No one thought that growing up would not be easy. But it becomes more difficult when it comes to managing finances. For us, when we left our respective cities to achieve better education and started living alone, we came through a lot of problems. For those who are planning to pursue higher studies, are working so hard to save every little single penny along with looking to take care of student loans. According to surveys, 43.2 Million student loan borrowers are in debt of an average of $39,351. Approximately 42.9 million Americans with federal student loan debt each owe an average $36,406 for their federal loans. Well, being from the student community, we see that most of the families and educational institutes never teach and guide students on money matters. Most of the fintech startups that are working on this problem aim at providing literacy through courses, lectures, etc. But we have experienced that your habits change your life. We came up with Budget.ai to help you with managing your finances properly by building habits of organizing finances in a better way.
What it does
Budget.ai is a mobile application that helps you manage your finances in a better way.
It has features like Expenses Diary, Expense Forecast, Visualizing your past Expenses, getting Budget.ai Credit Score, etc.
Our Expense Diary feature helps you to record all your daily expenses into major categories which can be visualized over time and can help in forecasting your future expenses.
Expense Forecasting feature helps you in getting estimates of your future expenses so that you can put cut-offs on unnecessary expenses. This helps you save better, and invest in the right kind of assets.
The analytics feature of Budget.ai is there to give you graphical visualization of your expenses over time, comparing insights like Net Worth Over Time, Total Monthly Expenses, and Expenses Breakdown. Visualizations are easy to comprehend on a frequent basis.
We have introduced an exclusive Score feature, similar to a credit or CIBIL Score. ‘Budget.ai Score’ is a measure of your current status towards achieving your financial goals and living a budget-optimized life. It works on the parameters like monthly revenue, expenses, investments, and savings, to calculate a cumulative score on each parameter.
How we built it
Figma for Design & Concept FIGJAM for whiteboarding and brainstorming Flutter for cross-platform development. LSTM Model for Expense Forecasting Flutter Charts for Data Visualization Cosmos DB
Challenges we ran into
Building this project in such a short time was quite a challenge. Integrating APIs by using proper data/error handling and maintaining the sleek UI along with great performance was a tricky task. Making reusable/extractable snippets of Widgets helped a lot to overcome this challenge. It was a great experience as it really tested my skills of working under such time constraints and delivering a working prototype.
Accomplishments that we're proud of
Our exclusive Score Feature and Expense Forecaster works very fine,
What we learned
With the emerging technologies and State of Art Deep Learning Models, we can do a lot in this space.
What's next for Budget.ai
There is a lot more budget.ai. We are working on adding a community feature to this app. A community feature will help the students to get into a single place, learn from experts through weekly and daily sessions on hot topics, like Stocks, Best Saving Methods, Choosing the right kind of student loans, etc.