I chose to go down the financial route mainly because of my personal interest in the topic and because it aligns with the kind of work I would like to do in my career. Finances is a sensitive subject for most people, especially when it comes to managing and sharing with another person in a relationship. Getting people to talk about what works and doesn't to then determine how to create or fix something is my goal, but I first have to get people to talk to me. I've read up on how to initiate the conversation, getting people to trust me to help them is key. I'm not wanting their social security number, amount of debt and savings information, I simply want to know how they keep up on where their money goes to live in a world full of bills to pay.
Existing Marketplace and Competitors
To start I looked at the market of existing tools for money management. There are existing platforms such as Mint and Honeydue that are mobile applications for managing finances. Knowing how much is in what account, what you owe, your credit score and when your next bill is due, are some features to name a few. Google Sheets and Excel Spreadsheets are the next common tools used to manage and track finances. The difference between these two programs versus the mobile applications is that it is not automated, your accounts are not connected therefore it is up to the user to input information. The pro to using these programs though is customization, the user can layout the information however they so chose that makes sense to them. Then there are banking websites and apps. Someone can have more than three mobile banking apps on their phone to manage their account and they just check all of them at their convenience. We then have the Bentley of tools, Financial Advisors. If you're in a spot where you can pay for the convenience of someone to tell you your financial status, that's a great option, too, but a luxury.
While there are numerous tools out there to aid in financial tracking, why do some of them lack on the management side? Even if people have a way to track their finances, most admit to not having full control of their financial situation. There is no unanimous preferred route for people who want to see all of their accounts in one who have full trust in the app to never have a security breach. The next most preferred method is having the mobile application downloaded onto the user's phone, however many apps that may be. There are all of these tools, but if the user doesn't understand how to use them then it is pointless. Understanding your cash flow income, expenditures, savings, retirement is essential to progressing your financial status. It is up to the user to want to understand these. By giving them a simple way to view the information, the application I'm suggesting to make can teach the user about their finances, guide them on how to start small. You can't automatically race a horse if you don't even know how to ride one; you can't start saving thousands of dollars if you don't know how your money is being allocated right now.
Primary Research
Here's a survey I conducted to gather basic information regarding the subject of couples and their finances. The survey is still gathering data currently.
https://goo.gl/forms/RRbTbuGa7jmROun03
I've also done some need scoping interviews to gauge how difficult or easy it will be to get people to talk to me about this.
One person said they're open about discussing finances with their s/o, but doesn't want a shared platform. This user is a male and is dating and living with their s/o.
One user said a shared platform would be so nice to have because it's tedious to keep asking what is in their account to see how much money they have collectively. This person is female, married and lives with their s/o.
One person was in a long term relationship living together that ended recently. Money wasn't the factor of the breakup but when asked about how finances worked in the relationship, she said that if there was something that they could have done better, it was to manage their money and debt better. They lived paycheck to paycheck and didn't have a savings, so when they broke up and separated, finding a place to live on her own was impossible because she didn't have a backup of money stashed.
Secondary Research
Get Financially Naked: How to Talk Money with Your Honey gives insight on why it's important but also how to discuss this sensitive subject to avoid fallout in a relationship. The book covers topics on how to discuss goals, needs, and wants with your significant other to better your situation altogether.
There are many online guides on how to understand your finances. There are guides that say just put a small percentage away per paycheck to start small on the savings path. There's a 50-30-20 rule to follow where 50% of a paycheck is saved for bills, 30% for wants, and 20% being saved away. Another route is to round up to start saving, if you spend $5.46 on a coffee, put 54 cents away in savings (There are apps that do this so you don't use all of your bank transfers). These guides are to help start the process of getting people to be in a better financial place.
There are also articles and how to guides on how to discuss money with your significant other but not just how to talk about it, what to talk about. Who will pay what bills, what if one person makes significantly more than the other, how is money allocated? Who is responsible for what? These incites help people who are new to this realm a place to start the conversation. It's up to the couples to determine what works best for them, if they can agree on it.
Conclusion
I have a mountain to climb in order to make this project successful. One way will not work for everyone and will not lend to the success of this project. I need to conduct useful and informative user testing and research during multiple stages of this project in order to have informed decisions that are best for the user. This may sound like a "duh!" statement, but user testing and research with valuable feedback is going to be the savior of this project. I'm excited to keep getting results back from the initial survey to then go find couples to interview and talk more about their needs and wants to manage their money.
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