I use either my credit card or debit card for almost everything purchase I make (curse Tim Horton’s for their cash-only policy!). It follows that somewhere, a robot (also known by its more innocuous name, ‘computer’) knows what I’ve bought, when and where I’ve bought it, and how much it cost.
This is all the information I need to really understand where my money goes every month. However, the format I get it in isn’t much use to me. Every month I get a few out-of-date account information mailings from my bank and credit card provider listing my purchases in chronological order. I could sit down with a calculator and figure out how much of my money goes to food, entertainment, utilities, etc.
Sure, I could do that, but this isn’t people work, its robot work.
Here’s what I want, a simple new feature on my web-banking. I want to be able to create categories of spending (and maybe even sub-categories) that I can use to label each of my purchases. For example, I would create a category called Groceries which I might break up into subcategories (Real Food, Junk Food, Other Stuff). Other categories would include Utilities (phone, electric, etc.), Insurance (car, other insurance I should have, etc.), Rent, Car (gas, repairs, racing stripes, etc.), Entertainment (movies, games, clowns, etc.).
I would be able to run through my purchases, labeling each of them as one of my categories. Then, I could get a simple breakdown of my monthly spending by category. Wouldn’t you love to know how much you spend a year at the Quick-E-Mart!
I could do this myself with a spreadsheet and some free time, but it would be such a simple addition for existing web-banking systems (see a simple mockup). Perhaps some already have something like this? If only the banks would compete for my petty accounts.
For more dreamy web-banking, see 37signals’ 37FAKEBANK.