As college students, many of us are coming into financial independence for the first time. While the freedom is invigorating, it can become difficult to distinguish between necessity and luxury. Our team originally thought of an application that would help keep students on track with their spending goals. The additional responsibility of living with others also involves splitting groceries, rent, and transportation costs, which adds to the complexity of managing our finances. After finding Capital One's API, we decided to create a hack that could help categorize personal spending along with group spending. With Nessie, we can seamlessly transfer money between accounts according to an algorithm that evenly portions out group spending.
First, users will create categories and target budgets to organize their spending. After each transaction, users will be prompted to categorize their purchase. The home screen of the app features an interactive pie chart that helps users realize their spending patterns. A running total of the user's spending is also displayed, along with the time remaining until the app's next cycle.
To ease the tensions of communal spending, we give users the option to add contributors to certain categories. This forum for group spending allows roommates and colleagues to view one another's spending on shared items to encourage fairness.
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