
Hello IH community! My name is Johnmark, I'm a tech lead that has built a lot of cool things for a lot of people.
Earlier this year I picked back up one of my personal projects called balance.
I was frustrated with other budgeting apps for a few reasons:
I think a budgeting app should be
I have a lot of plans for balance but I'll spare you my rant for now π
I struggle a lot with perfectionism. If something has my name on it, or has other people using it I want it to be PERFECT. This is why I've been building in private. I wanted to build a fully featured budgeting app that helps people (especially first time budgeters!) and release it feature complete. Realistically I know this isn't possible, but it's still what I wanted to do.
This means 3-4 million people will be looking for a new budgeting solution. Are these the users I'm targeting? Not exactly, but I think theres potential for good overlap. When I heard this news I new it was my chance to take a shot.
I can solve two of these bullet points today.
For the first one, this post is my first step. I'm looking to share and provide updates consistently, but I need to come up with a good approach. If you have ideas that you've seen work well please share them in the comments.
I can also set an early access date for December 1st 2023. π€
The second bullet point is going to take some more time π
I've been lurking in the IH community and podcast for a long time, but I know I'm still new here. If I can ask you for one favor: Please help keep me accountable to the changes I've shared above.
I'd also like to offer help to anyone else who wants it.
Thanks for reading π
Check out balance if you're interested in seeing where I'm at π
Great work. I considered doing an alternative of Omegle as soon as I heard they were shutting down. One company's demise = opportunity for another.
@yunanimous exactly! It's a very large pie, and even a small slice would be a lot of users to help out!
What stopped you from building an alternative to Omegle?
I'll try for sure, I'm looking for a more structured solution to manage my financials. It'd be interesting if it's something that can be integrated with Knowlee, our AI Agent that is already capable to offer financial insights on crypto/stocks.
If a user would integrate its financial information, we could rely on all information and provide a real guidance based on user's goals.
Really interesting!
Well done on this and taking the time to focus on it. I am building a tool that is geared for myself as well around finance and more around habits I am forming with regards to it and I have 1 question that I believe I might need help with.
Do you have specific avenues where you would post to get more eyes (promote)?
I was considering just the build in public and from there gathering a community around it and was wondering if advertising is even needed now and rather organically get support and others in the community to help guide and build.
Hey @TrojanMorse, I looked at chnge and it looks cool! It seems like we have similar values in what we're building. Focused on helping people make healthy finical decisions so they can live a life of freedom π
I think gamification is a really good idea. I think it will resonate with a lot of people.
Thats a good question. I'm trying to figure that out too. I wanted to go the more organic route. Start with friends and family, move on to smaller indie communities and then hit the finical communities with a solid product. Mint shutting down has shattered these dreams a little bit for me. Theres opportunity now to take advantage of.
I think Mint customers rely on auto imported transactions. Balance is built around automations and making finical categorizations as easy as possible. I didn't see this feature in chnge? If not, I don't think you have to rush the marketing. You can probably take a more "authentic" approach and get involved in reddit communities built around personal finance. As a reddit user we typically prefer authenticity, if something smells too rushed or promotional it's sure to get shut down.
I also think finical influencers will be a large avenue with Balance. You could take a look there as well!
I'm looking for people and communities interested in positive finical change. It might be time to make one π
I hope this helps some. Let's stay in touch and share our learnings! Do you have users giving you feedback yet?
I am leaning more towards gamifications and while I'm trying to look at the interest around most age groups the initial Idea was for a younger audience and with this, it was part reason why I wanted to focus manual entry (the idea of being involved with the entries and tracking your mood along the way intrigued me. I was thinking journal + bank + task management app).
With regards to the automation, the intention was to move towards that and have almost a sidecar or agent that tracks and guides autonomously. For me this is more hands off, but I was overthinking around the legal and security on data and pulling personal information (being new to it and the data persistence and ramifications that come along when not don't correctly). I wanted to be more aware of when I am doing it so taking it a little slower but ultimately this is an ideal too. Integrations was a middle ground for me initially till then to allow other so get a way to integrate their tooling outside with the application and with this if the banking providers support giving you a means to still connect data in that way without the need to have me need to integrate it initially.
I am doing testing with a small group mainly around validation and trying to use words in a way to describe and the development is still underway but the landing page I was using as interest to decide how far outside of the personal circle I was going to use this for. Mainly because I have noticed way too many conversations around money in a light that I believe is solved with better habits. So, you project resonates with me as well!
I am going to start spending the rest of the week biting the bullet and looking at some Reddit communities, I am going in with the idea of trying approach as something niche, authentic and useful to lifestyle habits in a better way. Thank you for the tips!
I followed you and your projects, let's keep in touch and look forward to seeing you trend upwards as you do!
Yeah that makes sense!
Luckily I have gotten a lot of experience at my day job around security and compliance with finical data that gives me the skills and confidence to handle this well. It's not horrible once you learn how to work with the providers and fit their regulations.
I wish you the best of luck! I followed you as well! Let me know what communities you find and I'll engage with your posts! π€
Best of luck and will be posting and dropping updates as I gradually work through learning but look forward to seeing more of your milestone updates!
Congratulations with the progress @johnmarkbeaty.
I am not a personal financial planner apps user, but I consider myself as an "advanced" financier. From some simpler expense trackers, I like the idea of splitting bills with others and seeing the balance between members.
I think that having the option to reach goals by investing some money in products with different risk&return profiles can be useful for users. By implementing this feature, savers can have an estimation in time of when they will be able to reach some milestones that have a monetary value.
I have also checked your website, do you think that having a special section dedicated to Mint is a good idea? (Open question, do not misunderstand my words).
Best
Alberto
@Albertomo those are some great ideas! I eventually want to get a family setup going where it's more intuitive for partners to share the budgeting responsibility, but I don't think thats quite what you're talking about?
Goals are an area I need to work on. I pulled them out of the early access launch to make sure the basic functionality is well polished. I like the idea of using finical products to help with longer term goals π€
Good question! With Mint shutting down, I wanted to share how it compares to Balance. Honestly, reworking that post is on my todo list. It was put together quickly. Do you think it's off putting?
@johnmarkbeaty, exactly! The family set up with the option of sharing responsibilities with different % is what I mean. I use an app called Tricount with my wife. Simple, but efficient.
Having users with concrete purchase interest for different financial products can be monetised eventually.
I do not know what to say about the Mint page, I have seen this sort of strategies before. However, I believe that ultimately Balance wants to be seen as an unique product without (publicly) looking at other competitors. But again, I don't have a clear answer here.
@Albertomo ah yep! I see, thats on the roadmap!
One unique thing about Balance is I won't monetize purchase intent. It's a model a lot of finical companies use, but I've build a sustainable business model that doesn't require me to monetize anyones personal data. I was thinking more of letting users link something like a Money Market account and using that as a goal with suggestions of how much to contribute to hit their goal. Lot's of ideas/options there!
I got some advice to add the Mint page. Trying to capitalize on the search value right now but you're absolutely right. Balance should stand on it's own. I'll give this some more thought. I appreciate the input!
Once I get the family features going again I'll reach out to you if you don't mind reviewing the use case some? π€
Sure, happy to help anytime
Hi Johnmark! I checked out Balance, and it's great what you're building. I also opted to get early access!
Back to your post, as someone who struggles a lot with perfection, I can relate so well to your need to ensure that whatever has your name on it comes out really great. This is why I like that you've made the decision to build in public - I think it's a step in the right direction as it helps to provide you with the kind of accountability that will force you to build regardless.
Also, this might be a little on the nose, but I think what makes a budgeting app attractive to me is if the buck doesn't stop with budgeting, I'd like to see it also track my spending(which Balance does already) and be intuitive enough to suggest improvements or adjustments for future plans based on the goal I set from the beginning - which means I have to have a set a goal.
I promise I'll check in on your progress from time to time. Cheers!
Thank you @Ehi! Getting some signups for early access is exiting! π
Exactly. I think I'm concerned I'll get a lot of negative feedback because Balance isn't as full featured as other options but so far the feedback has been very encouraging.
Stay tuned with suggestions for spending improvement. I have a lot of plans there. After December 1st, I'd love to hear your thoughts on what would be helpful on the Goals front. I've played with a lot ideas but I need some real user feedback!
Thanks again, I'm looking forward to staying connected!
I would be interested in trying it out, if you need testers let me know. I have tried budgeting apps a few times over the last years, but was never satisfied with them, so I stopped using them again.
@kirbby thank you! This made my day. π
You sound like a perfect test user! I'd love to make it sticky. What has left you unsatisfied with other budgeting apps?
I realize I didn't include a link to balance in the post. I've updated it. Give a look and if you're still interested in testing it out let me know and I'll get in touch in a week or two!
It was just a lot of work to always get the phone out and type something in immediately and then not getting an "easy" overview.
Most apps do too many things, that I as a user don't need.
So I prefer simple apps with less but clear functionality, that's also what my focus is on all the apps I am building.
Currently I have my monthly fixed costs in a Google sheet and then I at least have a general overview.
What i also would like to be able is to share costs and infos with my wife, so we have our separate overviews and a joint overview. Not sure in detail how that should look like though.
Your homepage looks nice and clean, just the last paragraph on mobile is a lot of text that doesn't look too pretty. ("It's so simple anyone can use...")
Easiest way to connect with me is via discord (kirbby)
Thanks @kirbby!
It sounds like we have similar goals. I want balance to remain simple and easy to use!
I plan to build more collaboration in the future. The goal will be to have two users be able to sign in and see slightly different things. Right now for the MVP the way my wife and I use it is like this. We each have our own category, so mine is called Johnmark. Anything that isn't joint goes under that one for me. And she has her own to put things under. It's not perfect, but it does work well for us! I can share some screenshots of how that works today!
Thanks for the website feedback. I'll go take a look at that now!
I'll reach out to you on discord soon! π π