Simple Finance takes a very simplistic approach to breaking down a user’s set wage income. It splits a user’s income wage into two categories. Firstly the user distributes their pay towards all planned payments which need to be made, payments can include Insurance, rent, food and groceries etc. Secondly the user then distributes a certain amount of money towards their savings, these savings can include an upcoming holidays, new car, house deposit ect. Once the user has set aside all payments and savings, they can then have an amount of money referred to as “Guiltless Spending”.
Guiltless Spending is money which people can use without feeling guilty about it. This money can be for drinks on a Friday night, coffee breaks, new clothes etc. The point of this application is to guide users into using a guiltless spending finance model. Once the user has made all of their payments for a set period and they’ve put money away for their new car, they can then spend money on whatever excites them via “Guiltless Spending”.