your free trial is over (c’mon… we all do it!)
- Examining your transactions to see if you are spending “within limits.” One of these limits could be modeled after The Richest Man in Babylon (10% savings, 10% debt, 10% investments, 10% charity, 60% living expenses including mortgage) and another one could be modeled after FYRE (read more about it in this New York Times article)
- Giving users a “spending score” so they can gauge how much money they are saving relative to peers.