When I was in high school, it was very much difficult for me to manage my money. Sometimes, my elder brother used to ask me to give details of the money spent. I never gave him exact details.  At that time (2002), I thought to make a website for "Personal Money Management".

Well, you might have seen a lot of desktop application which is used for personal money management. Even few of the people, who know a bit about Microsoft excel, do manage their money in a excel sheet. You could find so many desktop applications for personal money management but there are no websites available for the same. I was shocked to know this fact. But then I realized, it's about money. Nobody wants to share their expense details on internet.

But since last 4-5 years, there is huge growth in internet users. Internet is becoming more safe and secure. Giant corporate like Google, is building systems which will soon replace your hard disk. So now, I could see some companies like "SpendingDiary" coming up with this idea. Spendingdiary lets you easily keep track of items in categories created by you. It is a very simple website which can help you get control over your expenses. The best part about Spendingdiary is that it is simple to understand and use. It also generates reports. Mint.com is also more of less the same thing but I think users don't feel much comfortable to pass their bank details.

Lets draw the concept on paper and analyse. 

I have slightly different Idea for "Personal Money Management" website.  It should have following things:
Manage Expense
User can manage his/her day to day expense. Just like SpendingDiary is doing.

Manage Credit Cards Cash Flow
User can add credit card transaction/payments without disclosing his/her credit card information on internet. User can manage the pay cycle of credit card at a place so that he doesn't need to pay fine if he/she misses any credit card deadline dates.

Debit/Credit
Track your credit card spending, and stay out of debt. User can manage his/her debts and credits on friends.

User defined categories
User can define "n" number of categories where he/she is spending money.

Reports and Statistics
User can see all reports and statistics of your expenses at a place. See how well you are keeping within your budget.

Reminders
Scheduled transactions such as monthly bills can be set up as reminders.

Some more features:

Group Money Management

Roommates
To manage common room expenses. Sometimes, we end up very badly with our beloved friends due to money.

Trip Money Management
User can manage common expenses of trip here and don't get worried about the distribution of money.

Managing your dependents
Teach your dependents the money managements skill. It will help him to shape a better future. Like, using this website you can track your children activities at hostel. I have seen some warden reporting to parents about the misuse of money. I think by using this, such things can be tackled very easily.

Revenue Generation

Banks offers:
These days banks are offering EMI scheme on lot of products. You can contact banks directly and show theirs ads on the website.

Shops offers:
You can list down offers at nearby shops.

New arrival:
You can list down new arrival of items in shops.

Insurance:
You can list out all the insuraces details from various banks.

Loan:
Different kinds of loan information and there comparisons.

Credits cards schemes:
Statistics of all the credit cards and there rating by users.

Optional Features

QIF Import:
"Quicken Interchange Format" - Convert data from other applications, or download your transactions from a bank.

Bank Account Management (optional):
Record checks, debits, and deposits, and easily balance your check book. Define as many bank accounts as you need.

Enter expense using mobile :Enter your expenses via your mobile.

Define Pay Sources (optional) :Set up your income to automatically distribute funds to various envelopes.

Single click data uplaoding : Why to go to website and write everything? We will provide a single click uploading of expenses.

Automatic Backup :Keep a copy of your last data file.

Records of all investments :Keep records of investments you did.

Family Health Care Extension of Website

Health Care : Record your prescription history and medical bill
List of doctors : List of all the doctors in that location. Phone number for appointment on request.
Ask Doctors (Pay basis) : Ask distant doctors about your problem on payment basis.

Just for a slight idea about website you can see the beloe snap.

http://www.spendingdiary.con
http://www.mint.com

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