Most people are aware of the need to create a budget. However, sticking to one is difficult unless one actively tracks their transactions throughout the month. Bank statements provide a spend analyzer which is helpful to those who already are keeping tabs but not for first-time earners with poor personal finance knowledge.
A customized budget tracker can solve the budgeting problem end to end.
Taking into account salary and location the budget analyzer will provide the following:
- Ideal budget distribution which can be customized by the user
- Weekly notifications on spends and remaining budget
- Red alerts when spends are growing faster under any head
- Rewards for sticking to your budget.
This can inculcate prudent financial behaviour especially for millenials