EdFin

Inspiration

We noticed that most of the kids find it difficult to manage their pocket money and end up using it for unnecessary purposes. Parents too don't have much idea about how to give children money. This inspired us to create an app that resolves all these problems in an efficient manner.

What it does

Our app helps children to manage their pocket money and invest in their higher education. It also guides parents on how much to lend to their child based on the quality of activity that their child has done.

How we built it

We plan to build this app with python using 'Kivy' library which will help us to manage user inputs and current events with ease. We also plan to build a website for our users using 'wix'.

What we learned

We learned a great deal about financial management and how saving money from a very young age can have high returns and can help children in their future education.

Challanges that we ran into

While creating an app to help parents lend money to their children based on the quality of the activity that their child has done, we also had to consider what they would be using their money for. If the child decides to spend their money on unnecessary gadgets which would ultimately spoil him, it would go totally against our goal and will be undesirable. We dealt with this problem by making sure that all the purchases that the child is allowed to do will be in the direct control of their parents.

What's next for EdFin

We plan to convert EdFin into a fully-fledged app by introducing in-app financial calculators and finance managing advisors which would help children to manage their money more efficiently.