Personal Finance Software

I was at a small town in Coorg day before. We - a local friend and I - were sipping a cuppa in the evening - when a guy ambled buy with a rather bulky handheld device. My pal greeted him, and took out a 500/- from his pocket and handed it over. The guy greeted him back, and immediately gave him a printed acknowledgement for the cash received.

Obviously, I was terribly curious by now!

Turns out, the District co-operative bank has a go-to-where-they-are scheme to create a small savings habit. This is a special account, and people can essentially hand over whatever little money they want to - 10/- or above - whenever the guy comes along. The smaller businesses there have managed to save a lot, and the saving habit encouraged this way ensures a little less is spend on 'god-knows-what'.

This is a fabulous example of the primary task of a personal finance tool/service! Not just provide fancy tools to those who've converted, but provide encouragement and some discipline to those who're open to develop a savings habit. The investment habit follows soon.

The bank offered a very small return on this saving, but I guess this idea is more about capital building than about growth. The collector also got a 2% or so share in the monthly pickings. Win, win, win!

No comments: