Transfer goal money when paid


#1

There are a number of topics related to better budgeting by having a “smart balance” that takes in to account upcoming regular bills and only shows you what you can safely spend until the next pay day. I’d like to see Starling have this feature with these kinds of predictions and for it to be automated.

But for the manual approach for people who don’t want to trust an algorithm, and generally speaking for all goals, I’d like to see the ability to specify the “when” on a recurring payment in to a goal to be “immediately after being paid”.

Then I can set up a “direct debits” goal with an amount transferred in each month equalling my estimate for the total of all my monthly bills.

The transfer would happen the second after my pay comes in, so at virtually no point in time do I see my balance and think I have more spending money that “month” than I do in reality.

The usefulness of this applies to all goals, not just direct-debit related goals. Ideally there shouldn’t be a gap between income and known “outgoings” (even if it’s only a fake outgoing to a goal), so you only ever see your real spending money.

(Of course it will only be safe to do the above when you can choose to have outgoing payments come from a goal.)

The “when” shouldn’t be “pay day”, but “when I get credited by this entity”, and there should be a priority order for goals, with potentially some goals failing (with an in-app notification) if not enough money was credited to fulfil all goal requests.

(I suggest this because I have a normal salary credit that almost all goes out to my joint account for shared bills, but I also have rental income that comes in on unpredictable dates (sometimes with unpredictable deductions) that I use to fund my personal direct debits and goals.)


Rearrange Goals
#2

The main issue I can see with this is if you have more than one source of income, or if you keep money elsewhere and have to move the money in. How would an algorithm know which income to use for which goal and when?

An example - I get paid my student loans on the 7th of the month, or as close to it based on weekends and bank holidays. I get paid from my employer on the 19th, again give or take a few days. But I also have some income that goes into another account of mine that I transfer over sometimes but not regularly. My student loans pay for the bills due from the 7th until the 19th, my salary for the bills due from the 19th to the following 7th. So for this system to work, I’d need to be able to tell Starling which source to use. If I transfer money in from my other account, Starling is going to view that as Income, but I’m probably transferring it for a specific purchase or a specific goal. How would the app know not to lift money from that transfer? (rhetorical question, just thinking out loud).


#3

I would love to see this too. I get paid at any point of actual pay day so I can’t setup my payment until the day after because it doesn’t actually go in at midnight which is dangerous because the money is there ready to spend!

It would also help when I get paid ‘early’ if pay day falls on a weekend.


#4

I already addressed this in the OP, last two paragraphs: it’s not an algorithm that guesses. You explicitly tell each goal which transaction* to take money from.

[*] that is, you give it an example transaction and it looks for credits from the same source in the future


#5

The ability to add a percentage of monthly income to a goal would also be great.


#6

A percentage of monthly income would be good for those who tithe a proportion of their salary to their Church