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Section 2491 a group 4 final presentation (jennifer, juliet, annie)


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Section 2491 a group 4 final presentation (jennifer, juliet, annie)

  1. 1. MONEY MANAGEMENT HOW TO MANAGE YOUR MONEY BETTER Group 4: Annie Le. Jennifer Chang. Juliet LamDesign At The Edge April 26th 2011. 8 AM
  2. 2. Problem FocusProblem Methodology Proposal  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
  3. 3. Problem FocusTarget Market Methodology Proposal  College students  Young adults  People who have a budget
  4. 4. Problem Focus Methodology ProposalMethodologyField ObservationExperiment: $40 A Week ChallengeInterview
  5. 5. Problem Focus Methodology ProposalField ObservationCash vs. Credit Card
  6. 6. Problem FocusField Observation Methodology Proposal  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
  7. 7. Problem FocusField Observation Results Methodology Proposal St. Marks St Marks K-Town Korea Town Union Square Union Square $%# "$# $%# !"#!"# !"#Cash Credit Cash Credit Card Cash Credit CardCash Cash Cash Credit Card Credit/Debit Card Credit Card
  8. 8. Problem FocusField Observation Analysis Methodology Proposal  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
  9. 9. Experiment“Can You Survive with only $40 A Week” Challenge
  10. 10. Problem FocusExperiment Methodology Proposal  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
  11. 11. Problem FocusExperiment Results Methodology Proposal  Video
  12. 12. Problem FocusExperiment Analysis Methodology Proposal  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
  13. 13. Problem Focus Methodology ProposalInterviewPerception of MoneyEmotionsQuotes
  14. 14. Interview QuestionsWho: Questions:  Students   How much do you spend a week?  Young adults   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?
  15. 15. Problem FocusInterview Results Methodology Proposal Average $150 Budget Food, transport, social activities, school  No…but I should. I don’t keep a budget supplies because I am lazy” Need money for social activities  Girls try to keep a daily budget of how much they spendCash “makes you understand the value of money Why guys don’t like to plan short term… more than credit cards.”  “its too complicated” “The best way of accounting for your money  “too time consuming and a hassle to set up” is to see it in front of you”  “there’s too many steps”Credit Card “I prefer using debit cards, it’s a pain in the ass to always carry around cash. Feels more secure using a debit card.” “Its useful but I dont like how I dont see my cash physically being exchanged” “more convenient, but I don’t realize how much I spent”
  16. 16. Problem FocusConclusion Methodology Proposal  People are too dependant on credit/debit cards  Girls were more successful in the challenge because they planned beforehand and had a strategy going into the challenge  Even though people claim that they want to see their money physically exchanged, they prefer to use credit cards for convenience  Guys prefer not to plan as it is too complicated and time consuming
  17. 17. Problem Focus Methodology ProposalDesign BriefGet college students and young adultsTo be more aware of their spending habits and start to get in theroutine of planning,By offering a “money management” system in online banking andtext messaging service.
  18. 18. Problem Focus Methodology ProposalDesign SolutionText MessageOnline Banking Money Management System
  19. 19. Problem FocusText Message Methodology Proposal Receive a text message from• your bank every time you useyour credit card Make people aware of how• much they are spending !"#$%&((%)*+,%-./01/% 23*%45*6%7((8%923+(:%6;% <;5%9(:=6%93:0% Constant reminder•  "((%62(%>5??%:(63=?*%2((, @@@0923*(09;ABA;8(< A383+(A(86
  20. 20. Problem FocusOnline Banking Methodology Proposal  “Money Management” option  Set up own budget  View history of spending – month/week  Compare spending habits
  21. 21. Problem Focus Methodology Proposal +$,-"#&. !"#$% /&#01# !&#&$($#)!"#$%*!&#&$($#) !"#$% /23$)* 455"2#)-
  22. 22. Problem Focus Methodology Proposal !"#$%&( -%&". )&*+&, -&,"/"&0 Spent Amount Left 200-%&". 150 100 50)12,"03 0 Mon Tue Wed Thur Fri Sat Sun455%1&0$
  23. 23. Problem Focus Methodology Proposal !"#$%&( -%&". )&*+&, -&,"/"&0 Type a budget...-%&". 6.7"3+&33812,"030903.%13:+$930%3&%03$1#7$$3;%#3"593:""*<)12,"03455%1&0$
  24. 24. Problem Focus Methodology Proposal !"#$%&( -%&". )&*+&, -&,"/"&0 -%&06(. 7("&2#-%&".)12,"03455%1&0$
  25. 25. Problem Focus Methodology Proposal !"#$%&( -%&". )&*+&, -&,"/"&0 67"&2+&,8 91&"3:;<<-%&". Sun 6/5/2011 Mon 6/6/2011)12,"03 Tues 6/7/2011 Wed 6/8/2011 Thur 6/9/2011 Fri 6/10/2011455%1&0$ Sat 6/11/2011 0 38 75 113 150 Spent Budget Left
  26. 26. Problem FocusLong Term Suggestions Methodology Proposal  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
  27. 27. Thank You