BankedUp Project Details

Introduction

Thomas Kehl, author of Everything You Need to Know About Finances, said it best:

"Saving doesn't require discipline; it requires a system."

In a world shaped by inflation, rising rents, and uncertain retirement prospects, this message resonates more than ever. That’s why we – a diverse team of two Germans, two Ukrainians, and a Latvian – united to tackle the BankedUp challenge. Our mission is clear: empower young people by emphasizing the importance of financial literacy and equipping them with practical tools to save efficiently and invest intelligently.

What Did We Make?

We developed a budgeting app designed to help users save or invest the money they don't spend. The app allows users to set a daily, weekly, or monthly budget, and any leftover funds can be:

Saved for personal goals
Invested in various funds

What Sets Our App Apart?

The app's social aspect: Users can compare their saving rates or goals with friends and family to create a friendly competition and see who is more financially responsible. It’s not just about budgeting; it’s about building a community of savers and investors.

Why Did We Make It?

Did you know?

78% of young people prefer spending over saving for retirement or building wealth.
The "Buy Now, Pay Later" trend is popular among Gen Z, but it often leads to debt.
Nearly 1 in 10 people aged 14-24 have over 500 euros in debt because of it.

Additionally:

60% of young people lack financial literacy and don’t understand how to invest wisely.

Our app addresses these issues by:

Helping young people gain control over their finances.
Building knowledge about money management and investing.
Preventing long-term debt traps.

How Did We Build It?

Our process involved:

Brainstorming and Research: Identifying gaps in the market and exploring feasible ideas.
App Development: Programming the app to make our vision a reality.
Team Collaboration: Splitting tasks effectively to handle coding, presentations, and project planning.

What Was Challenging?

Our biggest hurdle? Choosing and implementing the idea. It wasn’t until a mentor stepped in and guided us that we could confidently design the back-end for our project.

What Are We Proud Of?

Turning a group of strangers into a highly collaborative team.
Establishing a strong division of labor that played to everyone’s strengths.
Successfully combining technology and business expertise to bring our idea to life.