Another: We have budgeted well for upcoming expenses and I feel comfortable with our income streams.
With PocketSmith, you need to proactively set your goals and make sure that you're entering any upcoming expenses, which requires a bit more effort.
They can also use the Shared account's Goals feature to save money for known upcoming expenses, whether that's regular expenses like the month's bills or those you want to save up for, like vacations.
"We wanted Dave to be this alternative to your friends and family who can help save you from unnecessary bank fees and lets you know about all your upcoming expenses," says Wilk.
This week, for example, a year-old, L.A.-based company called Dave raised $3 million for an app that predicts upcoming expenses and alerts users if their bank balance is low.
To figure out how they could help, the team set about doing market research to find out why people were overdrafting, and said their survey turned up two main reasons: people not being aware of upcoming expenses, and people being short before their next paycheck.
Set up monthly or even weekly meetings to discuss things like bill payments, progress or setbacks regarding savings goals, budgeting for upcoming expenses (property taxes, insurance premiums, back-to-school supplies, etc)., and strategies for coping with unforeseen expenses (car repairs, emergency dental work, tuition increases, etc).
Spending plans will evolve as time goes by -- this is inevitable; be prepared to adjust and adapt to your changing situations (promotion at work, unexpected expenses like constant car repairs indicating an upcoming major expense, etc).
But because of my bills and upcoming wedding expenses, it will not be enough for me.
