Personal Finance Habits App

Y

YourHabits

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Dear Community,

I believe in power of habits. Habits which shape one’s personality and create a better lifestyle. I realised habits can range from eating healthy meals to going for walks; from saving for a trip to saving for retirement goals.

For these very reasons I've come up with an idea. An app concept aimed at helping people improve their personal finance habits.

I would greatly appreciate any constructive criticism or additional ideas you may have. You can help me by answering questions such as "Would you use this App?" or "Do you think this App could help you with having healthier saving and spending habits?"

Purpose
The app aims to help with personal finance management by encouraging user to build, maintain, and monitor healthy financial habits.

App’s features
* Build, track and monitor customisable financial habits (e.g. “Invest 10% of paycheck this month”, “Read at least one Personal Finance article”)

* Produce reports (e.g. “You have completed your habit 8 times out of 12”)

* Produce projections (e.g. “You saved 10% of your paycheck this month. Here’s how much left until your goal”)

* Receive reminders, encouragements, and feel rewarded to keep up with progress

* Learn from daily tips, success stories, etc.

Interface
The interface is designed to be clean, intuitive, and gamified.
 
Well, this post reads like the app will be telling us to invest in our 401k and improve our credit score by using credit cards, so I'm not interested.
 
Purpose
The purpose for anything, app, organisation, job, is a "What". In the purpose above you haven't completed the What and you're already defining some Hows. I won't be using an app with the purpose defined above

Purpose needs to be short, snappy if you like, and, above all clear. No waffle, no marketing speak, no ambiguity, nothing that causes the reader (potential user) to ask the question "Now what does he mean by that?" "Healthy financial goals"?? Lose weight while becoming a millionaire?

My Purpose for the app looks like this: "Manage my finances".
 
Not sure if you have used N26, but you can set a savings budget and it gives you a graph of how you are getting on etc. I think that newer banks are already moving towards providing links to budgets and savings etc.
 
YourHabits said:
App’s features
Click to expand...
The features listed would rely on one of two options:
  1. The app gets significant access to my financial information, personal data, and device usage details, or
  2. I enter all of the pertinent information to the app separately.

Neither is an appealing prospect I'm afraid.
 
Playstore is full of these "habit" apps, including quite a few for money management. Does this work for some people, possibly yes but what is your USP, what makes you stand out?
 
thedaddyman said:
Playstore is full of these "habit" apps, including quite a few for money management. Does this work for some people, possibly yes but what is your USP, what makes you stand out?
Click to expand...
I'd say there'd be a business idea in looking at these apps and localising them for Ireland. That could be a USP.
 
thedaddyman said:
Possibly but how do you monatise it in what is essentially a small market. ?
Click to expand...
I wouldn't envisage making much money off this, essentially nothing once your time is factored in. But there's so many of these "side hustles" where the cost of a person's time isn't factored in.
 
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