Personal Finance

This Kenyan App Will Boost Your Financial Organisation

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Are you like me and many other people out there? Did you earn a salary or had some income in the last month? Did it disappear into the thick woods of expenses faster than it came in?

Look, 90% of the people do not maintain a budget and have 1000 reasons as to why they don’t. Some say their salary is not enough or inflation is unmanageable, or the government is screwing the price of fuel and things up, etc, hence do not see the need to budget and manage the little income they have.

Bottom line, most of us do not have the discipline to create, maintain, and follow a budget.

The administrative task of recording expenses and incomes is just a major put off for most people. For example, to record your expenses, you have to find a surface to place your book or computer, then find a few minutes to type the expenses and incomes. Worse, the file or sheet of paper that you wrote your budget on is lost and you have to start all over again.

Geez, we have been there and it was not pretty.

That is why Financial Matters created a simple mobile app that enables individuals and organizations to record expenses on a smartphone on the go.  For example, in the matatu, while chatting bae you can take 30 seconds and post your fare into the app. At the lunch table or at the Petrol station, you can post the amounts online, with just one or two simple clicks.

Later, when relaxing on your couch, you can retrieve a summary of these transactions and view the infographics on what your month to date or daily expenses versus your budget and incomes are, all on the fly, real-time.

You can also receive analysis and forecasts and tips on how to manage your specific incomes better, if you chose to, all on the fly.

This is what FM Budget has been created to do JJJ. Download yours today from google play store link; https://play.google.com/store/apps/details?id=com.fm.budget

Background

FM Budget is a creature of necessity. Henry Ozianyi, the team leader at Financial Matters used to work for an international Banking institution where he pioneered the Financial Literacy movement to help individuals manage their finances better. In this capacity, Ozianyi met many people, some former millionaires turned broke, some unemployed, some spendthrifts earning a sizeable chunk of money and blowing it into the wind of entertainment and bling immediately after payday.

“I met another group, who earn money, either from business or employment. They would like to use their money wisely to grow their financial muscles and live a better life. However, they were disorganized and did not quite understand where their money came from or went. This group tries to manage their money the best way they know, but life takes over and makes it impossible for them. This is the group that this app has been created for.” He says.

As noted above, managing your financials from a spreadsheet or a notebook is not an easy cup of tea. Its complex and adds to the disorganization and that’s where FM Budget steps in.

What are some of the features of this app?

  1. Dashboard

It’s the visual summary of the data you have input in the app. It gives the total income as well as the total expenses.

The latest five incomes and expenses are displayed.

The status of your bank accounts, as well as petty cash (pocket money), is also tracked and displayed in real-time.

Your net worth is also displayed in real-time!

  1. fm budget menu longAccount

This is where you track the balances in your accounts. While recording an income or an expense, you must provide the source or destination of the money. This enables you to know the status of your bank accounts, petty cash (pocket money) as well as debtors and creditors, tracked in real-time.

  1. Income

Used to record incomes as they come in. Using the correct income category, you are able to know which source of income gives you more money at a glance. While recording an income, the account (bank or mobile money) where it is deposited increases hence provides a unique way of always knowing how much money is in which account.

  1. Expenses

This is where you record and track your expenses as you incur them. While recording an expense, the account (bank or mobile money) where it is withdrawn reduces proportionately, hence provides a unique way of always knowing how much money is left in your account.

  1. Chart of account

Here you record all types of incomes or expenses that you will be incurring. Once recorded, for example, food, it will always be available on the drop-down each time you try to record expenses, you do not have to keep typing the same thing twice.

  1. Billing

This is where you track your recurring incomes and expenses. This module gives you a view of what bills are coming up for payment or what money you are expecting to come in.

In the future, this module will be integrated with some major service providers such as KPLC, Airtel, and Safaricom. This module will also be able to give you reminders of upcoming bills, loan repayments etc., five days to the due date for your action, enabling you never to miss a payment.

  1. Wealth

This is for the sophisticated user who would like to have a keen view on how his/her investments are performing. Here you can track all your investments including real estate, stock market instruments, money market instruments, alternative investments, and cryptocurrencies. You can also keep track of your loan and borrowing balances here. All you need to do is key in the records and everything will unfold in front of your eyes.

  1. Budget

Record the items that you would like to keep a close eye on so that you do exceed your limits. This can be used to check on donations, food, clothing, and virtually any expenses that are prone to impulse buying.

You have an option to budget and track all your incomes and expenses too, so indulge.

  1. Reporting

To extract your annual expenses report, your monthly income reports, your investment portfolio and for the business user, your profit and loss and balance sheet, this is where you go.

You have the beautiful option to download the reports into excel and analyze further.

Some of the reports include

fm budget income wealth statement

fm budget income wealth statement

Other reports such as Net worth statement, Balance sheet, Tax returns are also available.

Our Tech team is working to provide many ways to the reports in many different angles so that you may use what works for you best.

  1. Special features

Our system has been made for simplicity so that the whole accounting system can fit onto your mobile device. Due to that, several processes have been specially crafted for ease of use, including debtor management, creditor management, bills payment, etc.

FM Budget will cost you just Ksh100 monthly equivalent to USD1 or KSH1000 equivalent to USD10 per annum. Pay via Mpesa till number 623701 and forward the message to 0722138812. To use FM Budget more effectively, there will be numerous live webinars in which you will be invited and you can also read more by accessing the material in this link  https://1drv.ms/f/s!AnXtGH6yvkA7gvsIUROMDhiq6rXZZw.

Download yours today from google play store link; https://play.google.com/store/apps/details?id=com.fm.budget

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