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Getting out of Debt is not a Magic nor it happens overnight. Getting out of Debt needs to planned, most cases it has to be planned with the income we currently have. MoneyBag helps you to create a relationship with money so that you understand it better. Most cases of debt is not because of lack of income but because of the lack of understanding of money principles. In MoneyBag we try to make your work on the money principles directly or indirectly so that you get aquainted with them. Moneybag helps you to take actions that will lead you out of debt.
The main area which MoneyBag will help you is to enable you to understand about the money flow (inflows and outflows). You need to be aware of the areas from which money comes in and the areas in which money goes out. Once your get this awareness you will be able to improve on incomes and cut down on expenses which are impulsive or unneccessary and channel them to your savings and emergency funds.
Budget and spend is the most simplest money advice that all financial experts give. But the reality is that it is seldom followed because the users donot have the framework to create, maintain and monitor budgets. MoneyBag provides you with an awesome framework to create unlimited budgets and options to track and monitor them over a period of time to see the percentage of amount you have spent.
Budgets in real life are not rigid and undergo changes every month. For example when kids are home in holidays the fun and entertainment budget will shoot up. MoneyBag enables you to make your budgeting flexible for every month. Also budgets can be created for savings, income, goals and emergency funds as well to see how much of estimated amount that you already achieve for savings, goals or emergencies.
MoneyBag helps grow the savings habit by having a separate category for Savings related transactions. All your bank deposits, bonds and other savings instruments are tracked together and categorized as savings. This helps you understand how much you save for a month. A dedicated report called Savings Analysis helps you uniquely track you savings percentage every month.
We never know when a car will break down or a medical problem will come and hence it is best to be prepared for emergencies. While insurance covers most areas it is always recommended to have a emergency fund of 6 months salary. MoneyBag helps you build this fund by contributing an amount regularly in this category. Emergency funds are included in all analysis and charts so that you will know how much you saved for a emergency.
MoneyBag helps you break the very bad financial habit of buying on credit by encouraging you to set the item to be purchased as a goal and save every month for that. This creates the save and buy mentality which is hugely lacking today. This helps avoid impulse, unneccessary and unimportant purchases and adds a sense of worth to the product since there is a wait involved.
MoneyBag marks most of the areas in the app with clear red, yellow and green indicators which help to identify if everything is going on fine or not in your financial world. While green suggests that all is well, and yellow that you should be alert, red throws a warning that you are approaching the spending limit or crossed it. For savings / income / goals / emergency funds money bags having lesser percentage will show red indicator since lower savings or income is not healthy.
MoneyBag provides a lot of cool analysis charts and reports for MoneyBags and transactions for every month. Apart from allowing users to create budgets and transactions, MoneyBag also provides charts and reports to help the users to understand their spending / saving patterns, spending by categories, MoneyBags health, income / expense / savings overview for each month and savings analysis.
MoneyBag shows how much percentage and amount remains in each MoneyBag based on the budget and amount spent already. This gives the user an indication and a influenze on the next transaction on the MoneyBag. For example if the user sees that the 'Fun and Games' MoneyBag is almost full then he would hesitate to make a purchase in the category.
MoneyBag provides a quick overview of what is happening in the expense, savings, goals and emergency funds areas of your financial life in a quick look bar provided on the top of the app. It also provides a quick overview of the distribution of all transaction types along with the total amount allocated for each of them and the actual amounts that have been transaction till that date.
More than anything MoneyBag helps you take steps towards your financial freedom. Financial freedom is the ultimate aim of every individual and that is a state of ultimate happiness but the road is not easy. It needs a lot of hard work, planning and tracking. While we leave the hard work to you we help in planning and tracking of your journey towards Financial Freedom.
Save as much as $250 each month by using MoneyBag.