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I think there's a related product out there. Think of the traditional baby boomer era story-- "Dad brings home the paycheque, Mom does the budget." Give me Mo

by hakfoo 7y ago

I think there's a related product out there. Think of the traditional baby boomer era story-- "Dad brings home the paycheque, Mom does the budget." Give me Mom as a service. Don't let me touch my full salary, just what's left after a responsible adult has done with it. Let me plug in every account I have, and set up rules like * Pay the rent on the first cheque of the month and the electric company on the second * Pay credit cards in full up to a total of $1200/month; if beyond that pay towards the highest rates first while still covering minimum balances * If there's a break in of cash flow, draw down from savings to $500 to retain the current pay rates, then drop payments on all accounts to minimum. * Leave $150 per week from cash flow where I can withdraw it for petty cash. * Anything unspoken for is sent to an automatic purchase of (broad index fund|treasury debt|Pokemon cards) on a weekly basis After a few years of using the account with $150 per week on it, you check the statement and see that the money that Mom-as-a-service has withheld from you is enough to buy the entirety of Alberta.

basch 7y ago
Exactly. That is exactly what I am describing. What I would add is a built in line of credit that allows rent to be paid, bills to be paid, without a paycheck being deposited, and without needing to withdraw money from investments, money market etc. This would basically eliminate the need to keep cash in a checking account. Once per period, whatever that period is, money would move from savings to the line of credit. This line of credit would be accessible as a bank account, and as a credit card, to pay bills. What needs to be displayed to you is some equivalent to cash flow or net income combined with a budget. Knowing you spend x on rent and y on food a month, are you on track to keep cash flow positive?

by hakfoo 7y ago

basch 7y ago

Exactly. That is exactly what I am describing. What I would add is a built in line of credit that allows rent to be paid, bills to be paid, without a paycheck being deposited, and without needing to withdraw money from investments, money market etc. This would basically eliminate the need to keep cash in a checking account. Once per period, whatever that period is, money would move from savings to the line of credit. This line of credit would be accessible as a bank account, and as a credit card, to pay bills. What needs to be displayed to you is some equivalent to cash flow or net income combined with a budget. Knowing you spend x on rent and y on food a month, are you on track to keep cash flow positive?