I really like the concept of an implementend budgeting system within my Bunq account, it gives us an easy way to oversee our expenses and help improve our spending and saving. Yet I do feel it's in an early development stage and lacking in a few crucial points. I think there are some improvements needed for it to work properly.
So I'm hoping for you support and like to hear your ideas! (warning: bit of a long read ;) lots of ideas )
What I got so far:
- Improving adding/subtracting payments in a budget.
- Create your own categories.
- Adding payments to a budget that are transfers withing ones own account.
- Making budgets more adapted to your circumstances. By adding a time frame on a set budget and flexible budgeting.
1.0. At this moment you can only add (or not add) a payment to a budget category. We all pay the tab sometimes for a group, but now it makes it look like I paid (ecample:) 'a 100 bucks for going out, yet I was with 4 friends, so my budget is actually 25.
This could be solved through a few new options.
1.1. Splitting an expense should give the option to split the amount added to your budget as an expense (this is helpful if someone pays you back in cash).
1.2. Being able to add a 'cash payback' to a categorized payment like the one above.
1.3 An incoming payment should be able to be categorized under a budget as well (subtracting that amount). For example my friend pays me back the €25 from the tab, that would make -25 to my budget.
2.0. Adding your own categories. I think the categories are lacking and incomplete at this moment. I like to add some of my own. Someone's finances are very personal. And if I want to track/see how much money I spend on 'blueberry flavoured scented candles' I think it would be nice if Bunq supported this.
3.0. I've transferred money from sub-account A to sub-account B. I marked it withing a budget category, yet it is not show in the budget overview as a spending.
I also made a transfer to a savings goal and this transfer/spending ís shown in the budget overview.
So there seems to be a distinction in which 'whitin-your-own-account-transfer' is added and which is not. I think that shouldbe for us to decide bc we know the background of that transfer. So a solution might be to be able to mark it as an expense or a gain?
4.0. Making budgets more adapt to your circumstances. Not every month is the same, so why should or budgets? We don't do holidays all year round equally, we spend more on gifts in December, also our party and food budget goes up that month. So making budgets fitting your needs and circumstances would be an addition in my opinion. I've thought of 2 ways to fit most people's needs:
4.1. Adding a timeframe:
Like I said Christmas is an expensive month for the categories 'gifts', 'food', etc.
Being able to change your budget in amount within a certain timeframe automizes this process. After 'set date' it will go back to your old budget without you having to check what it was and fix it manually.
4.2. Flexible budgeting: (I don't know if it's the best description for this)
The idea is that we don't do an equal amount of holidays every month. Though I do have a concept of what I'd like to spend averagely or can put aside for this spending. And yes I know, I can also make a savings goal, but I'd like to see it in budgets as well.
So what happens with my left over budget I managed to save? (or if I overspend?)
The option that adds the left overs to the next months (or retracts the overspending of the next months) would be a nice feature. That way I can stay within my budget over a longer period of time with spending that aren't the same every month.
Bit of a long read. Hope you like my ideas and would like your feedback or maybe new ideas. I think there is a lot to be improved here. And maybe we'll see them implemented!
Also would love to hear from Bunq any future plans on improving the budgeting system.
Greetings,
Paul
