Getting into debt can be very easy nowadays. The ease of getting a credit card and paying for most things on it can sometimes make us forget about how much money we’re really spending until we see the bill.
Staying out of debt is all about watching the amount of money we’re spending compared to the amount we’re earning. It can be quite easy to lose track of this, however if we let technology keep track for us then it will take the stress out of it.
It could be something as simple as an app that we tell the amount we earn, and the bills we pay. It can then tell us the amount we have remaining that we can spend on other things. If we are spending less than we earn then it can recommend putting the spare money into a savings account. If we are spending more than we earn then the app can suggest areas we can reduce our spending.
Banks can incorporate this feature into their apps and then it can also automatically track our ins and outs. Over time, it can even learn when we get money into our account and when money leaves through direct debits or other forms. It can then warn us to not spend a specific amount of money if we have a bill that is due soon.
The main problem with an app like this would be privacy, however if all the data on the app is stored locally on the device it’s on and encrypted then it will be safer.
As always, if you think you have a solution or if you have a problem you would like me to try to sovle then please feel free to comment it.