My current financial status is a little bit like Lost: I have a fair idea as to what is going on there – but I am not really digging it. I have dozens of fitness watches and activity trackers clamouring to measure my steps and calories, but no one is lining up to tally up my bills and accounts into some sort of sexy graph that easily displays data.
Oh, wait… about that. A company called Level bellied up to the table today with its first offering. Level Money is an iOS-only app built on the Intuit platform to offer up real-time status updates on the health of your finances. You link checking, savings and credit accounts to the app and Level Money auto-calculates income, bills and savings in order to show you what you have left over.
Your daily, weekly and monthly stats are not only displayed in a fluid and user-friendly interface of streamlined graphs and bubbles on a clean background, but are also updated in real-time so if you buy a round of drinks at the bar, it’s reflected quickly enough to stop you from doing it again. Bank-level security, encryption and privacy features are all handled by Intuit’s platform.
The idea is to replace compartmentalised budgeting (groceries, transportation, insurance) with a new system of cash flow or ‘spendability’.
Despite Level’s insistence on stressing the ‘designed for Millennials’ angle (what, my first record was by Erasure so I don’t get to play?), they have a pertinent point when they say we live in “a world where most of our money is represented digitally, rather than as physical cash”. The rules of traditional banking no longer apply, so why should the rules of budgeting? I’m curious enough to take it for a spin and see if it’s legit. But I’m still not going to listen to ‘Call Me Maybe’.
by Amber Bouman, TechHive