Note: I no longer work with IonLab since Nov 12 of 2009.
Amazon conducted a poll just before the start of the year 2009 asking people on what are their New Year Resolutions. The top two resolutions were (1) Lose Weight and (2) Get Your Finances in Order.
What is strange is that you and I would think these are solved problems, right? But yet these are the top resolutions for the new year!
We all know how to lose weight – eat less and exercise more. But it requires discipline. We all know how to get our finances in order – spend less and earn more. But it requires discipline.
Our vision for the “Track Every Coin” system that we are building is to exactly help you do this – to help you spend less, save more, and in the process help you get your personal finances in order.
So what is the problem again?
We tried out many personal finance websites and software existing in the market, and we faced the same issue again and again – they are either cumbersome or are afterthoughts.
Most of the software that we tried out did not make it easy to make entries such as expenses and made it a boring chore. And yet, this is the starting point to use all their features.
The ones that work automatically with your bank account are afterthoughts – they are good for overviews and for viewing graphs at the end of the month, but do not help in actively managing your money at all.
So we started adding in our own ideas on what we would want to use.
So what is the product?
It consists of two parts:
- The active agent where you make your entries – which is either a hardware device or a mobile phone application, based on your preference.
- The hardware device is for those who like to have a cool-looking gadget to carry around, and want to make entries within 10 seconds.
- The mobile phone application is for those who have GPRS connections on their mobile phones.
- The data analyzer – which is a website where you get to slice and dice your data.
I like to think of it as analogous to the “iPod-iTunes” combination – the iPod was designed to do one thing well: play music, and it left the complicated parts of managing music to the iTunes software. We intend to achieve the same effect for personal finance. This is our unique twist.
Features
At its core, the system is an expense tracking system, simply because that is the first step that every personal finance writer recommends. If you don’t know where the money is going, you won’t know how to manage it.
The logic is simple : We need data to improve, whether it is the school score cards for your kids or the mileage for your car or statistics for your favorite cricketers. We bring over the same facility to you for your money!
Now, how is this different from a spreadsheet? Well, the data collection mechanism, obviously, and lots of features, but most of all – this is a specific system that helps you with so many aspects:
- Expenses
- Know what you are spending on – categorize, tag and add notes to your expenditure
- Reimbursements
- Know how much money you have to get back from your company – save time wasted in filing expense reports
- Income
- Plan your money – How much money from your income is budgeted for expenditure and how much money goes to savings and goals
- Never forget to pay your bills on time again – Reminders will be automatically be saved as expenses
- Goals
- Buy that thing you really want – Save money every month towards your goal, whether it is downpayment for a car or that big trip you’ve been dreaming of
- Budgets
- Never overspend again – Set limits on how much you want to spend and you will be reminded every time you are about to spend
- Sharing
- Never worry again about splitting bills – Keep running counts of expenses shared with your roommate or when you go for dinner with friends, and settle easily
- Events and Trips
- Know how much an occasion will cost you – Stay within your trip budget, know how much a weekend trip will cost you, know how much transportation accounts towards your trips, and more.
- Graphs
- Analyze where your money is going – Know if you are spending more on fuel, if you are spending too less on your hobbies, or how much money you need on an average day.
To know more, visit our website www.TrackEveryCoin.com
We aim to launch the product in July 2009. Sign up now at the website to get special offers when we launch!
We’ll be writing more about how we have designed and built TrackEveryCoin on our company blog. We look forward to your feedback either here on this blog or via email.