In the modern world, with a plethora of distractions and opportunities to spend money frivolously, the concept of saving has been neglected. Being college students ourselves, we understand the importance of every penny spent or saved. The idea of using spreadsheets to maintain balances monthly is cumbersome and can be messy. Hence, our team has developed an app called Cache to make saving fun and rewarding.
What it does
Cache provides users with multiple saving strategies based on their predefined goals. We reward them for reaching those goals with offers and discounts that match the category of spending for which they plan to save money. The app keeps track of their overall expenditures and automatically classifies spending into different categories. It also maps the amount saved in each category towards their goals. If the user ends up spending more in any of the pre-defined spending categories (essential & non-essential) then we suggest methods to reduce spending. Moreover, the app provides relevant and rewarding offers to users based on the timely meeting of their set goals. The offers may contain access to additional airline mileage points, cash back offers and other discount coupons to name a few.
How we built it
We used React to build the frontend and used Firebase services for the backend. All background tasks were carried out using cloud functions and cloud firestore was used to store the app data.
Challenges we ran into
Initially, we had planned to use Plaid to connect real bank accounts and fetch transaction history from the bank accounts. However, Plaid requires the app to go through a verification process that takes several days. Therefore, we decided to use populate our database with dummy data for the time being.
Accomplishments that we're proud of
We are proud of the fact that our app promotes healthy saving habits amongst people of all ages. Our app is not restricted to any particular demographic of people or to any income level. It rewards users in return for meeting their goals which forms a mutually nurturing relationship and creates long term financial well being. We hope that users can improve their budgeting skills and financial habits so that apps like Cache will not be required in the future.
What's next for Cache
We plan to use Cache to provide investing tips based on the users financial budget and investing knowledge. This includes investing in the stock market, mutual funds, cryptocurrency and exchange traded funds (ETF’s). We can notify our users to pay their dues in time so that they don’t incur any additional costs (penalties). In addition, we plan to provide a credit journey report which would allow users to understand how their credit score has been hit or improved in the last few months. Improving the credit history knowledge of the user would enable them to sensibly choose the kind and amount of debt they intend to take on.