Grit Savings App

A) Name Grit Savings App

B) Idea Grit is focused on helping people save money. Our persona is anyone who has goals they wish to save money for, but are too indulgent, or lacking in discipline to save effectively. To help with this, Grit will use discipline to incentivize the user to focus on saving. The idea is that the user will create goals for themselves to save towards, setting a monetary amount, and deciding how they would like to save, either setting a time limit to save towards, or a weekly monetary amount they can afford to save away. An account will be opened, linked to the user’s bank account, which will take money from the users bank account based on the saving method being used, and the amount of money determined to be saved. To enforce this saving policy, we will create an agreement with the user: They will pay a flat fee, separate from their savings, that will be refunded upon completion of the goal, with interest. However, should they fail to complete the goal, and cancel, then they will lose this refund, though the rest of their savings will of course be returned. This flat fee will be separated into three categories: the categories of importance of the goal to the user; if it is of normal importance, $10, if it is of more importance, $25, and if it is very important that they save this money, $50. The threat of losing this money will encourage the user to stick to their original goal, while still being low enough that, should they require the money they’ve saved for an emergency, they will only take a small loss. Grit will force users to decide just how much they want something they’re saving towards, and positively enforce them to save, by putting a price on their discipline.

C) Persona Persona description: John Doe is an average 28 year old, living in the city, who graduated from University 4 years ago. He has a significant other he’s been dating for several years now, and a steady paying job, and steady expenses that allows him to live mostly comfortably. However, John has many aspirations, desires, and duties in his life, most of which require certain monetary investments to satisfy them. Too often he spends too much money on things he doesn’t really need or want, and when he uses budgeting apps they only tell him where the money goes, they do not force him to save, or discipline him like he needs. So John downloads our app, Grit, and begins setting up saving goals. John is a musician, so he wants a $2000 Gibson guitar, he sets the priority payment medium, $25, and makes the saving method to $20 a week, since there is no time limit. He also wants to go on a trip with his friends over the summer, and he needs to pitch in $1000 to the group fund. It’s very important he save this money so they can all go, so he sets the priority to high, $50, and makes the saving method time based, summer is three months away, so he will be saving about $83 a week. A month passes, and John has saved a fair amount for the guitar, and the trip, but his expenses are starting to pile up. The money he’s saved looks tempting, but every time he considers losing the $25 or $50 he invested, he reaffirms his desire for the things he’s saving towards. The end of the month is hard, and he can’t buy whatever he likes, but he knows it’s because he’s saving towards something better that he actually wants.

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