CommonCents

A software platform to compare income minus spending versus saving that does not require you to share your personal financial accounts, Choose, Commit, Execute, and take charge of your financial well-being

Project overview

Technologies:

Laravel, vue.js, inertia.js, Bootstrap

Project Name:

CommonCents

Duration:

Ongoing

industory:

Financial Technology

Project Details

CommonCents is designed to help users take control of their financial well-being by comparing their income minus spending versus savings, without requiring them to share personal financial account information. The platform encourages users to Choose, Commit, and Execute their financial goals.

Key Features

Income and Expense Tracking: Users manually input their income and spending to track their financial health.
Savings Comparison: The platform compares the user’s remaining income (after expenses) with their savings targets.
Goal Setting: Users can set and adjust savings goals.
Financial Tips: Personalized advice and tips based on user data.
Data Privacy: No need to link personal financial accounts, ensuring user data privacy and security.

Challenges

Users are often hesitant to share personal financial information due to privacy concerns.

Users may find manual data entry tedious, leading to incomplete or inaccurate financial tracking.

Without access to detailed financial data, it can be challenging to offer tailored financial advice.

Users may struggle to stay committed to their financial goals over the long term.

There are numerous financial management tools available, making it difficult to stand out.

Solutions:

Implement a manual input system where users can enter their income and expenses without linking bank accounts.
Employ strong encryption methods to protect any entered data.
Provide clear communication about data privacy policies and the measures taken to ensure data security.
Develop an intuitive and user-friendly interface that makes data entry simple and quick.
Use reminders and notifications to encourage regular updates from users.
Introduce gamification elements, like badges and rewards, to motivate users to consistently track their finances.
Use the data provided by the users to generate general financial tips and suggestions.
Create a flexible advice system that can be adjusted as users provide more data over time.
Allow users to manually input additional financial details to refine the accuracy of the advice given.
Implement a goal-setting feature where users can set short-term and long-term financial objectives.
Provide regular progress reports and motivational messages to keep users engaged.
Offer a community feature where users can share experiences and encourage each other.
Highlight the unique selling point of not requiring access to personal financial accounts.
Emphasize the platform’s simplicity, privacy, and user-centric design.
Offer unique features like personalized tips, gamification, and community support that differentiate the platform from competitors.

CommonCents

Project overview

Technologies:

Project Name:

Duration:

industory:

Project Details

Key Features

Challenges

Solutions:

Resources

Support