We hacked for both the Hosain and Adrian Family.
Misaligned cash and expense flows, as well as income volatility mean that both the Adrian and Hossain family fluctuate being able to set aside small sums of money and struggling to make ends meet.
Staying motivated about financial goals is difficult for most people. As well, the competing priorities that come along with being a low- to moderate-income consumer make it hard to keep savings at the top of mind.
There’s a need for an app that caters to those using alternative financial management tools
Only 37% of the families in the Financial Diaries case study used either paper or computers to manage their budget.
One third of the US population is ‘un-’ or ‘underbanked’
GoHorizon gives full access to all features to both families with bank accounts and those who don’t.
People understand that they should be saving but don’t for various reasons (competing priorities, savings isn’t fun, etc.). This app keeps the horizon on people’s mind, reminding them of the importance of setting money aside to meet their goals.
- GoHorzion is a low-touch, easy to use, savings tracker that utilizes insights from behavioral economics to motivate savings and develop an asset building habit: Apps makes the financial planning process less mentally taxing- Mental accounting and labeling – research has shown that people treat money differently depending on how money is labeled. GoHorizon motivates savings by asking consumers to consciously separate, and informally track, the uses of their excess funds.
Peer comparison motivates savings – informing users about the progress of their peers’ actions has been shown to motivate positive behavior change. GoHorizon’s community aspect updates users about their peers’ savings, and allows them to send each other positive feedback and words of encouragement.
Reminders help address limited attention – things that were once very salient, and at the forefront of our minds can become less salient over time. By sending users regular progress prompts and reminders to save, we hope to increase contributions to savings.
The web-based option of GoHorizon allows users without a smart phone to participate in the savings experience. Users without smartphones can complete the initial set-up online and opt-out of the SMS feature.
- & 5. Clara wants to set longer-term savings goals. She enters each of her goals: purchasing a tire, a car, and a trip to Florida. Finally, we remind Clara about her safety net.
Suppose at the end of the week, Clara has an extra $25 she’s deciding how best to use. After one click on the app, she has a full view of all her goals, with detailed progress for each option and information about goals of others in her network. Clara can now make an informed decision about each of her options. With another click, her progress is up-to-date.
To encourage Clara to keep her goals in mind, the app also features a weekly update outlining each option and Clara’s progress.
Our app is mobile-based, using native ios technology. Proto-typing was done on proto.io
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