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So what goes wrong with budgeting apps? Sounds like there would be a huge market for personal (or small business) finance, targeting traditional CPA/CFP approac
by Xcelerate 4y ago
So what goes wrong with budgeting apps? Sounds like there would be a huge market for personal (or small business) finance, targeting traditional CPA/CFP approaches.
- 1270018080 4y agoMy dumb guess: The people financially-conscious enough to budget aren't the ones willing to pay for a budgeting service.
- bombcar 4y agoAnd everyone wants one customized for their exact setup. Excel works and wins.
- kulor 4y agoI can't find sources but having made a budgeting app in the past have first-hand experience from being in the domain. Small businesses are well catered for with tools like Xero, QuickBooks etc. There's a psychological issue of people treating their budgeting app as the bearer of bad news (shooting the messenger effect), which results in churn. There's also a high correlation between people looking for budgeting solutions being in a bad financial standing which makes the justification of paying for the software less likely.