In the future, and if possible, I would very much like the added functionality of Budgets, though also the ability to Allot Funds.
Budgeting would be brilliant as it allows you to keep track of your spending and keep an eye on particular indulgences that may be reducing your funds more than you so wish. Being able to set budgets on categories such as Entertainment, Transport & Groceries would help to avoid over spending in those particular areas. Furthermore, being able to set budgets on particular merchants within those categories would be even better.
For example: You may want to set a budget of £100 on travel, though find that you are using Black Cab’s or Uber way too much. If you are able to set budgets on these particular Merchants, you may feel more inclined at times to hop on the tube or on a bus.
Being able to Allot Funds, removes the surprise of particular scheduled (or even unscheduled) payments being taken from your account after having forgotten or having lost track somewhat. If you’re able to allot funds for Direct Debits, which are then segregated from your funds (like Goals), it allows you to plan these payments and seemingly make them in advance, so as to avoid being stung later on after a little too much indulgence.
For example: You may want to set aside funds for all of your Direct Debits at the beginning of the month, so as to know where you stand in terms your remaining balance, and how much you have to spend besides those scheduled payments. As those payments are taken, the allotted funds are reduced to zero, scheduled to be topped up at the beginning of the following month, or annually depending on the setup of the fund.
Alternatively, if there were a way for the app to predict (based on previous scheduled payments) how much is likely to be outgoing, there could be a toggle to have that predicted amount removed from your balance.
For me in particular, this functionality is absolutely necessary. It is tremendously easy to forget (regardless of the scheduled payments section), which payments you have to make and when you have to make them. It would be vastly better if you could seemingly “make them early” (by allotting them) so as to avoid future hassle.
Ladies and gentleman, thoughts and additions are very much welcome. It took a lot of thinking to try and succinctly describe what it is I’m after and I may well have missed something.