Budgeting software right on time

Timing is everything, so they say, and for three Dunedin technology entrepreneurs the release of the beta, or test, version of their PocketSmith financial management tool is right on the button.

Co-founders of PocketSmith - Jason Leong, James Wigglesworth and Francois Bondiguel - have produced a simple budgeting software tool that can help people manage their finances.

In current times of economic turmoil around the world, having a daily check on your finances was an important tool for many, Mr Leong said.

The three men thought their money manager was different than most because it could analyse where you spent your money on a daily basis when most of the others on the market showed only historical data.

"We are showing you what you have got ahead of you," Mr Leong said.

They have been testing the product for several weeks with users around the world but are seeking some local input on the software which they hope retail banks will support as a way of helping their customers manage their money.

Because Dunedin was such a "great place" to start a small business, they hoped people here would try out the tool on www.pocketsmith.com [2], he said.

The men are blogging on the site about the ongoing development of their product which gives users a running balance for months ahead.

Bank statements can be imported to the tool and standard details such as salary, rent or mortgage, can be added.

If someone wants a holiday, and knows it will cost a certain amount in six months, the tool can work out how much you have to save a week to meet the goal while at the same time maintaining a buffer of cash in the account.

How much people spend on things like groceries, or Saturday night entertainment, is analysed and projected out into the future, and becomes part of the running balance.

A graph at the top of the screen indicates where users will be at any set period of time.

Mr Leong said that if computer users could use an online calendar, they could use the software.

"Our principle is minimum input and maximum output. The key was how do we keep people motivated to manage their finances, and that comes through the goals map.

"If people follow the plan the software works out, they know they can achieve their goals of a new car or a holiday within a certain time. This breaks it down to a really personal perspective," he said.

Messrs Leong, Wigglesworth and Bondiguel all worked for Dunedin technology company e-Media before it was delisted and sold.

When the business was sold they were given clearance to split off from their former employer and set up on their own.

Since June 23, the three have been self-funding the development of their software.

Mr Wigglesworth said the idea of the money manager came from a simple calendar system developed about five years ago.