Money ManagementMoney Management

iReceipt

Daisy Blakney, Valerie Moloney, A Ra Cho, Min Seon Park, Eun Hye Lee Daisy Blakney, Valerie Moloney, A Ra Cho, Min Seon Park, Eun Hye Lee

What’s Missing? Easy way to track spending

Visual Tool

Seamless interaction with spending, tracking, and managing money with a smart phone

Way to utilize receipts

Research Objectives We want to know how consumers (specifically New Yorkers) currently track their money, what they spend it on, and how they feel about their ability to manage their money.

Research Methodology Conduct one on one interviews with twenty 20-30 year olds

Keep a journal and track where we spend, how much, on what, the method we use to pay, and how we manage our receipts

Observe people’s immediate action after receiving/not receiving a receipt

Gain insight into what sort of application is missing in people’s financial lives

Explore already existing money management tools

Interview Questions Is there a way to study people’s interaction with money without asking them directly? Could we gain information by just observing people at registers? How can we create a visual that is easy to read but gives you the information you need to manage your money? How do people already manage their money? What percent of users uses online banking? How often? How do people manage their money now? Do people over spend often because they are not sure how much they currently have? What are most people buying? How do most people pay for things? Do people save receipts? Do people budget monthly? Allowance?

Results from Interview How do people already manage their money?

Online Banking 65% Keep Receipts/Check Book 10% Mental 25%

How often do users check online bank accounts? Daily 15% Every few day 45% Weekly 40%

How do you budget? Income 10% Parental Allowance 75% Both 15%

Do people over spend or over draft often? Never 20 % Only Once 70% Monthly 10%

What are most people buying? Food 45% Travel 20% Clothes 25% Bills 10% Gas X

How do most people pay for things? Credit 10% Debit 70% Cash 20% Check X

Do people save receipts? Yes, always 40% Yes, but I never look at them 45% No 15 %

OUT OF 20 PEOPLE

Conclusions from Research 1. Most of our target doesn't monitor their money on a daily

basis.2. When people use cash they don’t think of it as spending,

because its already out of their account.

3. Online banking is very popular, but people don’t use it to control their spending. Its more of a safety check once the money is already spent.

4. 90% of the time receipts are given after purchase. 5. Most of our target feels the necessity of managing

their finances because they are soon-to-be earning their own income (currently they receive aid from parents)

1. Our target wants something that makes the concept of managing money with a monthly allowance easier to understand.

Conclusions from JournalKeep a journal for 2 weeks and track where we spend, how much, on what, the method we use to pay, and how we manage our receipts

Habit of throwing away receipts: o Cluttero Wasteo Unorganized

Tangible proof purchase is necessary for exchange and returns Efficient tool needed to record and manage money expenditure

Conclusions from Observations

Takes receipt after purchase

Throw away later or keep it in bag /wallet without looking

How can we maximize the lifecycle of a receipt and use on the information on it?

Solution: iReceipt

WHY SCAN? Through interview, we found our target only checks the available balance through online/mobile banking.

How to make our target to:o Read their statement o Set their budget by incorporating technology

SOLUTION Giving them a little burden by scanning the receipts with their mobile phone, which eventually will make them aware how much they spend

Using technology decreases the burden

iReceipt APP Features

Scan your receipt

Translate relevant data into simple text by scanning

Breaks down spending information into category visually

History of expenditure by daily, monthly, and yearly

Questions?