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.
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."
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.
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.