Smart Budget

Inspiration

Our inspiration stemmed from extensive reading of news articles highlighting reduced consumer spending and its repercussions on our economy. As people curtail their expenditures, certain sectors, particularly those reliant on tourism, experience financial hardships. Consequently, we conceived the idea of creating a program that simplifies the process of saving money for desired items by making modest reductions in expenditure categories that users deem less essential. This approach aims to motivate individuals to allocate more of their funds towards activities that can stimulate economic growth.

What it does

Smart Budget is a user-friendly financial planning tool designed to assist individuals in managing their finances effortlessly. This beneficial budget tracker collects user financial data, calculates their net worth, compares it to the Ontario average, and facilitates savings for desired purchases. It consists of two main components, A and B. In part A, users receive insights into the estimated time required to save up for their chosen item. In part B, the tool identifies expenditure categories where cost-cutting is feasible, helping users achieve their purchase goals within the specified timeframe.

How we built it

We developed this using Python on Replit. The program operates by prompting the user with a series of questions to which the user provides answers. Based on these inputs, the program performs various calculations and then generates recommendations or suggestions as its output.

Challenges we ran into

We encountered several challenges during the hackathon, one of which was the quest for the ideal project idea that matched our skill level while also presenting a meaningful challenge. Additionally, due to time constraints, we needed to effectively divide the project workload between us, accommodating our hectic schedules to ensure both of us could contribute effectively. As well, there were a lot of bugs in the program that we had to fix that took a while.

Accomplishments that we're proud of

We take great pride in our entire project, especially considering it was our inaugural hackathon experience. Despite the numerous challenges we faced and the stringent time constraints, we persevered and successfully crafted an outstanding project. Given our lack of prior experience, this endeavor served as a valuable learning opportunity, marked by trial and error, and we take immense pride in our achievement.

What we learned

During our hackathon journey, we gained valuable insights into the significance of time management in ensuring project efficiency and the importance of meticulous planning. We also discovered that Python may not be the most engaging platform for creating user-friendly applications due to its limited visual appeal. Most importantly, we realized how enjoyable and enriching the hackathon experience can be, with the potential to craft incredible moments and learning opportunities.

What's next for Smart Budget

The next phase for Smart Budget involves transforming it into a universally accessible mobile application. This app will enable users to input their monthly expenses for each spending category, providing a real-time view of their progress towards achieving their desired item. Should users spend more or less than Smart Budget's recommendations, the app will automatically adjust the cost calculations to reflect the changes.

Built With

• python
• replit