LifeCycle organizes financial planning around monthly cycles (primarily; in addition to bi-weekly (income only), quarterly, semi-annual, annual, one-time, etc.). Each month includes expected income, expected expenses, and any changes caused by growth, cost-of-living increases, or debts reaching their payoff dates.
Income: Money expected to come in during the month.
Bills: Required or recurring payments expected during the month.
Monthly budget: The user’s planned income and spending picture for a single month, used for futures calculations.
Monthly Balances: Balance on a bill that will be paid this month (this payment). Note: Long-term balances, such as credit card balances, are not the main focus of the app – the app does not deal in the card’s interest rate (except general cost of living increases applied across the board) or time-value.
Debt payoff: A planned end date for debts that have a definite payoff schedule.
Projection: A future estimate based on current entries and user-defined assumptions.
