Inspiration

I started saving money for a trip to Helsinki back in June, planning to participate in both Slush and Junction. I downloaded the best-reviewed savings app from the app store and entered my goal. The only two things it showed me were a percentage indicating progress and the amount of money saved. It wasn't very convenient to enter every revenue and savings transaction, but most noticeably it didn't say how to save money. Thus, not removing the stress factor from savings that was actually the cause of me stopping to save for the trip.

Nordea opened up their API so we can get info on user's revenue and spending habits without any user input - why not solve this problem?

And that's exactly what we did.

What it does

Rebudget solves this problem by giving a dynamic saving amount suggestion that the user CAN and SHOULD follow to reach its goal. The app also informs the user on the areas where the user could save money.

So it gives the user a stressless and precise way to save.

Competitive advantages

We are the only app on the market that tracks all the spendings automatically (since we have access to Nordea's API), categorizing them and giving the user precise pieces of advice.

How We built it

We took out Omer's (our AI dev) spending data from his main account for the last 3 months and we tried to discover some patterns in it link <--- here's what we found. We then categorized the spendings into 9 categories that we pushed into the middleware alongside the spendings and time patterns for these categories.

In the middleware, we merged this pattern data with Nordea's API data on revenue and spendings and then sent it to the Android front-end that we had designed and coded while the data was being analyzed.

Challenges We ran into

  • Challenges in finding patterns on small amounts of data that we had on hand (once we launch the app, we'll have more data to work with and we will be even more precise)
  • Every scientific paper on saving psychology has a different opinion - difficulty to merge this variety of conclusions to build a great algorithm
  • Challenge in finding a balanced function to define the saving amount for the month
  • Challenges of not having enough time and sleep

Accomplishments that We're proud of

  • We managed to categorize data with high precision
  • We developed a good UX for the user
  • We used a variety of data sources to reach the "golden amount" for saving
  • We found an amazing business model
  • We made something we will use in our daily lives

What We learned

  • Python
  • UI design
  • Saving psychology
  • Doing things really, really fast

What's next for Rebudget

A deeper integration with Nordea's API by putting short-term savings in a short-term investment account, and putting long-term savings into long-term investment accounts. Also suggesting financing options for reaching goals. Thus monetizing the app.

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