The App You Need to Gain More Savings
From generation to generation, we have had the same problem: young adults going into the world unprepared. With schools, colleges, and even grad school, we have attempted to solve this issue; Yet, it stays unresolved. After having seen our own family members suffer from their ability to manage money, we have realized that money management skills must be taught at a young age. We need to teach the young how to manage their money—and giving allowances are clearly not doing the job. With the app, Dough Nut, young adults would be motivated to spend less and save more; and in the process they would learn to manage their money effectively.
How we do it?
Dough Nut--an app built using Android Studio and Java--will provide young adults the incentive to spend less money, thus save more. With rewards, avatars, and amazing new accessories, young adults would be drawn to this app, as they are to apps such as Plant Nanny.
With a set budget, Dough Nut will be able to figure out the amount saved each week and use that to give the users donuts. These donuts could then be used to buy and accessorize avatars as well as pets. For the app to find the savings, the users would need to simply take a picture of their receipt through the app camera. The total amount spent will be detected and subtracted from the budget amount to find the savings. Data from the receipt will also be extracted and organized into categories such as Groceries, Entertainment, Clothes, Gas, and Other. This would keep a neat record of money spent and allow the consumers to view the amount they spent under each category.
Who would have thought saving money could have more rewards than just the money itself? Well, there you have it. For every penny you save, you are now getting donuts! Well, donuts that you can use to not only buy but also accessorize avatars and pets! That’s not the only reward you get, though; now they also have a better chance to get that XBox, or new TV set, or whatever else was on that wishlist. With the evidence all saved on the tips of your finger, you can now show your parents the amount you’ve been saving and the responsible manner by which you’re handling money, to get that which you would love to have.
With this app, young adults would learn to manage their money in a fun, exciting environment, and thus, be spending less money. With the young spending less money, parents now get to have much more savings than usual. Not only is there more money in your hands, now you can also see where the allowance money goes. The organized charts would show parents …. And allow them to set their kid’s budget accordingly.
Now, saving money is just one click away.
There are a few apps released like Quick Money Recorder and Goodbudget that allow people to keep track of their budgets; However, they are quite hard to navigate, require a lot of input from consumers, and do not educate young adults regarding expense management. Dough Nut is designed to have a user friendly layout that is easy to navigate. There seem to be no apps that encourage responsible money spending. Dough Nut may even have positive effects on the economy as people save more money.
There is so much more that can be done with this project. To gain and keep customers, constant updates would be added with new features such as rewards, badges, as well as social media integration. For further advancements, a parent log in could also be created. This would connect the child’s account to the parent’s so that the parent could set the budget and manage their child’s spendings. To increase the market audience from parents and young adults to other adults as well as to provide more features for the parents, we could add features to help parents track and save their receipts for tax compilations.
To expand on the expense management lesson for young adults, we could add push notifications as well as short lessons on the importance of money savings and other interactive activities on the young adult accounts. We could also partner with Kiva or Robinhood to add investment options onto our app. The user could be suggested to make an investment based on their savings amount. We may even reach out to banks.
Developing this app did not come out to be very easy. We had to overcome quite a few challenges. We used a Microsoft Oxford Computer Vision API for the text recognition feature of our app to allow the data to be extracted. The name pretty much sums up the complexity of this API. Integrating the Computer Vision API into our app and creating an algorithm to interpret its data was one of the hardest tasks involved in developing this app. Saving images into a gallery was, well, another hurdle we are yet to overcome.
Dough Nut Developers & Designers
Emily O’Neal, Rose Garcia, Anisha Jain