Budget Bunny

Budget Bunny cultivates healthy financial habits for undergraduate students

Budget Bunny helps students master personal finance in an easy and accessible manner. It combines an engaging interface with practical budgeting tools, using an interactive bunny avatar that responds to users’ spending habits and taking off the pressure that comes with traditional money management. As students log expenses and save money, the bunny thrives, making financial management fun and rewarding. Budget Bunny also educates users on financial literacy, offering personalized tips and insights on key topics like optimizing your spending, building your credit score from scratch, and starting your own investing account. This unique approach not only helps students manage their finances effectively but also builds lasting financial habits for their future.

Research Process

Our research process for Budget Bunny involved a mix of primary and secondary research methods.

Primary Research: We conducted a survey targeting college students to understand their financial habits, challenges, and preferences. The survey included questions about their current budgeting methods, frequency of expense tracking, and financial goals. We also asked about desired features in a budgeting app. The survey responses revealed key insights: A majority struggled with consistent budget tracking. Many desired a more engaging and educational approach to managing finances. There was a high interest in learning about financial literacy through an app.

Secondary Research: We analyzed existing literature and online resources on financial habits of college students. Sources like scholarly articles and financial blogs provided data on common financial challenges faced by students, such as managing student loans, balancing part-time jobs, and saving for future expenses. This research helped us in understanding the broader context of students' financial needs.

Based on these findings, we designed BudgetBunny to be not just a budgeting tool but also an educational resource. The app’s unique feature of a responsive bunny character was developed to make financial management interactive and engaging, addressing the need for a more user-friendly approach to personal finance.

Design Decisions

In designing BudgetBunny, our key decisions were driven by user research and testing results:

Interactive Bunny Character: Our survey responses indicated a desire for a more engaging approach to budgeting. Thus, we introduced a responsive bunny character that reacts to users' financial behaviors, making the experience more interactive and enjoyable.

Educational Content Integration: Our research showed a gap in financial literacy among students. We decided to include educational content directly in the app, providing users with easy access to financial tips and advice.

Customizable Budget Categories: Feedback from user testing highlighted the need for flexibility in budgeting. We incorporated customizable budget categories to cater to the diverse financial situations of college students.

Savings Goal Tracker: Survey results showed a keen interest in savings for future goals. We designed a savings goal feature, allowing users to set and track progress towards their financial objectives.

These decisions aimed to create an app that is not only a practical budgeting tool but also an engaging and educational platform for financial management.

Research Resources

1. Behavioral Economics and Student Decision-Making Title: Financial Constraints & Collegiate Student Learning: A Behavioral Economics Perspective Source: Daedalus, MIT Press Summary: This source discusses the role of behavioral economics in college students' financial decision-making, emphasizing how cognitive load, stress, and availability of information can lead them to use heuristics instead of thorough cost-benefit analysis. Link & Citation: Benjamin Castleman, Katharine Meyer; Financial Constraints & Collegiate Student Learning: A Behavioral Economics Perspective. Daedalus 2019; 148 (4): 195–216. doi: https://doi.org/10.1162/daed_a_01767.; https://direct.mit.edu/daed/article/148/4/195/27277/Financial-Constraints-amp-Collegiate-Student

2. Financial Stress Among College Students Title: 70 percent of college students stressed about finances Source: Ohio State University Summary: This study shows that a majority of students view college as a good financial investment despite the stress of paying for it. It reveals how students use loans and manage credit card debt, and the impact of financial challenges on their academic decisions. Link & Citation: Grabmeier, Jeff. “70 percent of college students stressed about finances.” Ohio State News. https://news.osu.edu/70-percent-of-college-students-stressed-about-finances/. 30 July, 2015.

3. Basic Financial Literacy of Incoming College Students Title: Survey: Survey: Incoming College Students Struggle With Basic Financial Literacy Source: NASFAA Summary: This survey highlights the struggle of incoming college students with basic financial literacy, indicating a significant gap in financial knowledge and skills necessary for responsible decision-making. Link & Citation: Bidwell, Allie. “Survey: Incoming College Students Struggle With Basic Financial Literacy.” National Association of Student Financial Aid Administrators. Survey_Incoming_College_Students_Struggle_With_Basic_Financial_Literacy. 9 April, 2018.

4. Broader Impacts of Financial Literacy Title: Financial Literacy among College Students: An Empirical Analysis Source: ResearchGate Summary: This empirical analysis discusses the broader societal impacts of low financial literacy levels, such as consumer debt and bankruptcies, and the limited impact of high school financial literacy programs. Link & Citation: Brau, James & Holmes, Andrew & Israelsen, Craig. (2019). Financial Literacy among College Students: An Empirical Analysis. Journal of Financial Education. 45. 179-205.; 353224682_Financial_Literacy_among_College_Students_An_Empirical_Analysis

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