Hey,
I am writing this one after a very long time not just because i was busy working for my living, but also because i had stopped thinking. Might sound odd but yes, i was busy with my friends, family and more important money matters. Money is something which i was never able to manage till date and no matter how much i earn i still end up savin nothin at all. People say u know thats the signs of bachelor hood and the moment u get married u will automatically start saving. To tell u the truth i think people get so paranoid after they get married that they stop spending. Enough of crap , coming down to the business idea of the month and i guess its on the best i have ever come up with -
PSM - Is basically a software developed to target money managment for a common man. The idea behind this product is to make money managment much simpler than it is and software to evaluate the spending of a indiviual and then summurize a report as to what it was when compared to past history. Question is how ????
when a software is designed, the first thing that should be taken care is that it should target to make life simple and not complicate it further. Keeping this in mind, i will list out the whole process in steps -
1. To evaluate and compare, we need past history of data (for example Credit card statements, bank statements etc etc. )The data will be in PDF format and thats the reason first utility i need would be to extract the data from PDF to some DB format.
2. Heart of the software is the dataware house, where we would maintian history of data and run queries for our data mining.
3. Algorithams to define queries for data mining which basically would be related to data fed like the most visited place in terms of restaurent, pubs etc. Money spent when and where, how many times, which place is relatively cheaper. when we had visitor and how the grocery shopping sudenly shoot through the ceiling, how many bank loans, how much extra we pay to bank, was the money used for some good use, how much i have lend to friends, how much i have to pay, how far i am from buying my dream house and predictions for coming months. U know we can define queries for every thing and anything.
4. weekly and monthly reports generated on sunday mornings to keep you in check for the coming week.
5.Suggestion for places to visit, get currency converted and to let me know how far i am from my dreams.
Surely one has to provide some data initially but then as the usage increases and the history grows, the data will be more accurate and predictions will become more handy.I am on this one and like every time i don't want to just think about this and leave it !!!
