Managing one’s money is one of the most important responsibilities anyone could have. However, many people can’t seem to accomplish this due to having no clear method of tracking their money or having no clear plan set in place to save their money.
Organize, budget, & track money expenditures across all financial accounts.
Assist users in saving up their money towards their financial goals.
The focus was to discover the reasoning behind why some people couldn’t budget themselves or save up their money and understand the challenges or circumstances they faced.
A user's employment status is a big contribution to how they manage their money.
The level of financial literacy a user has and their tech-saviness.
If users need guidance or resources in setting up their budgets & financial goals.
Understanding how to protect a user's sensitive information.
Seeing where users spend most of their money at and how to mitigate it.
Upon surveying several participants, I then chose 5 of those participants who took part in my survey & had interview sessions with them. Listed below were some of the key findings I gathered from these interview sessions.
Users need an interface that accommodates to their financial circumstances like having an income or not.
They need to be notified when their expenditures are exceeding their capabilities.
They need to remember why they made certain expenses.
Some users don’t know how to create a budget & follow it through.
Some become overwhelmed by all of the information displayed about their finances & require it to be condensed.
Some users need to be incentivized to spend less & save more in order to reach their financial goals.
After having a rough idea of the needs & challenges users faced when it came to managing their finances, it was time to think of methods I could utilize to help solve these issues.
Some of the key elements I knew that would be necessary in alleviating the stress certain users had when it came to managing their finances were the following:
Users had to be able to write down notes & set reminders for themselves in regards to certain expenses they’ve made.
Users had to be able to keep track of their progress towards their goals.
Users had to be able to classify their expenses in order to find it more easily.
After researching & coming up with methods on how to address certain challenges. I was ready to enter the design phase where I would try to help users in managing their budgets & financial goals.
Breakdown finances into an easy-to-understand concept
Has to accommodate users if they have a income or not
Users can view their progress towards their financial goals
Users can customize their budgets to however they see fit
Ensure users will be notified of their expenses
Coming out the design phase & having develop some design iterations of my ideas. It was time to test them out with real users to verify if they were functional & if they met user needs.
Changes
From my usability testing, I made modifications to my designs based on the feedback I received from users
Overall, the Wealth App seems to have successful in providing an easy process for creating & tracking budgets/financial goals.
Key Takeaways
Users were able to fully understand all the graphs & information displayed while having little difficulty in breaking them down.
Users liked that some of the prompts took into consideration their income level & saw the potential for how this app could adjust to their financial circumstances.
Users appreciated the easy process of transferring money while being able to view, add, & remove budgets/goals
One aspect that can be improved upon are the reminders/notes. Some users felt it needed to have a stronger presence in the app since some had difficulty in finding it.
Another aspect some users didn't like was the fact that the displays don’t change colors to distinguish when they have an overbalance or not.
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