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Tips and Hacks from Super-Successful founders

112: A faster way to figure out monthly expenses

Picture - Find your monthly expenses very easily

Problem1_Penguin_sadProblem:

1. A lot many people would want to find out
2. their monthly expenses
3. but they have a hard time figuring this out.
4. A few people maintain it in excel manually,
5. a few use software like mint
6. but a  great majority will keep postponing and never
7. figure out their monthly expenses.
8. These people  are looking for a dead simple way
9. to figure out their monthly expenses.

Solution1_penguin_happySolution:

1. You build a website and users create an account
2. You will then provide them an email address.

3. They send an email with all their e-bills and bank statements
4. to this email address.

5. Generally they have 2 or 3 bills — one bank statement and
6. 1 or 2 credit cards statements.

7. Once you receive the bills , You discard the
8. header part in the bills which contains name, address and account numbers,
9. so you are not storing any personal information

7. You create a software to read the e-bills and automatically categorize the expenses.
8. Every month, your software will send this
9. categorized expense statements to the user.

10. Research mint.com and see how they auto categorize the expenses
11. The difference between mint and this service is that,
12. You will not store any personal details and this
13. website will focus only on finding out expenses for your customers.

14. Lots of people may not want to use mint and check.me because
15. they ask for their personal details and
16. these websites stores all their personal details.

17. So, for this app of yours, we are serving a different market segment..
18. where people do not like to store their personal details on any website.

Money1_Treasure_ChestHow to make money:

1. Show related affiliate products : Since you know, what items they spend money on,
1.1 show related products like better checking accounts, Travel discounts etc.
1.2 You can get affiliate commissions for this
1.3 check out cardsfortravel.com  : They show credit cards and
1.4 if users sign up, you  get affiliate commissions

2. E-book : Sell an eBook on how to save money and ways to become financially independent.