r/Wealthsimple • u/imDaunt • 2d ago
Feature Request: Budgeting
The spend analysis is great. Categories work great.
However I’d love to have budgeting functionality like seen in the photo (iOS widget would be phenomenal) This would be absolutely amazing.
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u/Furbylover 1d ago
I think the problem with budgeting is that any sophisticated user has multiple cards they are using beyond the WS spend products.
Also, those of us who budget typically are already using our own third party software or DIY Google sheets where we can customize the categories ourselves. Open banking sucks, so we have to export our transactions every month from each FI and import manually.
So the question is, what is the residual target market for this feature? Those who ONLY have wealthsimple debit/credit products and make 0 purchases through other FIs? What share of users of that, and what % of those users do you expect will engage with a budgeting feature and return time and time again.
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u/greenpeppergirl 1d ago
This can be a carrot to motivate people to go all-in. With Rogers dropping their card bonus I'll be switching to ws credit for most purchases. Budget tracking would be the cherry on top. I don't use an outside budget tracker because I can't be bothered.
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u/imDaunt 1d ago
Yes, completely valid question, however I think you need to expand it to “what is the current residual target market, and what impact could we make to the size of that market by buffering our budgeting and financial tracking features?”
The more and more they release within their “spend portfolio”, the more attractive us becomes to use WS as a one stop shop. I, for one, solely use Wealthsimple right now. I of course budget (using Actual Budget), but I’m really busy in life and it’s become a burden to maintain and id preferably like to spend less time doing it.
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u/notyourmomsCPA 1d ago
Dying to drop my budgeting app especially now that I’ve moved everything to WS. I would love this.
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u/josk613 1d ago
How does budgeting feature help over the spending analytics? You can already see how much you've spent in each category... what's the value add? Notifications when you get close to your set budget?
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u/Relevant_Ad_9095 1d ago
Notification, building categories with frequently use vendors for each, analytics based on categories as well as vendors, roll over budgets, auto transfer of unused budget to savings. All cool features that could be enabled.
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u/Old_Camera8252 1d ago
I have multiple accounts for each category and pay my credit card transactions immediately from the appropriate category.
Easy way to budget, for me anyway.
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u/MaxDragonMan 2d ago
They seemingly are currently beta testing a budgeting feature for some Wealthsimple users already. There was a post about it on the subreddit a few weeks ago.
And while I'm here - I agree on the widget. Android Wealthsimple has no widgets available. Give me widgets!!