DebtCC Community Blog

I am writing on something where I struggle the most “my Personal Financial planning with Income, Expense and budgeting”. I saw the requirements of the upcoming DebtCC Personal Financial Application. I have decided to pen down my own requirements.

These are the section which I will like to target,

1. Income
2. Expense
3. Debt
4. Assets
5. Budgeting

Before taking each section please visit the exisiting requirements. Now let’s take each section one by one with the requirements.
1) Income
I am assuming that I am mainly a salaried person under high incentives and with some small side income from here and there.

There should be four section under it,

1. Add Income (Source, Amount, date, regular/Irregular, Taxable(Y/N), Notes )
2. Edit Income (edit all the above fields)
3. Delete Income (delete the mention section)
4. Income Report ( I should be able to see the report on the basis on month, week and any date, with total (regular, irregular, taxable, non-taxable summary included)

2) Expense

This is my favorite section (so much to buy and so little to spend),

1. Add Expense (Source, Amount, date, regular/Irregular, was avoidable(Y/N), Notes)
2. Edit Expense(Edit all above fields)
3. Delete Expense
4. Expense report (exactly like income report with proper summary)

3) Debt
This should be watched properly,

1. Add Debt (Type of Debt, Amount, Interest, Monthly minimum payment, Monthly payment day (drop down 1 to 31)), (Credit Care 1 Debts, Credit Care 2 Debts, .., Total Home Mortgage(s), Total Auto Loan(s), Total Other Secured Loan(s), Total Student Loan(s), Total Medical Bills, Total Other Liabilities).
2. Edit Debt (Edit all fields)
3. Delete Debt
4. Total Debt Report

4) Assets

1. Add Asset (Item Name, Estimated market value) (This can include Market Value of Home(s) , Average Checking Account Balance, Average Savings Account Balance, Investments, Retirement Savings, Cash Value of Life Insurance Policy, Other Assets).
2. Edit Asset
3. Delete Asset
4. Total Asset Report

5) Budgeting
Using my net disposable income I should be able to plan better.

Things required as reports

• Net Monthly Disposable Amount = (Total Monthly Income – Total Monthly Expenditure) Graph over month. The detail for each month should be calculated and compared over months, or weeks.
• Debt / Income ratio. Different level of danger marks.
• All Graphs wrt to income, expense, assets, debts over months or weeks.
• Smart calculations for Monthly budgeting. All the regular unavoidable entries should be made as expenses before hand. Whenever an expense is added which is not mention in the budget it should give a prompt saying “extra spending”.
• Using Net Disposable Income and debts the calculator should be able to suggest me way to eliminate debt.
• All the information should be uploaded to a website for backup purpose. That thing can be available from another computer. Basically an option “whether to keep the data on local machine” or “website”.

I think this kind of application can help me manage my finances. I hope this can be helpful for the application developer. You can also discuss your requirements at http://www.debtconsolidationcare.com/personal-finance.html .

This entry was posted on Monday, March 13th, 2006 at 10:41 am and is filed under Misc. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.