Budgeting is hard..really, really hard. When you look at numbers, we as educators are fighting an uphill battle when it comes to encouraging students to set up budgets. Most recent research seems to indicate that about 1/3 of people actually do budget. So, how we can help the other 2/3?
That’s where Bsavi comes in. According to this announcement, Bsavi is an “app will not only help people save money, but it will also help them spend it more efficiently.”
How does it accomplish this? “Van Zyl says it’s a spend management tool that shows its users exactly how much they can spend on a daily basis after all their planned and fixed expenses have been accounted for.” So, instead of tracking their expenses and telling you how you are performing vs. budget, it actually guides you as to how much money they can spend. Imagine, waking up everyday and being reminded by this app, that you can spend $25 for the day and then getting positive feedback at the end of the day that you stayed within your budget. From a behavioral finance perspective there are definitely features of this product that seem appealing.
Product is in limited beta right now but it would be interesting to ask your students, “Would this app work for you? Why or why not?”