MONEY SAVING &TARGET ARCHIVE

Abstract

The innovation of online supermarkets revolutionizes traditional retail by providing a convenient and efficient platform for consumers to browse, purchase, and receive groceries and products digitally. This paradigm shift enhances accessibility, saves time, and introduces personalized shopping experiences. Leveraging technology, online supermarkets optimize inventory management, streamline logistics, and often employ data-driven insights for targeted marketing. This innovation transforms the retail landscape, offering a seamless fusion of digital convenience and everyday essentials.

Specification

Description:Incentive for logging expenses:
Goal Setting.
i. User needs to set up a goal for which he wants to save money.
ii. He enters how much money he is left with for that month and this shows him a regular spendable number. Out of which, he will be asked to save 30%.
iii. So, the app on a regular basis will show him how much money he can spend that day and will show him how much he has spent.
iv. If he spends money on one day, it will be deducted from what was saved in the past.
v. User will get a notification that will talk about how he can track how close he is to his goal by logging his expenses. This is how the Goal Achieved will look like:
2. A Positive Pie Chart that equally splits:

i. Money Spent

ii. Money Left

iii. Money Saved
3. Minimal steps to entering an expense:
Select an icon and add the amount spent. The app automatically notes the time the expense has been added on. One has the option to make note of or around every expense they make for future reference.

4. An Option to log if you have split a bill with someone or if you have paid for someone and then they have paid you later. In this case, the app will add only the user's share to the Money Spent section.

Additional Features in the upcoming versions
Integration of a coupon feature: From the app, it can be tracked where one is spending the most money and he could be recommended certain coupons that he would be interested to purchase for a better discount. For people looking to invest for the long run, there could be a Mutual Fund purchase integration with the app. For goals like buying a house or buying a car will require saving a lot of money and are long term investments. In such cases, there can be a mutual fund integration where one person can invest in Mutual funds on a weekly or monthly basis.
Measurement of impact on the app
The biggest problem that money managers see is that people stop using them after a while because it becomes tedious. One way to measure success would be seeing the number of people who stick around to using the app post 3 weeks. t will give the user a daily figure of how much they can spend every day and how much they will save if they spend that much. They can definitely spend less, hence the savings will go up. If a user spends more than his allowance, it'll deduct it from previous savings as there are a few days where one needs more money.

, Claims:1. A system as claimed in Money Spent
2. A system as claimed man, Money Left
3. A system as claimed in claim Money Saved.

Documents