Hello world!

Hello from Budgetist!

We are a new startup in the personal finance space and we’d like to tell you a bit more about us and our mission. We hope to inspire you to think about how you manage your own finances and even more, we’d be delighted if you choose to do it with us! :)

As often happens, the idea for the product came from a personal need for clarity. We work, earn money, spend, save or not, but we often lose sight of the big picture or only remember it when we want to undertake something new and risky.

Budgetist is an application that helps you conveniently track your expenses and make plans for your assets. We have both a web application for comfortable work on a large screen and a mobile version to keep everything at your fingertips.

We know that many people already use similar applications or manually maintain their own Excel spreadsheets. We’re here to simplify these processes and give you more up-to-date data with much less effort. Here’s how we achieve this:

Fast Data Entry

Of course, the fastest data entry is automatic entry. That’s why we use the latest technologies for secure connection to your bank accounts. This allows every bank transaction to automatically enter the application. You only need to select a payment category or add additional information.

Another common case is when we pay in cash and want to quickly save the transaction information. For this scenario, we’ve provided the ability to simply scan the QR code on the receipt and everything will be saved automatically.

There’s always the option to enter or modify transactions manually. This is also designed with speed in mind - if you select a payee you’ve already used, you just add the transaction amount and everything else is filled in automatically.

Complete Overview of Your Financial Situation

Budgetist differs from most other personal finance applications in that we use the universal method of double-entry bookkeeping to record transactions. This method is typically used for business purposes, where it’s strictly regulated by law and generally inaccessible to non-accountants. But we believe it’s also a good foundation for personal finance when we take only the most practical parts of it.

The main idea is that instead of assigning a “category” to each transaction, this method requires us to specify where the money comes from and where it goes. For example, a food expense is recorded as a decrease in our “cash” assets and an increase in our “food” expenses.

This makes the method completely universal and allows all types of transactions to be properly recorded, so that subsequent statistics and graphs are accurate. The only thing you need to learn are the 5 basic types of accounts - income, expenses, assets (current and non-current), liabilities, and (initial) capital.

On this basis, you can easily track your available free money (these are current/liquid assets), what investments and long-term savings you have (non-current assets), what your obligations are (liabilities), what your net worth is (assets - liabilities), and what your cash flow is (the change in current assets).

The versatility of the method also allows the use of different currencies - both standard ones like BGN, EUR, USD, and ones defined by you for your purposes. For example, you can have a “currency” that represents owned real estate, or is linked to a specific market share or fund share. With Budgetist, you can select the current value of each currency unit, so you can track your entire net worth in one common currency.

Budgeting According to Reality

Budgetist allows you to allocate all your current/liquid assets to cover your mandatory expenses and save for your goals. We use the “zero-based budgeting” method, which assumes all available money is allocated for its purposes - until you receive your next income.

This raises the question - “what do I need and what do I want to do with my currently available money?” and reminds you to think actively about your finances. Instead of setting limits on how much to spend on certain items, you can see how much you actually have available and make decisions based on all the information. So it’s not a problem if you spend more money on entertainment this month - you just have to choose which other account to take it from.

This method also leads to greater confidence in your personal finances. When all mandatory expenses for the next month are covered and you have a stable “emergency fund,” you know that whatever happens, you can survive several months without additional income. Also, all remaining free money can be redirected to something important to you - better food, hobbies, savings, investments.

Of course, care must be taken with expenses that are not monthly but still need to be planned in the monthly budget. For example, if we want to pay for car insurance all at once, we can set aside 1/12 of it each month. The same applies to property tax payments, annual car maintenance, and other annual subscriptions.

Development of Natural Intelligence and Financial Literacy

Budgetist requires a slight readjustment in thinking and more activity in managing funds from the user. But we think this is for the best - it develops your financial literacy and gives you the opportunity to actively decide how to use your funds. In our opinion, the main priorities of personal finance should be managed by your natural intelligence and inner desires.