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Jonathan Nicholson edited this page Jan 29, 2021 · 1 revision

Ledger

Introduction

Banking institutions hold our money but give us little to no tools to manage it. Tools to make it easy to track expenses, save/fund for the future, and prepare for the unexpected should be provided by all banking institutions. Unfortunately, this is not the reality.

We’re forced to manually track, save, and prepare our income/finances through spreadsheets, or hand-written notes. Managing funds and budgeting with these methods is confusing and complicated. Ideally, incoming and outgoing funds should be managed from a central location that interacts directly with our accounts.

[Simple.com][simple] was a bank built on this idea and removed the confusion and complication by providing a singular interface with the tools needed to better handle your money. Setting and managing reoccurring expenses, savings goals, and unexpected expenditures are categorized. Using these categories, funds are organized and easy to track.

In January 2021, Simple.com announced their parent company bank BBVA was shutting them down. Ledger is a replacement to Simple and offers similar tools and functionality. Building upon the idea of Simple, Ledger removes the confusion and complication from banking while promoting financial confidence.

Prior art:

MVP

  • Provide an application that simplifies managing finances through virtual “envelope method” budgeting.
  • Provide functionality that allows users to categorize their expenses by name or type.
  • Automatically add or remove funds from categories on a date or time schedule.
  • Simplify budgeting and saving by deducting expenses from available income in real time.
  • Supply a graphical representation of income flow so users can visually track how their money is being spent.
  • Create a user interface using web platform for viewing/managing budgets and transactions.

Stretch Goals

  • Mobile applications on IOS and/or Android
  • Platform hosted on a cloud platform with public site
  • Integrated with at least one bank or financial API provider (Plaid, Square)
  • Initiate other various banking functions (account transfer, send checks, etc)
  • Multiple users for an account
  • Integrate with different financial institutions for "auto enveloping" (Brokerage, Credit Cards, Loans)
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