I looked at applications like YNAB, Mint, and Pennies and found that while they had some good qualities, there were lots of drawbacks to each one. YNAB didn't have a very good set up for someone who was brand new to budgeting built into the application. Mint was too rigid and didn't allow enough flexibility. Pennies was simple and easy to use and understand, but it didn't afford for things like savings goals. One thing I thought all three were lacking was visual representations of your money.
One thing we discussed throughout the course was memory and how people can relate to what is being taught to them. I found that in the case of budgeting, people have a hard time relating to the numbers, especially when they get bigger. When children learn about money, they are taught with bills, change, or other visual representations. When people jump to using credit cards and debit cards, the visual and physical connections to the amounts they're spending are missing. They no longer have something concrete to help them understand how much they're spending or have left. To bridge this gap, I wanted to focus on bringing these visual representations into a digital space.
I also looked at how people budget or separate their money and how small purchases can add up to be the equivalent of a large purchase without people realizing it.