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MONEY MANAGEMENT HOW TO MANAGE YOUR MONEY BETTER Group 4: Annie Le. Jennifer Chang. Juliet Lam April 26 th 2011. 8 AM Design At The Edge

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Page 1: Design edge final ppt

MONEY MANAGEMENTHOW TO MANAGE YOUR MONEY BETTER

Group 4: Annie Le. Jennifer Chang. Juliet LamApril 26th 2011. 8 AM

Design At The Edge

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Problem

Money Management How to manage your money better

Lose track of what and where money is spent

Dependant on credit/debit cards

Needs vs. Wants

Forget the value of money & how much is spent

ProblemFocus

MethodologyProposal

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Target Market

College students

Young adults

People who have a budget

ProblemFocus

MethodologyProposal

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Field Observation

Experiment: $40 A Week Challenge

Interview

Methodology

ProblemFocus

Methodology

Proposal

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Cash vs. Credit Card

Field Observation

ProblemFocus

Methodology

Proposal

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Field Observation

Union Square, St. Marks, Korea Town

Sat in different restaurants for 2 hours

Observe method of payment

Determine how conscious people are when using credit/debit cards

ProblemFocus

Methodology

Proposal

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Field Observation ResultsProblem

FocusMethodolo

gyProposal

St. Marks Korea Town Union Square

Cash Credit/Debit Card

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Field Observation Analysis

Majority of people used credit cards vs. cash

Some people automatically paid using card Small pouch for only cards

Cash only places: Some people came in and left due to lack of cash

ProblemFocus

Methodology

Proposal

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“Can You Survive with only $40 A Week” Challenge

Experiment

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Experiment

See if people could get by the week with a tight budget, without having to change their lifestyle or starving themselves

Observe how people manage the $40 budget Physically Emotionally

12 Participants

ProblemFocus

Methodology

Proposal

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Experiment Results

Video

ProblemFocus

Methodology

Proposal

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Experiment Analysis

Girls manage money better

Unfortunate events; sickness

Packing own lunch is a good strategy

Different lifestyles; some eat more than others, stress and emotional factors

Socializing with friends mostly translates to eating out; should find alternative ways to gather with friends

ProblemFocus

Methodology

Proposal

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Perception of Money

Emotions

Quotes

Interview

ProblemFocus

Methodology

Proposal

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Interview Questions

Students Young adults

How much do you spend a week?

What do you spend money on?

What is your perception of cash/credit card

How does money play a role in your life?

Do you prefer to use cash or credit card more? Why?

Do you have a budget? How did you learn it?

Who: Questions:

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Interview Results

Average $150 Food, transport, social activities,

school supplies Need money for social activities

Cash “makes you understand the value of

money more than credit cards.” “The best way of accounting for your

money is to see it in front of you” Credit Card “I prefer using debit cards, it’s a pain

in the ass to always carry around cash. Feels more secure using a debit card.”

“It's useful but I don't like how I don't see my cash physically being exchanged”

“more convenient, but I don’t realize how much I spent”

Budget No…but I should. I don’t

keep a budget because I am lazy”

Girls try to keep a daily budget of how much they spend

Why guys don’t like to plan short term…

“its too complicated” “too time consuming and a

hassle to set up” “there’s too many steps”

ProblemFocus

Methodology

Proposal

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Conclusion

People are too dependant on credit/debit cards

Girls were more successful in the challenge because they planned beforehand and had a strategy going into the challenge

Even though people claim that they want to see their money physically exchanged, they prefer to use credit cards for convenience

Guys prefer not to plan as it is too complicated and

time consuming

ProblemFocus

Methodology

Proposal

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Get college students and young adults

To be more aware of their spending habits and start to get in the routine of planning,

By offering a “money management” system in online banking and text messaging service.

Design Brief

ProblemFocus

MethodologyProposal

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Text Message

Online Banking Money Management System

Design Solution

ProblemFocus

MethodologyProposal

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Text Message

•Receive a text message from your bank every time you use your credit card

•Make people aware of how much they are spending

•Constant reminder

ProblemFocus

MethodologyProposal

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Online Banking Problem

FocusMethodologyProposal

“Money Management” option

Set up own budget

View history of spending – month/week

Compare spending habits

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ProblemFocus

MethodologyProposal

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ProblemFocus

MethodologyProposal

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ProblemFocus

MethodologyProposal

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ProblemFocus

MethodologyProposal

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ProblemFocus

MethodologyProposal

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Long Term Suggestions

Focus marketing of “money management” service to male demographic, emphasizing: Easy to use Simple to navigate around system

Possibly apply system to more applications Credit card machine Accessories iPhone application; able to swipe card on phone to see

budget and spending history

ProblemFocus

MethodologyProposal

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Thank You