Ruben Izmailyan presented at Dallas New Tech this month on Budgit. Budgit is a new personal finance service that helps user organize their finances and savings better, by getting information directly from the bank instead of from the internet. Ruben is the founder of Budgit, and also wrote the majority of the back-end app programming, having gone through a coding boot camp after 6 years in financial data sales.
Izmailyan explained his motivation for building the app by sharing some statistics. He stated that 60% of Americans don’t have even $1,000 in savings, and 47% are unable to find $400 in the case of emergency spending needs. 71% are concerned about everyday expenses. Izmailyan said that technology has made things worse by creating a cashless world where spending has become more automated.
The goal of Budgit is to make finances easier to track. It will utilize 90 days of history and the users goals, in order to provide a product is ready to go, out of the box. In addition to getting quicker, more reliable information from the bank, the app will also keep you in the loop with a calendar interface and actionable notifications.
Budgit will be available as a monthly subscription. After a beta launch in November, will most likely launch their full service the beginning of next year.
Be sure to check out Izmailyan’s pitch below.