- Determine why people are motivated to set budgets.
- Determine and understand the processes people use to manage their money.
- Learn the reasons why some people struggle with budgeting.
- Discover what tools people use for creating their budgets—spreadsheets, pen & paper, budgeting apps, etc.
- Uncover any frustrations people have with budgeting apps.
I conducted some initial research to understand better how and why people budget. Through this research, I discovered that while there are various tools people use to budget, the two primary tools used are budgeting apps and spreadsheets.
Interestingly, many individuals still prefer to input their transactions into spreadsheets manually. This made me wonder what it is about these spreadsheets that make them such an effective budgeting tool. Is it the ability to customize them to suit individual needs? Or is there a psychological component to manually inputting transactions that motivate users to stay on budget?
By exploring these questions and gaining a deeper understanding of user preferences and behaviors, I aimed to create an iOS app that provides users with a seamless and effective budgeting experience.
Based on what I gathered during my initial research, I needed to understand popular budgeting apps and their features. To achieve this, I conducted a competitive analysis of the four most popular budgeting apps, hoping to identify any missing features that could benefit my app.