Money Report

Hi Test Pilots,

We’re experimenting with the idea of sending out a monthly report that provides insights into your spending over the past month. Customers have been requesting more visualisations and a monthly report for a long time, so we’re excited about the potential of this!

Here’s a basic idea of what we have in mind. The concept is still very much a work in progress, so please ignore the likes of wording and other finer details. What we’re interested to find out is whether this first iteration would be useful and provide value to you. What’s your impression? Do you feel anything is missing from the report?

 

2

Comments

9 comments
  • I like the look of that "Your net value went up by ... ". This is the only place I can get a holistic view of my total investment value across all platforms. Do you think you could also express that as a percentage to show month-on-month %change in green or red? Also love to see that broken down by account to see which are actually growing.

    I feel that what I've spent in one month is less meaningful than how much more or less I spent compared the previous month, or to my budgeted / average spend. The numbers in isolation have no context and I'm not gaining any insights.

  • I really like it overall!


    Specifically like:

    - Really like that I can get an idea of the amount of my income I have spent for the month - would like if this was not only a percentage but that the actual amount of income compared to expenses were shown too

    - Most spent categories for the year

    - Net value overview

    Less valuable:

    - Number of transactions added for the month - there's really no value in being shown the number of transactions to me, its the value of those transactions overall that matter.  You're not going to do anything with the number of transactions from one month to the next

    - % of transactions categorised - will only really be valuable for people who have just joined, regular users are likely to get very little value out of this - for me it will always be 100%

    - I like being able to see how many times I have logged in per month - but to be honest I'm not sure it adds value to a money report

    Request:

    - Would it be possible to customise this view - thinking you are going to get a lot of feedback that differs based on peoples preferences of what they would like to see on a dashboard like this

  • I'd like to see a simple pie chart of all my expenses vs income.

     

    This tells me everything I need to know at a glance.

  • This report is a great idea and the work the Sevens do is great and of high standard.

    The question needs to be asked, “What is the purpose of 22Seven?" and "What is the purpose of the monthly report?"

    22Seven purpose:

    *Track

    *Budget

    *Find relevant insights, regularly

    *Invest in goals and reach them sooner.

    Let’s see how is the monthly report fulfilling the 22Seven purpose? :

    • How is the tracking being shown? Spent income, Saved income, Categories with most spent, Average daily spend, New transactions this month, Outstanding transactions to be categorized.

    Possible addition/change: Add the total value spent this month (R7836.36) in addition to the percent already shown(70%), same as for the saved percent, add a value to it e.g. (R2560).

    • How is the budgeting being shown? Not really being shown.

    Possible addition/change: Possibly add a note of areas that the spent went over budget amount.

    • How are the relevant insights being shown? Net value, Most spend categories.

    Possible addition/change: Show a value and percentage of (Income – Expenses) that is what is still able to be spent possibly what can still be saved/invested towards a goal.

    Add nudges – Where there is debt indicate a category to cut spending and pay off debt or if there isn't debt possibly save/invest.

    • How are the investments towards a goal being shown? Not really being shown.

    Possible addition/change: Show a progress of how much has been saved and how much still to go.

    I agree with Eunice

    I think it would be valuable to find a way to allow a degree of customization to the report because for example; I find great value in knowing what my recurring or "fixed" costs are each month and Rodney wanted to exclude recurring costs from his daily spend average. 

    Other request-

    *Customization options for information being shown – possibly have a settings page where the user can tick certain information to be shown on the generated report or not.

  • This is a great idea.  The only concern that I have is that most of my savings comes off my salary, so my percentage of my saved income is not a true reflection of my actual savings.  It would be great if I could "split" your net salary to show gross salary and deductions.

  • I love the minimalist design, the only thing missing is information that has to do with ‘Goals’.

  • Looks good, I'm sure more suggestions will come in once it's implemented. 

  • Definitely looks better than what we have currently. But what kind of personalisation will you have? For example, I would want my average spend per day to exclude any of my recurring spend. 

     

    Also, a section which shows you financial fees would be great. Things like investment charges and banking fees. 

  • This reporting functionality is very beneficial and most helpful as one obtains an understanding of your spending patters at a glance.  

    My only concern at present is my "cash withdrawals" I allocate accordingly and then the systems assigns it to my allocation which becomes frustrating as it may just be a regular cash withdrawal.  

     

    22Seven is my life - I simply cannot think what I would do without it.  

     

     

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