SPARQ’s Money Management Dashboard
What is more important — to execute plans or adapt plans so that they can be achieved? This is the key question behind our invention.
For us, everything is relative in this world.
Relationship between income and expenses
My current income is low compared to my expenses. My expenses are high compared to my income. What should I do? Reduce my expenses or get more income?
Relationship between reality and plan
This month I spent €150 on my own needs. By the end of this month, I need to spend €500 on my needs. What should I do? Trying to meet my €500 budget or revising my budget plan?
And now my favorite part that drives me crazy all the time.
Time relativity
Today I have such an income level, tomorrow I will have a different income level(I will get my salary). Based on this, I can create a spending plan today that will affect my future spending.
But if I don’t meet my income plan (I don’t get my salary), my current spending plan will become ineffective. Every time the chain breaks, I have to recreate my plan. Imagine how much energy our brains will consume to recreate the planning or spending patterns every time we do something new? For example, we decided to start traveling or a new family member appeared. Our life is dynamic.
Even simple shopping can turn into a nightmare if we try to think it over and keep all the information in our heads.
But it’s not a nightmare for the system.
Imagine a data-driven assistant, which will analyze your data every second. Your needs, your income, your daily spending patterns, and your plans.
If you want to buy a bike, that’s a desire. If you know how much you should save, where you should cut your budget (quit Netflix for a few months or not go to a restaurant) to buy a bike, that’s the plan.
Imagine having chat with our data-driven assistant:
— I don’t want to turn off my Netflix, what can you suggest?
— You can take money from your saving pot “Trip To Spain”. Your saving goal will be postponed for 1 month but you will be able to buy a bike next week.
— No, thank you. Any other option?
— You can reduce your monthly budget. Choose a category: food, clothes, or transport.
— Let’s cut the budget.
Every decision today affect our life in the future.
Let’s take for example there are 4 main directions of managing your personal finance
Needs (The amount of money you need to cover your life needs)
Saving (The amount of money you save for your future spendings)
Spending (The amount of money you spend)
Income (The amount of money you have)
There are 2 states of this directions:
Real (Current situation)
Planned (Desirable situation)
And let’s take 5 main temporary states
Now (This is where we are currently standing)
Tomorrow (A magical day that we have been waiting for all our life)
Month (Our salary, bills, subscriptions are connected to this)
Year (There also one-time events and annually spendings)
Lifetime (The main goal of SPARQ is to achieve financial harmony on the lifetime scale)
Each direction can have its own state. (4*2)
They have their own temporary states (4*2*5)
Every combination is connected to each other (4*2*5)²
Thus, there can be 1600 potential connections. Every connection triggers a specific reaction of the system or call to action for the user. According to the result of the reaction, the system recalculates the data, and then there are new reactions.
And now we can use a data-driven approach. We help each user determine their own rules within the system using a human-centric approach.
I will make more explanatory articles about this algorithm. If you like the idea, want to discuss opportunities, or have your own idea, feel free to connect with me!
Thank you for your attention, and let's SPARQ!
