Helping students to do budgetting
Timeline
Mar - Jun 2023
Team
Devadhathan M D
Tools
Figma
Google docs
Discipline
Human interface guildelines
Visual design
Prototyping
Context
Having transitioned from a professional career to student life, I find budgeting challenging, especially with tuition fees and other expenses. Current budgeting apps offer tools, but they don't truly help users make decisions or solve their financial problems.
Problem -
Students and early professionals struggle to manage finances effectively because current budgeting apps fail to provide actionable guidance and decision-making support.
User goals -
The goal of PigBud is to provide practical financial tools and insights that help users manage their finances effectively and alleviate financial stress.
Aarav
Aarav is a Masters student who is currently in a University. And he lives in university accommodation. He receives a monthly allowance from his parents, but he struggles with overspending and often finds himself running out of money before the end of the month. He is interested in finding a budgeting solution that can help him track his expenses and avoid overspending.
Goals
To have a budgeting app that automatically tracks his income and expenses
To be able to see where his money is going and identify areas to cut back on spending
Current Behaviour
Uses a notepad and manually enters expenses
Pain point and frustrations
Not having a clear understanding of his income and expenses
Overspending and not knowing where his money goes
Sarah
Background: Sarah is a Gen Z working professional who has recently started her career. She earns a decent salary, but she finds it difficult to manage her expenses and often ends up overspending. She wants to become more financially responsible and start saving money for her future.
Goals
To have a simple and easy-to-use budgeting app that reminds him to not overspend and motivates her to save more money
To feel in control of her finances and be able to achieve her financial goals
Current behaviour
Uses Color Notes and a personal WhatsApp group to manually track expenses, but not consistently
Occasionally uses a budgeting app when spending money on something
Pain point and frustrations
Overspending when there's low money in his account
Lack of motivation to stick to a budget
3/6
Users divide or distribute costs with their friends and families.
22%
Gen Z adopts budgeting tools at lower rates, compared to 42% of Millennials (survey).
5/6
Most users try to track their spending but fail to stick with it.
95%
Students prefer interacting with chatbots for quick and easy information.
Breaking Down User stories: Understanding Our Users
How might we engage users to help improve budgeting skills and reduce financial hardship?
Testing the app under various conditions to ensure reliability and responsiveness.
Hypothesis 1 - Customized focus areas):
Users exposed to customized focus areas will have more effective budgeting conversations with AI compared to those without.
Hypothesis 2 - Predefined prompts):
Users utilizing predefined prompts will have more effective budgeting conversations with AI compared to those without.
Onboarding user flow
The onboarding flow is crafted to quickly immerse new users into the PigBud experience. It kicks off with a straightforward phone number input and verification to ensure a secure and personalized start.
Next, users are guided through feature screens that showcase PigBud’s unique tools and benefits, setting clear expectations and generating excitement.
The process wraps up with a user details input step, where personalized settings and preferences are captured to tailor the app’s functionality to each user’s needs. This flow is designed to be intuitive and informative, making the initial interaction smooth and welcoming.
Seamlessly Connecting Bank Account
The first step to financial empowerment starts with securely linking your bank account to Pigbud. This flow ensures a smooth connection process, guiding you through each step with clear instructions.
Once connected, you unlock the full potential of Pigbud's budgeting tools, AI assistance, and real-time financial insights.
Effortless Expense Splitting
Splitting expenses with friends or family is now hassle-free. This feature allows you to divide costs evenly or customize splits according to individual contributions, ensuring everyone pays their fair share without the awkwardness of manual calculations.
Streamlined Expense Tracking & Rewards
Adding expenses is quick and easy, helping you stay on top of your spending with minimal effort. To make budgeting even more rewarding, Pigbud offers incentives for maintaining good financial habits. The more you save and stick to your budget, the closer you get to earning exciting rewards each month.
Your Financial Hub: Main Screen & Budgeting
The main screen serves as your financial dashboard for budgeting, offering an at-a-glance view of your budget, spending, and savings goals. The budgeting tool is designed to be intuitive, helping you track your finances effortlessly. Here, the AI also plays a crucial role in offering personalized advice, keeping you on track toward financial success.
Enhancing User Experience: AI Assistance, Alerts, and Gamification
AI chat bot
The AI Chatbot delivers intuitive financial advice through a user-friendly interface, simplifying personal finance management with direct AI support.
Spending notifications
The Spending Notifications feature keeps users informed about their financial activity. It sends timely alerts on transactions, budget limits, and unusual spending patterns, helping users stay on top of their finances and make informed decisions.
Gamification and Animation
User Engagement
MAU tells you how many unique users are interacting with your app each month. This helps you understand how engaging your app is and whether users find value in it over time.
User Retention
Tracking MAU alongside other metrics like Daily Active Users (DAU) can give insights into user retention. High retention rates indicate that users continue to find your app useful, while low retention might signal a need for improvements.
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