RightBank Personal Financial Management is a free tool that enables you to automatically create your personal or family budget and to ensure your expenditures do not exceed your income by preventing potential overspending.
A typical family usually has 4 paychecks deposited on specific days each month. Such family also has certain known expenses that invariably happen on or before certain days of a month and have ‘fixed’ amounts (mortgage/rent, insurance, internet, and others). Additionally, there are ‘flex’ expenses like groceries, gas, clothes, etc. with no specific date or amount.
First, RightBank aligns your ‘fixed’ payments between the paycheck dates so that they would transact on time but when you have sufficient funds on your account without borrowing to make the payments close to the deadline to keep your money as long as possible to help you generate passive income on it.
Then the system plans the right times for your ‘flex’ spending to coincide with the highest leftover balance on your account. On top of that it tries to align your certain purchases with the best available deals (like your go-to grocery store having a sale on items you often buy). While the ‘flex’ expenses do not have a schedule, your past purchases as well as the ones that happened with people with similar habits, provide enough data for planning your “flex” spending ahead with a high level of accuracy.
Once all expenses are accounted for and timed with the paycheck dates, you can anticipate your cash-flow in advance and avoid many unnecessary (unplanned and/or impulsive) purchases. That results in having extra dollars in your RightBank account so that you could save an additional 500 dollars, or even more, each month.
Be wealthier,
RightBank Team