How to effectively manage your money

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Today a hard time, which allows us to change own patterns of behavior, especially in Finance. To make it better right now, because tomorrow, you’ll finally stop to understand where your money is going. Yes, and now you, I think, slightly understand this, because you and there are no substantial savings, and so there are no possibilities.

But we are confident that there is always the opportunity to get out of such difficulties. For this purpose, first and foremost, we need to pump money management skills. And for that, we decided to turn to the Creator of the mobile application «Zen money» — Anton Fedosin who is an ideological follower of the philosophy of proper handling of money.

A bit of history

Our service, in fact, for six years. His work he began in 2010. First, Zen Mani did not bring any income — we did not set themselves such a goal. Yes, and it was not possible to make money on software for it at that time to pay no one was going. It all started with free access, and then try to achieve financial returns through advertising additional services. First, we have positioned ourselves as a free solution to financial problems, and quietly tried to build its audience.

To grow while not it. Of the many reasons. For example, people were afraid to make financial information somewhere in the Internet, applications that use cloud storage. The first question always asked by customers was: «How is it? I will be your personal details to enter into your service? And suddenly you won’t break and all is going to emerge?».

But it’s been a few years, and each will have its personal mail, which, again, is in the cloud except it does it contain lots of other information, and nothing happens. At one point, people are no longer interested in the matter and fears were gone. Then we decided to restart the project, making the service paid. This decision proved to be correct.

The base part of the program is still free, paid, we have the Premium package. In recent times, without the influence of the crisis, users have become much more.

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Money management

If we talk about methods of controlling costs, there are different approaches that are radically different from each other. There is a classic as is the overall budget. That is, for each category of goods he’s planning something: food, utilities, transportation, etc.

There is an easier approach called the «four envelopes». Income for the month is divided into four envelopes, one per week. The point is, week period more tangible and to fit into the weekly limit is much easier than in a month.

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However, long experience has forced us to focus on a fairly simple and working approach. He acts so — mandatory payments optional payments and savings. The mechanism is really not complicated. When you get paid, you need to immediately postpone a certain amount of money, and the rest distribute into two categories. The simplest formula is suitable for people who have small or medium incomes (live from paycheck to paycheck) to lay off 20 %, leaving 50% for mandatory spending and 30% spend on myself — on the journey, a new phone, friends, bowling, cafes and restaurants. Today we are all customisable according to this formula.

Zen Mani does not just keeps record of expenses and income, he aims to send person to change their financial behavior so that he is sure saved money. Educate, overall, a very good habit.

I myself approach financial management more as a researcher, because so many years of doing it. When I find a new technique, I try it myself some time living with her. Today the 50/20/30 system was for me the most effective.

Automation

Our application contains several distinctive features, which we are very proud.

For example, for users Android program can recognize banking SMS and automatically create transactions.

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Now this feature we support for 300 banks. That is, you do not need to enter information manually — everything is automated. Unfortunately on iOS this is not possible. The fact that third-party app, according to company policy, Apple does not have access to SMS. But we got around this problem, import the data directly from the Internet Bank. For this to work you must specify your Bank to enter a username and password, and then just enjoy the fruits of automation.

The password itself is not transmitted, it is only on the phone is encrypted vault and goes out only in the moment when you walk in. Of course, security at the entrance will have to enter the usual supporting texts.

There is another option to automate recognition of email messages about the operation. But Russia’s small banks supported alerts via e-mail. We know of seven such banks.

And yet there is electronic money. They have a public API, through which you can obtain information about the operations without any problems.

Personal space and safety

We have a family account that allows you to create for each person a separate login. At the same time, we understand that anonymity, even in the family, the thing is not useless and that’s why the personal accounts are not visible to other users.

Other people’s personal accounts when adding regular expenses are seen. But when you need to do the translation (for example, the husband gives money to his wife or Vice versa), then you can choose your wife and transfer money to her account. You can see shared reports for all accounts of the family, but this is not to descend to operations on personal accounts, preserves the personal space of everyone.

The Philosophy Of Zen

This type of programs like ours, called home bookkeeping. But we such do not consider, and I’ll explain why. Home bookkeeping is first of all, the «posthumous» record. That is, when something happens, you have fixed it and all you can do is to look at the data about how it was. To see what reports and to draw conclusions.

What we do has a completely different purpose. We want to create a financial assistant who will be able to help you to look into the future and predict it. Our methods are based on the analysis that was, and predictions and recommendations that can be.

googleappleTo do this, today we do two things. If you open our app, you will see a screen with different widgets. They just help to look to the future. They provide advice about what you need to do to feel good — now or in the near future.

We also run bots. In the first place in the Telegram. Their goal — time to inform about the current situation, what you need to do today, how much to save to stick to the plan, in accordance with your income. And this thing will tell you almost every day, depending on how you need it.

Almost everywhere in the world people interact with money. We work, get paid, and then the majority of people are drained the money is absolutely inefficient. They just go nowhere. And the person remains at the same level where it was. But with the right approach to money management you can achieve good results.

This is evident in the people, there are those who expect — they set a goal and go for it, getting a well-deserved award.And there are people who do not plan — they just react to what comes to them. With the money the same story, they can be real and effective to manage, but it is able to do only a small part of the population. For the rich strata of our society have individuals — they have asset managers. Our task is to implement these methods money management in the lives of ordinary people.

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