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1. A Rupee Saved is a Rupee Earned
Our lives can be likened to a vessel into which we pour our incomes and draw for expenses. If there is a small, tiny leak at the bottom of the vessel, then the income that we pour into the vessel surely and steadily will be drained. No matter how much more we pour, that will be drained. So the key to better living lies in identifying the leak(s) and sealing them. The leaks are created over a period of time on account of our lack of awareness of our transactions. These could be interest charges on our late payments, inability to resist purchase when we see a Discount Sale sign, excessive eating out or entertainment, buying things that are not used to just name a few. The mere act of logging the transactions on a daily basis in ‘Enrich’ brings awareness to the expense and the effect is magical !
‘Enrich’ also provides a set of tools for dynamic analysis and these give insights into the leaks, sealing which, one would have more money left in his / her pockets without necessarily adding to the Income levels.
For example, a Management Executive was able to identify a small leak in his system in the form of overseas phone calls and by taking adequate steps, he was able to save a huge amount which would have otherwise been spent every year. ‘A Penny saved is a Penny earned’.
2. Clarity on your Bank, Credit Card and Cash Transactions
Slowly, passbooks are giving way to periodic Statements and while the legibility of the entries has substantially improved thanks to computers, the contents have not ! For example, your cheque deposits will be shown in the Statement as CLG forcing you to reconcile them with the pay-in slips. So is the case with the ATM withdrawals. While the details of the transaction could be fresh in your mind for a couple of days, they start blurring with time and when you get the Statement, many entries are puzzling.
Credit Card Statements can be even more intriguing ! The outlet from where you made a purchase using your Credit Card might have registered with the Credit Card Issuer under a different name and you will have headache trying to reconcile this new name with your purchase.
The Statements for Bank Accounts and Credit Cards from ‘Enrich’ contain your own description of the transactions. You can thus reconcile the Statements received from the Bank or the Credit Card Company with the ones generated from ‘Enrich’ and remain in full control of your situation rather than forced to accept their version as correct.
3. Alerts for Peace of Mind and Saving Money
Given the preoccupations and the hectic lives that we all lead today, we tend to make payments for the important bills in the nick of the time or even beyond. As a result of this, we go through mental agony, wastage of time and money. For example, since an average of 8 – 9 % of the consumers pay their Electricity bills on the last date, what should take a few minutes becomes a couple of hours at least. Add the impact of frayed tempers and it becomes even worse.
But if a person forgets to pay even on the last day, then he must necessarily pay for the reconnection charges which runs from Rs. 40 to Rs. 90 (depending on whether the connection is a single phase or 3 phase) and also face the agony of the power supply being terminated. Can anyone imagine a life without power ? Even after the bill is paid with the penalty, one must chase the concerned officer and the lineman to get the line restored and that takes time and possibly more money !!!!
If it is not the electricity bill it could be the telephone bill or cell phone bill, credit card payment, school fees payment, renewal of driving license, passport, payment of Insurance premium and the list goes on and on. Why end up going through so much of needless expense and strain when you can pay the bills well in advance ?
‘Enrich’ enables the users to record their various payments and schedules (both recurring and one time) and reminds the person as per the defined schedule. Thus using the powerful ‘Alerts’ facility in ‘Enrich’ , all their agony and money wastage can become a thing of the past. Further, they can also enhance the quality of their personal lives by using this facility to remind them on important dates and events like birthdays of near and dear ones and perhaps their own wedding anniversaries !!!
4. Instant Availability of Information on Your Transactions
Searching for details of past transactions is often a very time-consuming and a painful exercise. For example, if you want to know how much you paid for the pair of shoes you bought 4 months back, then you may have to dig out the relevant Credit Card Statement (assuming you remembered paying for it with your Credit Card) and find the entry. Or for that matter when you paid your last few cell phone bills and the amounts, then you might have to consult a few things like your Statements and cheque books.
With the powerful Zip search facility in ‘Enrich’, all you need to do is to search for ‘shoes’ and all past transactions which have shoes as part of their description will appear with the necessary details. In the second example, the user just needs to provide ‘cell’ and all related transactions will immediately appear. Thus one could now get information on his / her transactions instantly, thus saving valuable time and effort.
5. Early Warning System to Keep Goodwill Intact while Managing Future Payments
It is now the age of consumerism and with the falling interest rates, everything from cell phones to a house can be paid for in easy installments over a period of time. Therefore the concept of Post Dated Cheques (PDCs) has gained enormous relevance. Tracking these PDCs is very important more for the salaried class given the tight cash flows and the few income streams. Once defined, all these Future Payments are automatically managed by ‘Enrich’ thus saving one’s valuable time and energy. The outgo on each of these PDCs would get reflected in the Bank Statements on the due dates thus giving the user an accurate picture of his finances.
It is also quite possible that a PDC might bounce on account of shortage of funds. This would create loss of goodwill and also much embarrassment to the person who values his integrity very highly. There might also be some penalties for default and the person might be asked to make the future payments through DDs which involve an extra outgo of money by way of Bank charges. More than the loss of money, it is the loss of name that cannot be easily compensated.
Using ‘Enrich’, one can easily monitor and manage multiple Future Payments like Post Dated Cheques (PDCs). ‘Enrich’ monitors the balance in each Bank account prior to the presentation of a PDC and if the bank balance is insufficient to meet a PDC, it would send a Cautionary Message to the User. This Warning Message will be sent a couple of days in advance so that the user can take the necessary / appropriate action such as depositing cash or instructing the PDC holder to delay the presentation. Thus with an Early Warning System, the user can protect his goodwill and also avoid paying penalties.
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