The Secrets Behind Public Budgeting
What public budgets are and why you should care
Apps have become a way of life, adding indispensable tools to a variety of industries and activities. Personal finance is no exception, with dozens of apps on the market offering tools for budgeting and bookkeeping. While all personal finance apps on the market today offer tools for private money management, inBudget is changing the game by creating a new tool: public budgeting.
Of course, you can keep your sensitive financial details private when using inBudget. However, if you have expertise in a certain budgeting area or recently planned an event with an informative budget template, public budgets could allow you to share your expertise with others. Financial advice doesn’t need to happen behind closed doors - you can inspire others with your well-managed budgets!
Public Budgets Will Change Personal Finance
Public budgets will turn budgeting and personal finance into a social resource. Consider this situation: you recently planned a wedding in Nashville and kept accurate records of your budget and expenses. That budget holds enormous value for future brides and grooms in your city, as they will be able to follow your template and replicate your experience for a more accurate financial plan.
It’s all about helping people to create more accurate budgets. If you know precisely how much it cost someone to plan a corporate event at a specific venue, you’ll be able to plan with a higher degree of accuracy than when you were previously planning blind.
Who Will Benefit?
On an individual level, public budgets could inspire others to see how attainable their financial goals are. For example, you could share the specific budget from your recent vacation to Kyrgyzstan. After sharing the budget with your friends, one may see how affordable it is to replicate this international holiday. Your knowledge and expertise helps to enrich the lives of others.
For businesses, public budgets are a chance to promote your brand and demonstrate how your product or service is valuable. Every good manager knows that creating quality content is critical for attracting new customers; public budgets offer a new form of content to connect with potential customers.
Add to the Knowledge Base
Once a substantial body of public budgets has been created, the collected results will be of huge value to society. Users will be able to compare budgets to see where to save even more or predict the average cost of a service or product. It’s all about creating a more precise picture of financial experiences; the more data you contribute, the better off we all are. What will you use for your first public budget?