Assignment 8A - Solving the Problem

Assignment 8A – Solving the Problem

·       My product is for those who want an easy way to keep track of their finances and spending while also learning ways on how to better budget and save their money.

·       There are apps out there like Mint and Dollarbird that help people keep track of their money, but there are those out there who would like to learn or receive tips on how to better budget and save their money. While these apps do help them keep track of their expenses, they don’t necessarily give these tips to the people who use them. The product I have in mind assists people in keeping track of their money while also providing blurbs of information and facts of how they can budget better.

·       I have a few ideas of how this can be accomplished while also catering to each consumer’s money-tracking needs.

1.     The product is offered on both mobile devices and PCs, so users can either utilize one form or both if they so choose since their newly made account, whether or not it was made using a computer or a phone, is automatically linked to the other format.

a.      For example, if someone were to make their account on the mobile app, they would also be able to access that account through the website form of the app, and all activity done on the mobile app can be accessed by using the website and vice versa.

2.     In addition, the app is free, and if the users ever want access to more of its features, they will have to subscribe, which will be described in more detail further down.

3.     At the start of the use of the app, the user will have the choice of linking the app to an existing bank account or not.

a.      Those who choose to link their app to an existing bank account would be those who would prefer the tracking of their spending to be automatic for them to check at their own leisure.

                                                              i.     While inputting their bank and personal information, between each page of needed info, users will see a brief page of a budgeting or money-saving tip.

                                                            ii.     When creating the account, the user will also be asked to create a number of categories their bank account activity can be divided into. They can be named anything, such as groceries, leisure, deposit, withdrawal, etc.

1.     The user will further categorize these into the “taking money” category or “putting in money” category

                                                          iii.     For every bank account activity that is automatically kept track of, the user gets to place it into the categories they previously made. With each categorization of the activity, a small tip or finance fact will pop up on the screen for them to read depending on the category they placed the activity in.

1.     The product will already have a set of possible names these categories could have and relative facts linked to each possible category.

                                                          iv.     If the user ever wants to see where they spend their money among the categories they have made, they can view a pie chart of their “taking money” category with the percentages of money spent in each category

1.     This is done so they will learn and keep track of their own spending habits

                                                            v.     Users of this category will have the choice of linking more than one bank account if they so choose.

b.     Those who choose to not link their app to the bank account would be those who would prefer to keep track of their spending manually.

                                                              i.     Manual trackers will be keeping track of their finances via a spreadsheet-like format. They will be able to make their own categories similarly to the ones mentioned previously, only they have to put their bank account activity in themselves.

1.     These categories will also be placed into either “taking money out” or “putting money in.”

2.     The spreadsheets can also be divided by time, such as weekly, monthly, or yearly depending on the user’s preference.

                                                            ii.     For every activity inputted, depending on the category, a budgeting or personal finance blurb will pop up on the screen similar to how it works for the automatic tracker.

                                                          iii.     If the user ever wants to see where they spend their money among the categories they have made, they can view a pie chart of their “taking money” category with the percentages of money spent in each category

1.     This is done so they will learn and keep track of their own spending habits.

                                                          iv.     Users of this category will have the choice of making more than one spreadsheet if they so choose.

1.     This would be if they would want to keep track of more than one bank account using the product.

c.      If users wish for the app to solely be for tracking and not for giving tips and advice, there is an option once the account has been made to turn off these advice pop-ups

d.     In each budgeting tip or personal finance fact pop-up there will be a Learn More link that the user can tap on, and it will send them to an article telling them the relevance of the tip, why it is important, and how it can be better utilized.

                                                              i.     This access would only be provided through a low-price subscription to the app.

                                                            ii.     If already subscribed, the user will have access to a tab for finance articles on the app that they can read at their leisure. These articles are searchable so that users will be able to find the article they need most without scrolling through every one.

1.     For example, if the user wanted to know more about what goes into buying a house, they would search that and the appropriate articles would come up.

·        This product is limited to those who have a smartphone and/or a laptop at their convenience, meaning that people who don’t have either would not be able to access it, but I believe most people in the U.S. at least have a smartphone and/or a laptop, so I would think that access to the app or website would be fairly easy for most people.