PROBLEM
"Many individuals struggle to break free from living paycheck to paycheck"
…finding it challenging to effectively handle their finances. This highlights the need for budgeting, a practice often overlooked because of the distractions of debts and other financial commitments.
SOLUTION
One of the best advice when it comes to money is budgeting, making sure every penny you spend or earn is accounted for. Famous wealth gurus like Dave Ramsey mentions “Budgeting” as one of the five ways to grow wealth. So what if we can do just that using an app.
Role
UX Designer
Timeline
2 Months
Team
1 Product Designer
Skills
User research, Design System, Usability Test.
Compare your income and expenses
Improve your chances of financial success up to 70%
Disciplines you to spend less and be more money-conscious
Avoid emotional spending.
Create and Manage your goals
Track your expenses against your income.
Create a goal to work towards.
RESEARCH
19% of people don’t save any portion of their annual earning….
I decided to do a secondary research about money management and budgeting and also about why people don’t know about this and don’t do it. I used YouTube, Twitter, Quora and some articles and analyzed my findings into themes using affinity map ( Pain points, Motivations and challenges).
People working multiple jobs don’t have the time nor energy to sit and create their budgets.
It takes too much time to try to track expenses than most people would like
A lot of people have little to no financial literacy and don’t know what or how to budget.
There’s no financial advisor or literate of some sort to explain to them how to manage their finances better.
SOLUTIONS
Dashboard
Help users visualize theirfinancial data at a glance with a dashboard that displays income, expenses, and budget progress in an easy-to-understand format.
Budget tracking
Users can create a detailed breakdown of your expenses against their income to effectively manage their budget.
Effective Calculation and Accounting
Based on my research, and careful idea brainstorming I added a calculator feature so users won’t need to go back and forth between apps as a result streamlining their budgeting process.
Typical User Journey
Ideation
HiFi Design
Lessons Learned
Here are some lessons I learned during my time on this project:
There’s always going to be a problem
If overwhelmed, jump into action
In an Ideal world...
I will interact with finance advisors and interview different people with different backgrounds and demographics to further understand all types of users, before moving into ideation.
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