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My Goals: Financial Goal App

Give meaning to your money by attaching your goals and dreams with monetary savings.

Photo of Andrea Zelenak
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Who is your idea designed for and how does it support the dreams and obligations of those 50 and older?

At age 50 and older, people begin reflecting on how their life has been spent and what they want for their future. They want to make sure their time on earth was meaningful. This feeling can be overwhelming. This app will put the power back into the hands of the individual to make his or her dreams a reality. "My Goals" provides an individual a tangible opportunity to make his or her dreams a reality, regardless of financial circumstances.
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WIREFRAMES:
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Goal:  

An app that is attached to your bank account, helping you save money for goals, dreams and bucket list items. 

Delayed gratification makes saving money pretty boring. In today's day and age, we like instant gratification. We'd rather buy something small now, then save up for the future. If every dollar you saved went towards a tangible goal/dream, you'd be less likely to spend $4 on coffee, and more likely to save for that trip you've been waiting for. 



Organization:

This is a phone application that can be connected to a bank account, credit or debit card and could be an additional feature to a credit union, credit card or bank app.

  • Your account would be connected to show trends in your spending in order to help you better save for the future and your goals.
  • In addition, it would encourage users to use their credit, debit and bank accounts for purchases towards goals.



Dreams & Goals:
 

You can set goals for the upcoming years, saving money for the future instead of just retirement

  • Having goals ranging from one year to 20 years can help you save and work towards things that aren't so far away



Money saving tips: 

The application will give suggestions such as "Grocery shopping sales usually start on Wednesday" or "If you eliminate eating out twice each month, you could save X number of dollars."

  • For items like plane tickets, price alerts can be given when a fare is likely to increase or decrease.
  • Trends in your spending can illustrate to the user needs vs. wants in order to show potential cost savings."


notifications:

You can provide your notifications to remind you to save money throughout the week. 

  • In the example above, Sandy sets a reminder to make coffee in the morning so she doesn't have to buy it at work. 
  • Later, Sandy will be asked if she had made coffee in the morning or not. If she didn't buy the coffee, she can add $2.00 to her goal.
  • These notifications will hold users accountable if they are saving like they intended.
  • Creating habits of saving can help users save money for years and years to come.


Ads and Group Rates: 

Advertisements would be tailored to goals. In addition, credit unions, credit cards, and banks can offer group discounts if they find a trend in goals. This would motivate users to purchase goals with their accounts or cards connected to the app. 

  • An example in Sandy's case would be her trip to Italy. Group rates could be negotiated with an airline and given to everyone using the application who is purchasing a flight to Italy. 
  • More partnerships and connections will be established over time.


Savings and Goals:  

This would give an opportunity for an individual to decide how much more money they'd be willing to save in a week or period, or how much they'd like to cut their budget.

  • This number would calculate how long it would take to achieve the intended goal.  Ex: "If you save $10 a week, you'll save $520 for your plane ticket in a year ".
  • Suggestions would be given to help others achieve their goals.


Personal: 

Your personal profile would show the percentage you are at in reaching your goals, in addition, gives the motivation to save money.

  • Mood Board: Each goal is tied Pinterest or mood board to help you get excited about your trip or purchase, making your goal seem more visual and real.


What early, lightweight experiment might you try out in your own community to find out if the idea will meet your expectations?

I created a prototype with the current app, Venmo. I had some of my friends send themselves money for every purchase they didn't make. The prototype: https://docs.google.com/document/d/1YZ0hpmZ27yjW_GPaK6NLYR7k2EztLX0c4Ng_iN33-Mc/edit?usp=sharing

What skills, input or guidance from the OpenIDEO community would be most helpful in building out or refining your idea?

I would love feedback from looking at the wireframes. Not every single frame is in place, but I would love input on features and motivations that could be added to the application. In addition, others can try the prototype and see if this way of saving money works for them.

Tell us about your work experience:

I'm a humanitarian product designer and part of OpenIDEO Detroit chapter! I do graphic design on the side and started my own small business, Inkcourage.

Please check all that apply:

  • I'm currently a member of a credit union

This idea emerged from

  • A group brainstorm

How would you describe this idea while in an elevator with someone?

A phone application that helps you save money for goals, dreams and bucket list items. For example, if I was saving up to go to Hawaii, I would have a Pinterest/mood board of Hawaii, get tips on saving money, and create notifications for myself to spend less money on items I do not need. The idea is based on instant gratification; putting meaning to money by saving for dreams and goals.

How might your idea be transferable to a large number of people?

The application will be available for purchase on all phones. If people are contributing to the same goal, group discounts will be given and organized by credit unions and banks.

How do you plan to measure the impact of your idea?

A comparison of savings will be made between a group who has used the app and who hasn't to see who has been able to save more money for their goal or dream. In addition, spending trends will be shown within an account or card. These trends will show if an impact has been made in spending.

What are your immediate next steps after the challenge?

1. Get as much feedback as possible to edit the idea. 2. Edit all wireframes and get additional feedback. 3. Create a working prototype with a developer. 4. Get feedback from users. 5. Edit the prototype with a developer and continue until the idea is strong, editing graphics as well. 6. Find a credit card company, bank or credit union that would give input on the idea and see if they would like to make it into reality.

58 comments

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Photo of Kate Rushton
Team

Hi Andrea!

I quickly produced a Pinterest board for my goals - https://uk.pinterest.com/krusht/my-goals/

Is this what you had in mind? I had a lot of fun making it. 

Photo of Andrea Zelenak
Team

Yeah! That's awesome! I was thinking from there you could make a mood board for your next step/chosen goal. So for greenland, you'd start posting all the things you'd like to go there to make it more real!

But that's awesome! I definitely need to start this with some more people! 

Photo of Bettina Fliegel
Team

Hi Andrea.
I think it would be great to suggest via the app making these boards by hand - cutting and pasting - as another option. Maybe provide a link to a video, or an article on how to do this? I know I would prefer to create something, maybe adding to it overtime, with found images, and keeping it in a space at home as a visual reminder of goals.
Also, maybe the app has a way to share these boards within the community - whether it is a pinterest board, or a photo of a hand made one?

Photo of Bettina Fliegel
Team

Hi Andrea.
Would it be possible for users to create push notifications that they write themselves, notifying them, alerting them, reminding them, on ways to save money - or ways not to waste money - on a daily basis? For example - Could I send myself a message on Tuesday night and early Wed. am that says "Remember, you promised yourself that you would make a sandwich and take it to work on Wednesdays for lunch. Save $8.00/ week - $32.00 / month. That new computer is waiting for you!" Something like that?

(What updates did you do? I just got an email that you Updated the post.)

Photo of Andrea Zelenak
Team

Sorry for all of the notifications! Partly my bad internet and partly I'm just adding a few at a time!

Yes! Definitely! After your comment, I added that to my journey map! So, the journey map is what I added and just edited a few details. The reminders are perfect though, especially if you remind yourself in the morning to make lunch or something to prevent you from spending later!

ALSO, I have a new way of prototyping I will add to here if you're interested in trying it!

Photo of Andrea Zelenak
Team

https://docs.google.com/document/d/1YZ0hpmZ27yjW_GPaK6NLYR7k2EztLX0c4Ng_iN33-Mc/edit?usp=sharing Here's the link if you want to check it out! :) Let me know if you have any questions!

Photo of Bettina Fliegel
Team

Hi Andrea.
I like how you are incorporated different aspects of the app into the user journey! One question I had from the scenario is whether this app is for CU members only, to be available as a benefit of CU membership?

Another thought was about the use of language in describing how this works to help one attain their dreams. When I think about saving money, sometimes I think about how I waste money. Would I be more motivated if I focused on the idea of using a coupon for example, so I don't waste my money vs. thinking of it as saving money? I am just thinking how wording might be effect my actions.

Photo of Andrea Zelenak
Team

The language is a really good point! Waste money is a really good point since the key is not spending money where you don't need to!

One of the the things I wrote down as a "question" in the refinement package was that same question, if it would only be for credit unions. I picture it being something that multiple banks could participate in or sign up for. Since Sandy is telling her friend, if sandy didn't have an account at a certain credit union she wouldn't be able to use it. It could be something anyone could sign up for? I was thinking of how to tie in banks. What do you think?

Photo of Andrea Zelenak
Team

Also, thank you! I really appreciate all of your input.

Photo of Bettina Fliegel
Team

Andrea,
Hi. Regarding your question - I am not sure if you should consider this as a product only for the CU community. I do think that having their own products focused on their customers might be part of how they can best market to them. On the other hand I can see this product benefiting customers in the target group who are not CU customers.

Happy to collaborate!

Photo of lorain hamilton
Team

Kate thats a cool idea.

Photo of Bettina Fliegel
Team

Hi Andrea.
The final updates look great. I can see how the user experience might work based on the graphics you posted. I was looking up stats on social media use for this age group. Facebook is highest, Pinterest is between 16 and 28% ( between age 65 and 50). Would there be a way to develop the App so that photos can be uploaded directly to the App for those not into using Pinterest itself? Not sure how it this might work.

I was also thinking that some users might enjoy sharing photos on the App as they reach their goals - whether it is a new purchase, or an experience. (photos from their vacation etc.) How might that work? Could there be a hashtag created that members could link images to to share with the community?

Social Media Usage Research Paper : http://www.pewinternet.org/2016/11/11/social-media-update-2016/

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