I am building an Expense Planner
Its basically a web application for putting your income and your expenses and then the calculations are done to show you your income balance, you can also use it as a budgeting web-app.
What do you think of this idea?
I agree that this is a difficult market. On which dimension will your application be much better than the competition? Do you have a plan for creating a moat? Some questions to further crash-test your startup idea: https://melbado.com/blog/questions-to-evaluate-your-startup-idea
Well, very useful link you have pointed out there. Thanks alot
I created an anonymous budget-planner (no registration required) - https://moneydo-budget-planner.netlify.com/
And later integrated planner into an expense tracker - http://moneydo.netlify.app/
I use Kakeibo and 50-30-20 method, which is the main differentiator from competitors.
If you'd like I would be happy to collaborate and continue work on this together.
My next idea was to create a game, so to say a life-simulator something like Cashflow, but to teach how to use methods I mentioned above and why it's helpful.
Your product looks great, it's simple and straight forward. Hoping you have done your research on this a lot. Would like to collaborate and work on it, if there is a spot left
I would be glad to collaborate. You can reach me via Telegram:
t.me/razbakov
Difficult market, most of the online banks I deal with now have expense categorisation and budgeting built in, so removes both security concerns and friction of integrating with another application.
This is a very crowded market as already mentioned and people might not be willing to pay for it either.
I have launched an envelope budgeting app https://chokinbako.app. I had started to web-only and ran a small Google Ads campaign and realized that people were searching for apps. So I implemented a mobile application using flutter to be on Android and iOS and I have not been able to get anybody to use the application regularly.
I have since then pivoted to https://instabudget.app and it has been quite difficult to find even people to beta test.
It is highly possible that in both cases, this is due to my lack of "marketing" skills.
On a side note, the one person I was able to talk to mention that they didn't care for linking with their banks because the work to clean up the data was too tedious.
Some more expense tracker and budgeting app out there if you wanted to check them out:
https://ynab.com
https://www.dailybudget.de/
https://copilot.money/
https://www.truebill.com/
There are a lot of these out there, I tried to launch one in a niche a while back and failed. People don't want to pay much if at all for these services. I use a spreadsheet now because it's flexible although it's also a pain to update and get reports, but most banking apps now provide all this info out of the box.
Thank you very much for taking time to respond.
The elephant in the room with budgeting is a lot of people just like to use a spreadsheet as they don't have to learn anything new and it's private.
Because of this you generally need to attack things that spreadsheets are not good at and have that as your USP. Don't just go after the simple calculations as that's a spreadsheets bread and butter and a new UI is just something new to learn. Things like removing the need for manual data entry, new ways to break down the data etc are what makes a difference.
Saying that there are already a load of apps that try and fix these different bits. To name a few:
https://www.everydollar.com/
https://goodbudget.com/
https://pocketguard.com/
https://www.marcus.com/us/en/clarity-money
I appreciate so much. You have served me a great deal of time.