The Money Controller developed by the Money Planning Centre in cooperation with GE Money Bank is an innovative, at the same time also convenient and practical budget planning program that can be downloaded free of charge on a mobile phone.
A Money Controller or a budget planner in a mobile phone is evolution in planning money -- no need for notebooks, account statements or electronic tables anymore, now users of the program can not only plan their budget, but also register every purchase and analyse spending in one's mobile phone.
The Money Controller developed by the Money Planning Centre in cooperation with GE Money Bank is an innovative, at the same time also convenient and practical budget planning program that can be downloaded free of charge[1] in any mobile phone supporting GPRS/WAP function.
Signe Bierande, Money Planning Centre manager, stresses: "There are several compulsory steps in cash flow control -- planning, tracking one's expenses and analysis. The previous methods -- computer or notebook tables, current account analysis, etc. -- mostly remained at the first step -- planning because tracking one's expenses during the whole month was difficult, inconvenient and therefore the result -- incomplete. However, now with the Money Controller it is convenient to register each purchase at once e.g. while waiting for a receipt. Thanks to this mobile budget planner it is possible to implement also other money control steps effectively. As the program is user-friendly, I think it will definitely help to develop and improve a budget planning habit."
Development of the Money Controller program last for more than half a year -- it was required to invest not only intellectual resources to ensure effective planning and cash flow control but also make it practical. One of the most significant stages, of course, is testing to understand whether the program is user-convenient (in attachment it is possible to get acquainted with first users opinion).
It is planned that in future functionality of the Money Controller will increase ever more, as well as it will be available not only in Latvian, but in Russian as well.
New invention to help residents to save and avoid overspending
Users will be offered this mobile program with such functions as planning -- division of income to compulsory payments and general costs categories (it is possible to use already given samples or add your own), accounting each purchase according to its cost category during the entire planning period, reports for different time periods for clearer spending analysis and other possibilities.
The Money Controller will check whether purchases are made in accordance with the initial plan, as well will friendly prevent from overspending by making warnings.
The mobile budget planning program "Money Controller" is available free of charge -- it is possible to download it on the Money Planning Centre web page www.vissparnaudu.lv in the section "Palīgs Tev" ("Assistant for you) through WAP wap.vissparnaudu.lv as well by sending an SMS message NK1 to the number 157.
Information on mobile phone models, which allow download of the Money Controller program, is also available on the Money Planning Centre web page.
An expert and a lecturer of the Stockholm School of Economics in Riga Andris Strazds points out: "In the present situation many Latvian people have to restrict their expenses very much due to decreasing income and insecure future. At the same time it can be observed that at least some businessmen try to use uncertainty in the market by raising prices and thus hoping to gain additional profit. In such a situation it would be especially important for consumers to pay attention to prices businessmen ask and instead of paying the first mentioned price at once, compare different offers, bargain for lower price or simply not buy goods or services for higher price -- wait until a businessmen will be forced to reduce the price. It is significant for consumers to realize one's strength -- they are the ones who determine the market at the moment. It should be used to achieve possibly more favourable price and quality correlation."
On half-way to change of habits and behaviour
At the end of 2008 GE Money Bank studied Smart Money Index of Latvian residents. It was found out that our weakest point is income and expense or personal budget control. Latvian residents got only 48 points out of 100 in the "income control" category, but in the category "spending control" -- 50.
The Smart Money Index research also revealed that only 17% of Latvian residents plan their budget carefully (compared to 26% in Russia and 23% in Poland).
Also data[2] of the recently made survey on the vortal managimene.lv and on the portal Delfi Woman show that for a part of Latvian residents planning budget still is a challenge -- 37% of respondents admit that they don't plan budget because it is too complicated and time consuming or because they haven't found a more appropriate planning method or they haven't thought about it at all.
"Now the time has come to change one's habits -- to realize where money goes in order to ensure our own economic sustainability. Of course, it is difficult to change behaviour on purpose; first of all, one has to gather oneself for changes and, secondly, act. In my opinion, Latvian residents have coped with the first stage -- they have realized the need to change, though have stayed halfway in the second stage. It means that money is planned at the beginning of month, but when it comes to real purchases, expenses are not fixed anymore, receipts -- not kept, etc. Thus all plans go wrong -- and again it is not clear where a salary has "disappeared", says Viktors Toropovs, GE Money Bank Leader of Consumer finance and leasing sales.
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[1] For download you have to pay just for an SMS message or WAP service in accordance with fees defined by a respective mobile service provider.
[2] The survey was made from 12 to 13 January, 445 respondents surveyed.
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Nora Grase
Manager, Communications Latvia
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