Today consumer debt in the US exceeds 4 trillion US dollars. Most of us have student loan debts, credit card debts and we still keep on spending money on something we don't really need. Before flying to TechCrunch Disrupt I've bought myself a new game for PS4, played it for 2 hours and most likely will not be playing it again. If it took me just extra second to think or even better consult with someone I trust, most likely I wouldn't do that emotional purchase. According to researches, it's the small expenses that keep us in debt, not the big ones. Thus, we've created a VaultKeeper.
What it does
After signing up you create your vault by inviting someone you trust and who is in your opinion good with finances to be your vault keeper. After that, you set up how money is sent to your vault, either it's automatically or manually. But every time you want to get your money back you will have to go through a review process with your vault keeper so that he approves your expenses.
How we built it
We've created an MVP mobile app for Android.
Challenges we ran into
None so far.
Accomplishments that we're proud of
We believe that with VaultKeeper we can help people create a habit of thinking again before spending even on their other expenses besides their vault. Since this psychological effort to talk to your vault keeper will be stoping users from asking for unnecessary expenses.
What we learned
Jetlag slows you down a lot.
What's next for VaultKeeper
Add features of having more than one reviewer. Connecting VaultKeeper to its own Stripe account for actually saving money on a third-party account. Create an iOS version of the app.