We were inspired by America's epidemic of overspending, saving little, and not investing. Thus, we wanted to prevent overspending, increase the amount saved in Americans' saving accounts, and encourage investing of disposable income.
What it does
Our product is a virtual robot assistant that helps users understand the value of their money. Our simple design is created to appeal to everyone. Most financial management tools are overwhelmingly complex and dull. Thus, we are changing the landscape of digital financial planning by bringing life to managing your money and learning about the value of your hard earned income.
We do this through user's input of their paycheck amount and whether it is a monthly, biweekly, or weekly paycheck to get the total income per month. Next, the user will input all their expenses to get their net cash per month by subtracting total income per month - total expenses per month . This will give them a visualization of how much money they have to spend for the month so they can realistically determine how much they want to put into their savings. Once the amount they want to put into savings is determined, we will show them how much compound interest they will earn in 5 years, 10 years, and 20 years through their savings account by asking for the annual percentage yield of their account. Finally, we will provide them an alternative to depositing into their savings account by providing them with potential investment returns of 5%, 10%, and 20% with the range of 5 years, 10 years, and 20 years.
How we built it
Challenges we ran into
We struggled with teamwork as we were all strangers prior to this Hackathan. Due to being strangers, it was hard creating and agreeing to one specific topic. We also had a hard time delegating tasks as we did not know each other's strengths and weaknesses.
Accomplishments that we're proud of
Since four of our team members were not finance majors, they learned a lot about finance through building this product. Additionally, we grew a lot individually as we become more familiar with programming and what it entails. What we are the most proud of is our final product; we surprised ourselves in what we are capable of by successfully turning our idea into reality.
What we learned
We learned a multitude of skills throughout the weekend. However, what we took away the most was the value of teamwork, communication, and time management. Teamwork was especially important as we were complete strangers and we're working together for the first time. This made us adapt and improvise in a new team within a short period which helped us work on our teamwork and communication abilities. On top of being complete strangers, the time crunch helped us all effectively manage our time. Finally, we all realized the complexity of building a web application which inspires us all to continually pursue more challenges in the future.
What's next for checkpal
We will pitch ideas to various investors to raise capitals and funds so we can add more features and tools to our application. In addition, we will also find partners such as banks and asset management companies to work with us by allowing us to lead users to their investment platforms. This will allow us to make good recommendations of the kind of savings account that may interest them. Lastly, we will partner with schools to help the youth develop healthy financial habits for the future.