This document summarizes research on spending habits and proposes a solution called Advicely. Advicely is a financial management tool that helps users control impulsive spending, set savings goals, and receive notifications on their financial status to improve money management over time through partnerships with banks. The tool would recognize spending patterns, notify users of alternatives, and automatically transfer savings from reduced spending into user-defined goals until they are reached.

1. Control your vices. Reach your goals.
Pam Jue · John Kim · Meghana Khandekar
Prototyping User Experiences · 25 April 2013 · SVA IXD

2. Hi.
We are a think tank.

3. Everything leads to money

4. Current Trends
52%
25%
50%
Americans
spend more
than what
they earn
Americans
have more
debt than
savings
Americans
set up a
monthly
budget
$1.33 spent of
every $1 earned
20% overspend
their income by
more than $100
every week
21% fail to meet
that budget

5. Question
How can people become more aware of
& improve their spending habits?

6. Insights

7. User Research — This does not work
Lack of budgeting.
Short term thinking.
No system of saving.
Lack of education at early age.
Just can’t stop certain behaviors & buying patterns.
Mint is too cumbersome too upkeep.

8. User Research — This works
Clear goals.
Constant reminders of financial status.
Mechanisms to help them change course.
Concrete visualization of real value of money.
Simple is a step in the right direction.

9. Research — Experts
Dan Ariely
BJ Fogg
It’s not that we’re spending
a lot of money, we’re not
spending it efficiently
Changing tiny habits
leads to changes in
bigger habits
Charles Duhigg

10. Process

11. Audience — You & Banks
People need help with:
changing their negative habitual spending behavior
setting goals
getting reminders of financial status

12. ADVICELY

13. Advicely
Advicely helps you control your vices,
reach your life goals & save money.

14. Advicely — Prototype
Credit card
+
Online

17. Advicely — System
bank chase, bank of america, wells fargo, etc
set up
YOU
goal travel, education, emergency fund, etc
& cost
vices
YOU
buy vice
buy vice
recognizes your
patterns over time
notifies you
of your patterns
etc
buy alternate
or cheaper
illustrates the true value
of that $ amount over time
(past, present & future)
transfer $ you saved by
buying alternative
into your goal
abandon goal
continues to transfer
$ until goal is reached
YOU
notifies you
of success

18. Control your vices. Reach your goals.
Advicely needs the support and partnership of banks.
Will you join us?

19. Thank you
Pam Jue · John Kim · Meghana Khandekar
Prototyping User Experiences · 25 April 2013 · SVA IXD