Bills to Budget is great at telling you what you have due during any given pay period, but what many need to know is whether they have enough money in the bank
We're going to change that by projecting whether you have enough to cover future expenses - even if it's that big bill due in 6 months!
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There's a lot left to do. This video is only a rough preview of what's to come, but knowing whether you have enough money in the bank, even well into the future, is one of the most important questions that Bills to Budget needs to answer.
If that sounds like something need, please reach out!
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@matt1corey Love seeing you continue to develop this app. I’m still not sure how to make it work with my spending since I mostly use credit cards to buy stuff and pay it off later, but I’m watching for that one update that just hits me like a truck and convinces me to use it and never go back.
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@anthonyvardiz This is how we do much of our spending as well, so while I won’t claim to have a perfect solution for your situation, it will certainly be considered :)
Do you keep a balance, or payoff every month? Do you proactively budget the spending that you put on a card? (feel free to answer in DM if you're more comfortable, or not at all :) )
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@matt1corey One thing I noticed the app doesn’t have is the ability to log income not on a pay schedule. We have a dormer who pays us rent on the 1st (something we can include as a pay schedule), but he reimburses for his share of the utilities at random times. Would be nice to account for those reimbursement as well as the random cash gift from family here and there.
We don’t budget by card. We just use the best card for the transaction type.
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@anthonyvardiz I agree that it definitely doesn't handle irregular income as well as regular income.
What I'm planning for the upcoming release is to add income amounts to pay schedules (so we know what's coming in regularly), and to track current balances on accounts (both asset and liability accounts). From there, I can project what is needed to cover expenses into the future.
🧵
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I hope to make it very easy to update balances (it will be automatic for Apple accounts), which should benefit both irregular incomes, and those who don't track spending with 100% accuracy (which is most people).
It will likely take some iteration to handle all scenarios - even if you spend on credit cards, you still need to pay those off from some checking accounts, which may be all you need to benefit from these updates
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@matt1corey I appreciate that. The recent updates look amazing. I’ll have to take it for another spin because I seem to constantly bounce around budgeting apps
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@anthonyvardiz Thanks - would love to hear where it's not quite working yet!
There's so much I want the app to be - there's no substitute for hearing directly from users about what the most important problems are to solve 🙏
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@matt1corey I still don’t understand the distinction between paid and cleared…
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@anthonyvardiz Ah - that's more useful if you spend against a checking account. In many cases, you'll make payment, but it doesn't show up in your bank for several days.
An example for us is our electricity payment. I need to pay it out of a checking account, but it takes 4-6 days before I actually see it in my bank. In order to make sure I don't forget about it, I'll mark that as paid immediately, but I won't mark it as cleared until it shows up in my bank.
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@matt1corey Ah that makes sense. I guess for the most part, I could just mark as paid and clear at the same time for most transactions. Only things that come out of a checking account are our internet bill, mortgage, and credit card payments
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@anthonyvardiz I've toyed with the idea of having a default setting for this, so you could always have a payment cleared by default if you choose to.
Not sure if I would do that across the board, on a bill-by-bill basis, or maybe per account 🤔
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@matt1corey I think by account would be best. For example, in the video, this would be a credit card. Having it just be paid and cleared or at least paid automatically would be great. I could see not clearing it until I’ve made the payment for that transaction on the credit card itself from my checking account as a way of keeping track what I owe on the credit card.
I also think the schedule should be customizable as well. >95% of my transactions are single-time transactions.
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@anthonyvardiz yeah, I see what you mean here. I think I’d recommend clearing this transaction immediately, or when it shows up on your credit card, but not when you eventually pay that expense off from checking - those events are just too far apart, and the interface would get ugly quickly.
I do think there is something that could be done to help inform what you should be paying on your credit cards, based on expenses, but that probably deserves proper feature support. Would that be important?
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@matt1corey I currently just use Reminders to determine days that credit cards are due, but putting that in Bills to Budget might be better. In most other apps, it’s assumed a transaction is “paid” when logging it so that extra step will take some getting used to.
I know I’ll have more feedback as I use it. I have a lot of work to do in general. Our finances are really busy and I would like to pair down our accounts to make it easier to manage.
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@anthonyvardiz I've added to my priority list, and will reach out when I have something. The income-tracking work I mentioned is fairly large, and it's always good to have a smaller release to push out sooner
Definitely reach out as you use it, run into problems, have ideas, etc. Personal Finance is definitely not a one-size-fits-all problem, and while I do think it's good for the app to be opinionated in some things, it's also important for it to be useful to as many scenarios as possible!
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@matt1corey Appreciate it! Best of luck with the app and everything else!
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@anthonyvardiz Quick update - as of 1.42, you can now customize how payments are created
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