One of the areas I think could be adjusted within the app is:
I think the use of Happy/Unhappy spending should be replaced with a concept of Want Vs Need - I know many people who have turned their financial situations around just by getting a better understanding and visibility of what is a ‘Need’ spend and what is a ‘Want’ spend…
In terms of Happy/Unhappy - I might go out on a Friday night and spend £200 on alcohol and food and completely blow my monthly budget - but would I feel Happy or Unhappy about it?.. (I guess it depends on the hangover!!) - In most cases people would associate the Happy/Unhappy to how they felt about the expenditure and for people struggling with their finances they wouldn’t necessarily understand the spenders remorse concept that this currently lends itself to.
I think it would be a lot clearer and easier for people to understand Want Vs Need and to be able to use this as a tool for helping to identify where expenditure can be better managed.
For Example: (Happy/Unhappy)
Rent - Unhappy (who likes spending money on rent)
Travel to work - Unhappy (who feels happy about spending money to end up face first in someones armpit on the tube?!)
Lunch - Happy (hmmmm yummy food!)
Beers after work - Happy (relaxing time…)
Want Vs Need:
Rent - Need (got to keep a roof over my head)
Travel to work - Need (Not practical to leave at 6am and walk in)
Lunch - Want (I could make my own and bring it in but it’s such a hassle!)
Beers after work - Want (I really wanted a drink after work to unwind!)
Very quickly you can start to see unnecessary spending and identify ways to help reduce this…
What do you guys think?