Domestic Well-Being Accounting


About DWBA











See My 'Linked In' Profile   See My Blogs   See my Twitters   See my SassyBooks SaaS Web Application

Now retired near Christchurch in Dorset, UK. John Passmore developed his new domestic accounting methods during 30 years as a software engineer, at the Supreme Headquarters Allied Powers Europe (SHAPE), in Belgium.  After school at St Columba's New Delhi, Reading School and two years at Sandhurst, John had a short career in the British Army in Royal Signals.  He read Mechanical Sciences at St John's College, Cambridge and obtained an MSc from the University of Birmingham, for research on computer simulation of road traffic networks.

John developed Domestic Well-Being (DWB) Accounting for his family accounts, whilst overseas, supporting up to four different currencies.  The motivation for the new accounting methods came from the realization that the focus, reports and terminology of business accounting were wholly unsuited to the home scenario.

The key feature of the new method is visibility of domestic income and expenditure, and its balance. This Balance is across Domestic Well-Being, split between the Basic, Essentials and Responsibilities; the Discretionary, Nice-to-Have's, Investment for the Future, and Luxuries; and the Others , including wins, inheritance, gains, fines, appreciation and depreciation.

He wrote the book, ' Accounting for a Better Life ' during 2006, convinced that his new methods could help people to Gain Control of their Finances ,  and in so doing, avoid falling into the debt trap.  For those already experiencing some debt, the new methods, through their visibility on finances, facilitate the required planning and control, required to best manage debt recovery.  

The motivation behind DWB accounting, is the replacement of the focus in business accounting on profits and shareholder value, by a new focus on domestic well-being.

Considering that, in the course of a lifetime, the typical turnover in a domestic household will be larger than many, small businesses, it seems incumbent on those responsible for the well-being of the family, to accept the additional responsibility for its financial affairs.  Through this, the opportunity will be provided through proper financial visibility and control, to ensure the best possible family or domestic well-being, as fully described in the book.   

The author believes the new methods have the potential to be adopted as a formal, sub-discipline of business accounting, eventually perhaps, with suitable certificates and diplomas for those who learn how to use it successfully.  With such recognition, the motivation for appropriate investment from industry and the state becomes real, so that domestic accounting, its further calibration and an associated training infrastructure, can all be further developed and refined.

He proposes that in time, such methods should become an established part of the school curriculum.  Through this, youngsters will be able to achieve the best possible foundation to accept and take on the financial responsibilities that are associated with success, in modern life.