YourMoneyFlows: A web-based student budget calculator.
BMO Design Challenge
Purpose: The purpose of our design is to design a solution that will allow BMO to better address students’ needs when it comes to paying back their student loans from a bank or from the university. The product we create should have comprehensive information and be easy for any user to use. As a group, we are interested in improving the BMO Student Budget Calculator that is on their online banking site.
The BMO Student Budget Calculator has all the important expenses you need to monitor, such as Transportation, food and rent to name a few. Our goal was to include students loans as a component to be observed and make the calculator better, and then take it to the next level.
Integrate income, student Loans and other expenses with the user’s BMO account to provide update and timings on student loan payment at a glance.
Customer: Students currently in a post secondary institution, or are recent graduates and are in process about worrying about paying back student loans.
What we are trying to implement
On the current online banking website, there is no option to add your OSAP loans that you need to repay, as seen below. With the calculator linked to your BMO account, every time you use your account, all your expenses go into the appropriate category. Furthermore, it shows you how much closer you are to your goal of paying off your debt, and in conjunction in how much money the student should only be spending to ensure they do not waste money.
Why is this useful?
Once you automate your student loan payments and other fixed expenses such as car expense or rent and you have a fixed amount every month going into your savings, you do not have to worry about other miscellaneous expenses hurting your savings, such as eating out for example.
Furthermore, if you add extra payments to your student loan, the calculator can get updated and the time when you will complete your student loan payments will be seen differently.
Another advantage is that you do not have to login in to the OSAP website to check your student and then fill out a debt pay off calculator. With the integration of your OSAP loans and all your income and expenses right into your BMO account, it saves you time and makes your life easier.