Do You Have a Financial GPS?

by bigcajunman on February 1, 2010

For Christmas my in-laws gave me a GPS (not sure the exact reason, might be that they think I get lost a lot, or they think I need someone to tell me when I am going the wrong way (I guess they forgot I already had my wife to do that)). I haven’t had a lot of chances to use the GPS, as I mostly have been going to places which I had already been to before, but I have been trying it out just to see how the device actually works and how it deals with various issues, like when I decide to take different routes.

I enjoy having this technological marvel, but it got me thinking: I wish there was something like this for financial decisions and spending follies.

Just think of how great it would be to have something that would announce to you, “Because you went out to dinner and spent $135.67 you will now only be able to retire in 37 years 3 months and 2 days” or even better, “You have just spent $400 more than your budgeted amount for discretionary spending this month, and there are still 17 days left in this month“.

Wouldn’t that just be astoundingly cool?

In some ways Quicken is kind of like that, but it doesn’t have the instantaneous feedback that this kind of tool would need.

My guess is that if you had a stern voice in this contraption (my GPS has a Female English accent, so it sounds a lot like my Mother), might it stop folks from impulse buying? Might it stop them from squandering money if they were afraid of how the device would react to it? Maybe, but just think how embarrassed they might be standing in line at a store and have a voice boom out, “You do not have enough money to buy that, put it back on the shelf!“?

If anyone does invent such a device, I have put in a patent claim on it already, so you will owe me royalties, or simply pay me a lump sum and you can use the idea .

{ 22 comments }

{ 9 comments… add one }

Octavio Birkeland March 5, 2010 at 11:08 pm edit
GPS Systems have grown to be better as computers get better – it is simply just mind-boggling those things technological innovation can achieve now!

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Richard February 5, 2010 at 1:49 pm edit
Great post, I loved this. I agree with you completely that such a tool is needed. I actually have such a tool and use it. Unlike Quicken and other “Tax”/”Budgeting” Programs it actually provides instantaneous cause and effect feedback of every financial decision. It also prompts and dynamically re-calculates just like a GPS when families take the “wrong” turn and assists them in getting back on track. Best part though is being able to pre-plan and look forward into the future by running realistic scenarios on your life for future events and the “best time to Buy” feature which then helps you plan effectively to have money aside when that date arrives.
Very cool. Not for everyone, but has been very helpful for many people I know.
Cheers

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Neil February 1, 2010 at 10:16 am edit
Catch 22 – if you put this device in “try me” mode on the store shelf, a potential customer will pick it up, and it will announce “you can’t afford me!” and you will never make a sale.

Quicken is excellent for telling me when I’ve spent too much discretionary money. Not instant, but I update it most days, so its pretty quick.

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- bigcajunman February 1, 2010 at 10:26 am edit
  Good point, I’ll have to have my marketing department figure out a way to put it in PROMISCUOUS mode on the shelf and have a nice voice which says, “All is well” until you buy it.
  
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Big Cajun Wife February 1, 2010 at 9:48 am edit
I know why they bought you a GPS, I suggested it!

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Beth February 1, 2010 at 8:42 am edit
Not sure I’d want this! I think it would discourage me from buying things I genuinely need — like new glasses or a new bed! Sure, that $1000 would be better off in an investment, but I need to sleep and see right now!

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- bigcajunman February 1, 2010 at 8:45 am edit
  True, but it might stop you from buying “TOP OF THE LINE” beds and glasses that you maybe don’t need?
  
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Michael James February 1, 2010 at 8:13 am edit
People definitely need instant feedback that they’re doing something wrong. Getting a credit card statement at the end of the month is about as effective as smacking a dog in the nose with a rolled up newspaper a day after it rips up your slippers.

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- bigcajunman February 1, 2010 at 8:15 am edit
  An electro-shock collar might be useful for the over-spending folk too!
  
  Reply

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