Centsible

Inspiration

The idea for Centsible was inspired by the small but frequent amounts of spare change that often go unutilized or lost in our day-to-day transactions. We realized that if we could capture these small amounts and offer meaningful ways to save, invest, or donate them, we could create an impactful tool that transforms minor cash remnants into significant financial resources.

What it does

The Centsible project helps users collect and make use of their spare change from cash transactions in stores. Instead of letting change go unutilized, users can choose to save, invest, or donate their collected amounts through the app. The app also provides insights into spending patterns, highlights monthly savings progress, and offers personalized financial tips based on transaction data. By capturing these small contributions, Centsible empowers users to turn leftover change into meaningful financial resources over time.

How we built it

To bring this project to life, we started by hosting our database on TimescaleDB, which allows us to efficiently handle and query transaction data to power our analysis and insights. We used FastAPI to create our backend and expose APIs to connect with the app's frontend, ensuring efficient communication and data transfer. The frontend was built using React, providing a user-friendly interface for users to track, manage, and analyze their spare change. Throughout the development process, we focused on seamless integration across components to deliver a smooth user experience.

Challenges we ran into

Defining Scope and Timeline: One of our primary challenges was defining the project's scope and identifying achievable features within a tight 24-hour deadline. Striking a balance between ambition and practicality was essential for delivering a functional prototype.
First-Time Hackers: As first-time hackers, we encountered a steep learning curve in a high-pressure environment that tested our adaptability. Effectively managing our time, staying focused, and troubleshooting unexpected issues helped us enhance our problem-solving skills.
Technology Integration: Integrating various technologies, like TimescaleDB for backend data storage and React for the frontend, required meticulous planning and troubleshooting. The process of setting up TimescaleDB and developing APIs with FastAPI posed technical challenges that significantly enhanced our understanding of database management and backend/frontend communication.

Accomplishments that we're proud of

Impact and Problem-Solving: We’re thrilled to have created a solution that directly addresses an everyday problem: making use of loose change. With our app, wallets are lighter, and change is less likely to be misplaced or forgotten. This provides convenience while promoting better financial habits.
Economic Contribution: Our app has the potential to make a significant impact on the economy by reducing the amount of unused change—an estimated $68 million each year. By redirecting this money back into the system, we hope to contribute in a small way toward reducing inflation and increasing savings.
Overcoming Technical Challenges: Successfully integrating TimescaleDB for backend data storage with our React frontend was a major milestone. Navigating and resolving the backend and frontend integration issues boosted our confidence and strengthened our understanding of full-stack development.

What we learned

Project Planning and Scope Management: Balancing ambition with feasibility was crucial. We learned the importance of defining a clear project scope and setting realistic goals, especially under tight timelines, which helped us focus on delivering a functional MVP.
End-to-End Development: From connecting the TimescaleDB backend to building a user-friendly React frontend, we gained hands-on experience in full-stack development. This strengthened our understanding of database integration, API management, and responsive design.
User-Centric Problem Solving: By diving into the challenges of managing loose change, we were able to approach the project from a user’s perspective, focusing on features that could genuinely improve convenience and encourage small but impactful financial habits.
Adaptability and Problem-Solving: As first-time hackers, we encountered unexpected issues and time pressures. Working through these challenges helped us become more adaptable and strengthened our problem-solving skills, from debugging backend connections to adjusting UI designs on the fly.

What's next for Centsible

LLM Integration for Spend Analysis and Assistance: Leveraging Large Language Models (LLMs) to power chatbots that offer insights into user spending patterns, provide summaries of transaction histories, and answer financial queries, enhancing user engagement and support.
Personalized Investing Recommendations: Based on individual spending behaviors, Centsible could recommend tailored investment options, helping users maximize the value of their accumulated change and cultivate financial growth.
Goal Setting and Progress Tracking: Adding features that allow users to set saving or spending goals and track their progress. Visual dashboards and milestone notifications would make it easier to see how their small contributions add up over time.
Impact on Donations: Showing the tangible difference made through donations of spare change, with potential impact reports that highlight the causes supported and stories of change, motivating users to give back.
Referral Program for User Growth: Introducing a referral bonus system where users can earn rewards for bringing new users onboard, helping to grow the user base and foster community-driven expansion.
Rewards System and App Monetization: Building a rewards system for consistent savers or donors and exploring options to monetize the app sustainably through partnerships, premium features, or ad-supported content.
Compliance with Financial Regulations: Navigating the regulatory landscape to ensure Centsible meets financial and data security standards, addressing legal requirements, and aligning with industry best practices for user trust and safety.