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Show HN: Penny, an easy way to track your spending

pennyapp.io

71–80 of 89 posts

Re: Show HN: Penny, an easy way to track your spending

#71

The unfortunate thing about apps like these is that if you are wise enough to use it, you are wise enough to not need it. Totally anecdotal, but the people I know who have trouble managing money are just completely unaware of it. Money goes in and money goes out, and they only do something if someone calls them or sends them a letter. As soon as you show these people the numbers, they get it. It clicks for them. Mint…

Hey, Alex (cofounder) here.

You're totally right that people who have trouble managing money in general don't use these kind of apps. Before starting work on Penny, we asked a hundred or so people "how do you manage your money?" The prevailing answer was, "I don't." So when you give them the tools to do that, it really helps them understand their situation.

What we see as the real problem is comprehension and usability. Many people we talked to shy away from apps like Mint because they're complex and intimidating. From a more technical/analytical/affluent standpoint (where I come from), I don't have an issue using Mint and querying my own data, but it's important to remember that I'm different from most people. So, we think that giving people that awareness of their financial situation in a friendly, relatable, and understandable manner goes a long, long way.

Regarding continued use: everybody's finances are a representation of their life, and as life changes, your finances do too. So we think there's a lot Penny can do to help you on an ongoing basis, like tell you about how your new commute to your new work is affecting your gas spending and your savings rates; mention how Comcast just bumped your bill up by 10%; point out that your Starbucks spending has been trending up and might start being a significant money drain, etc. We might be wrong, but we think we and everybody else in this space have only scratched the surface of what insights can help people with their finances.

Re: Show HN: Penny, an easy way to track your spending

#72

Love the idea. I wish I could use it (I'm Canadian).

I'm from New Zealand and every time I see something new that I'd be interested in using, it's always US-exclusive.

The same applies for software, hardware, clothing and a lot of other things now that I think about it.

Re: Show HN: Penny, an easy way to track your spending

#73
post #71

The unfortunate thing about apps like these is that if you are wise enough to use it, you are wise enough to not need it. Totally anecdotal, but the people I know who have trouble managing money are just completely unaware of it. Money goes in and money goes out, and they only do something if someone calls them or sends them a letter. As soon as you show these people the numbers, they get it. It clicks for them. Mint…

Hey, Alex (cofounder) here. You're totally right that people who have trouble managing money in general don't use these kind of apps. Before starting work on Penny, we asked a hundred or so people "how do you manage your money?" The prevailing answer was, "I don't." So when you give them the tools to do that, it really helps them understand their situation. What we see as the real problem is comprehension and usabili…

Thanks for your response!

I see a lot of services going this way; interacting with an AI, rather than a user interface. Facebook is doing this with their messenger, Microsoft with Cortana, etc. etc. I suppose you guys are the next iteration of this for financial management. Maybe I'm just being "old-man-get-off-my-lawn" by preferring a UI over a textual conversation with an AI...

Re: Show HN: Penny, an easy way to track your spending

#74
post #58

Earlier quoted context omitted.

Sorry for not being more clear: the responses are just buttons that you click. For the majority of any conversation, there's no typing involved.

Why would you use the screen real estate on a "conversation" then instead of just showing the data?

If I had to guess it's probably because the conversational interface is designed to be less intimidating than a barrage of data.

Re: Show HN: Penny, an easy way to track your spending

#75
post #57

Earlier quoted context omitted.

Shame it has gone subscription only :( I hate ongoing charges for that sort of thing.

Yea I've been on the fence about trying that out, especially since it's missing some key features (reporting, the calculator). At least YNAB4 is supported til the end of 2016, gives them time to get the new one fixed up.

This is my plan as well. I'll continue to use classic thru it's end-of-life support cycle and then revisit nYNAB and see if they've managed to at least hit feature parity.

Re: Show HN: Penny, an easy way to track your spending

#76
post #28

Earlier quoted context omitted.

I couldn't agree more - I tried mint for a while and I basically did nothing with it besides checking my transactions. YNAB completely changed how I view my money. Now when I go to buy something, I don't just go spend. I see how much I have in that category, and if it's not enough, I either move money to it from another category, or not buy it. It's been very helpful for me in my goal of saving more than 50% of my ta…

Shame it has gone subscription only :( I hate ongoing charges for that sort of thing.

What I hate more is the thought of having my financial data stored in some shady, cobbled together, cloud service, hosted somewhere on Amazon AWS.

I predict, that it is only a question of time until they will encounter some disastrous data leak.

Begin a YNAB user for more than a year now, I am really angry at them for this move. So I'll guess I have to move on to something else after the support for the YNAB4 apps will be shut down.

Re: Show HN: Penny, an easy way to track your spending

#77
post #57

Earlier quoted context omitted.

Shame it has gone subscription only :( I hate ongoing charges for that sort of thing.

Yea I've been on the fence about trying that out, especially since it's missing some key features (reporting, the calculator). At least YNAB4 is supported til the end of 2016, gives them time to get the new one fixed up.

YNAB Classic would not be that hard to replicate as a foss project. After the recent switch I am very tempted to do this.

Re: Show HN: Penny, an easy way to track your spending

#78
post #2

Are you looking to expand into the UK any time soon? I would be interested in using it.

We wish. A couple things that are stopping us: the transaction aggregator that we use (Plaid) doesn't support international banks, and the UK/EU in particular have stringent regulations on connecting to a bank account from a third party service.

Check out https://getmondo.co.uk/docs/

Re: Show HN: Penny, an easy way to track your spending

#79

"Where did my money go" budgeting has never worked for me. I've been way more successful with planning ahead every $ of income as I get it and then manually tracking expenses. Budgeting had to become an actual activity for me, and not just something done automatically by a webapp. I'm a huge shill for YNAB[0]. The software is really nice but basically it's a glorified (paid) spreadsheet. My fiance and I agree that th…

What's worked best for me is putting all of my income into one account and then just giving myself a fairly low monthly 'allowance' into my personal checking account (at a different bank), from which I spend out of (including rent, student loans, etc.). It took a few iterations to get the monthly value correct so I wasn't running much of a deficit or a surplus. But now it's good and I don't sweat the small stuff, and…

I do something similar, albeit a bit leakier. I have all my money coming in to one nexus account, and then I have weekly/biweekly/monthly outflows of everything (bills, stock investments, transfers to 3x different banks, mortgage). I keep that account with a bunch of buffer, but ignore all my other accounts. Each month I keep that main account 'floating' is another month where all those other accounts are growing. If I ever dip too low, I can supplement with one of my other accounts.

It's not a great solution, but it's the one that I've stuck with best.

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