Personal Finance is a Mint alternative that is simplified and consists of only one dashboard and two cards. The goal is to create the simplest while effective interface to track your way toward your financial goals.
After switching between Mint, Personal Capital and a few other apps to see my combined bank account balance, I realized that I have never used the complicated budgeting tools and spend time looking at colorful pie charts to analyze spending patterns. I couldn’t help but wonder, is it just me?
I interviewed eight friends age 20-30 that lives in New York City. Four of them and working and four of them are in school. Here are the key insights that I found from the interviews:
About Budgeting Tools
- None of them are using budgeting tools for their personal expenses. However, six out of eight claims that they keep track of category spending in their head.
- Seven out of eight have never attempted to use in-app budgeting tools.
About Spending Category
- Five out of eight prefer numbers over pie charts in category spending, because different categories are not comparable. Many thinks numbers give stronger impressions and when they see a pie chart they don’t really pay attention to or remember the proportions.
- Eight out of eight prefer category spending comparison with historical data over between categories. Many think different categories are not comparable.
So what do you look for when using a third-party app?
- The main reason many of them use a third-party app is for a combined view of different accounts from different banks. They think the read-only access to bank accounts make them few safe. For anything other than checking the balance and a recent transaction, they feel safer going to the bank’s own app.
From the research, I decided to start from zero. I distilled what they mostly need from such a third-party app instead of what feature I can take away.
The Primary Need
The Secondary Need