My Initial Idea QUOTA

Research

Mainstream media headlines today are focused on Britain's record national debt, which just surpassed £1 trillion, a figure that can only exponentially increase unless the entire mechanism of Government finance is overhauled. The truth however is much worse, factoring in all liabilities including state and public sector pensions, the real national debt is closer to £4.8 trillion, some £78,000 for every person in the UK. The main thing that struck me to want to make a budget planner app was because I found out that the UK has surpassed a national debt of £1 trillion. In fact, the figure is closer to £2 trillion now, standing it at £1.8 trillion. I was able to view this by visiting The National Debt Clock, as they have a live counter of debt in the UK. Surprisingly, The UK national debt grows at a rate of £5,170 per second.

Also, an article was release in November 2016 titled 'Britain's borrowing binge continues as credit card debt hits record high'. Now, after looking into this, it explains that credit card debts hit a record high in October 2016 as the people of the UK used their card to fund shopping more than ever before, according to Bank of England figures. British households have £66.2 billion of credit card debt outstanding, a level that rose by £571m in the month.

As you can see from the graph above, credit card debt has rose significantly from £9 billion in 1993, to £66 billion in 2017.

The average UK borrower struggling with debt owes nearly £17,000. Now this tells me that people simply cannot manage their money. It is worrying because people are going to become more dependant on loans that they simply cannot repay. This number is only going to rise.

I felt as though people need to be aware of their debt before they get themselves into a financial crisis. This is where the app idea for a budget planner sprung to mind. It's an app where they can keep control and an eye on incoming/outgoing bills, and to be notified when their payments are upcoming or even overdue.

An App Based Product

I have come to the conclusion to make this product into an app because I think that it would be most suitable for the purpose and the audience, seeing as it will be completely mobile and easy to access. Seeing as it is easy to access, users can manage their bills from anywhere at anytime without having access to a computer, although, they would need internet access to be able to login to their account. It makes sense for this to be created into an app so that the user carries it at all times to enable them to benefit from purchasing it. The cost of the app would be free, with income coming from ads which would mean that it could possibly target a younger audience like students, or young adults who are in full time work additionally to the target audience it is aimed at. Another reason for choosing to make an app would be that it would make it. I think an app would become the most successful way of going about this.

Why Quota?

I have decided to make the concept of the Quota app because I feel that people get carried away so much with spending money, they do not realise how much they are actually spending. Also as a student, I tend to find myself dipping into my overdraft far too often. I would like an app that can help me manage my money so that I am not having to rely on money that isn't even mine.

Quota will become the first mobile app that allows you to create a budget for each paycheque and lets you see how much budget you have left to spend. From credit card debt to loans, simply add the bill to the app, allocate a paycheque to it or let Quota equally distribute payments for you. You can add recurring bills such as a mobile phone contract, or a subscribed membership, and even debt that you have already started to pay down. Input a due date into the app that you’d like to have the debt paid off and it will take care of the rest, by doing the math for you. Budgeting has never been so easy.

You might be wondering “what does this have to do with me?”. According to statistics gathered by StepChange, "There was record demand for debt advice from StepChange Debt Charity in 2016. 599,026 people contacted us for help during the year, the equivalent of one person every 53 seconds. In 2016 there were 3.3 million visits to the charity’s website, an increase of 100% since 2011". The amount that we are spending is increasing, with debt being the norm. The best way to be in charge of your finances is to start an effective budget plan - but budgeting isn't easy and it's not for everyone. Although there are many valuable mobile apps available in the current marketplace, there hasn’t been one created that takes these statistics into consideration. That’s where Quota comes in.

WHO CAN USE QUOTA?

Quota is suitable and available for anyone who wants to take charge of their finances and budget like a boss. We want our app to help you to be able to afford the things that you want, while still keeping money in your bank account. We hope that using my new mobile app will help you stop living from paycheque to paycheque and start understanding how your money is spent and where your budgeting can improve.

Target Audience

People want to be in control. The main audience for this application is anybody that wishes to manage their money appropriately regardless of how old they are. The main demographics would be in the range of 25-50 year olds.

From our primary research, we have discovered that around 68% of students from the 50 people that filled out the survey are in some form of debt.

However we have discovered that 94% said they would use an app that would help manage their money for them to avoid debt.

Risks and challenges

With the app store saturated with mobile apps from all categories, trying to find the app that best fits your needs can be tedious and time-consuming. The reality is, even the most well-built, useful apps often get lost in the crowd. The main challenge we face is getting the word out. We need your help to get BudgetPlan off the ground and help market the product so those who need help budgeting can budget with ease and convenience. We will use the money raised towards marketing and promotion over the next 6 months. We will update you every step of the way.

Other Budgeting Advice Videos

I've seen many Youtube videos giving tips and advice for how to budget their money, but they cannot do the budgeting for the viewers. I want my app to be able to manage money for the users so they know how much exactly to pay out.

I have not seen a video promoting an app for a budget planner, therefore I would like to do so as part of my project.

Budgeting

For the budgeting part of creating my app, I would need to consider whether I would make the product into just an app or if I would take it one step further by turning it into a website additionally. By making it into a website, the costs would skyrocket as I would have to hire a website developer. I would have to consider whether it would be worthwhile by looking at factors like the target audience and accessibility. The purpose of the app is to make budgeting easier and more accessible from mobile devices, so an app would be more appropriate for the target audience to make it fit their needs. If the product became a success, I would consider making an accessible website out of it, but my main focus right now is to make an app.

When determining the appropriate mobile app development budget, there are some factors that I need to take into consideration.

  1. Priorities

It is important that I should be honest with myself and your priorities. A golden rule of software development lies in the diagram below. I simply cannot have all three attributes at the same time, that is how it works. Finding a development firm to make a great quality app very quickly and with an inexpensive budget is a red flag. I understand that I get what I pay for.

2. Finding a reliable developer

I will be hiring a developer because they know how to execute and execute well. The only way they will build a core competency in programming software is if they have resources in-house.

I would ask the specific team members would be on the project, and ask to see what past apps they have worked on, and request a portfolio of their work. I will also ask to talk to the resources and evaluate their communication skills. Although offshore development is significantly cheaper, I think that hiring in-house engineers will make a big difference during my design phase because it will save me time and money down the road by bringing technical knowledge into the product planning.

After doing research, I found out that paying a software company to create my app would be the most expensive way, but also the surest option.

The reason I say it’s the surest way to make my app is because these software companies have teams of developers, designers and project managers who are all experts at their own skill set and they’ll work with you to flesh out my app idea from concept to live app.

I've had quotes off companies to build my app and they would charge anywhere from £100-150/hour. It’s safe to say that for an individual like myself with an app idea, this option is difficult to pursue unless I fork out some money.

Creating a Kickstarter for extra funding

Kickstarter is a website for artists, musicians, filmmakers, designers, and other creators find the resources and support they need to make their ideas a reality. To date, tens of thousands of creative projects — big and small — have come to life with the support of the Kickstarter community. I plan to pitch my app idea to the Kickstarter website and hopefully get people to back my idea if they like the look of it.

If I want someone to invest in my app, I must have a fully designed prototype. The app market is still relatively new—only 8 years old, in fact. And for many investors it might be difficult to fully comprehend how the app will function if they can’t see it.

Having a prototype shows that I'm serious. I would be willing to put time and perhaps some money into creating a designed prototype, so that the investor would be willing to put up their money.

I have worked out and broken down a rough estimate of how much it would cost me to make the app on a multi-platform basis:

Email Login Page: £1,605.20

Dashboard: £4,337.85

Rating System: £2,247.12

User Profiles: £3,209.62

Custom User Interface: £5,135.39

Calendar Integration: £2,567.69

User Privacy Settings: £2,247.12

Push Notifications: £2,889.04

TOTAL: £22,147.53

These costs are based from the Otreva Website

Marketing

How would i get my app out there?

In our generation, there are endless ways of getting a message across to a wide audience of people. A few ways are:

  • Social media posts/pages
  • Website
  • Online Ads
  • Promotional video on Youtube
  • Print advertising, i.e. newspapers/magazines
  • TV adverts

One main marketing technique that I think would be most effective, would be making a promotional video. I'd want the audience to see the concept become a real product in working order, and I could do that in Adobe After Effects by making the product come to life.

App Development

I first started off by making a bunch of logos in Adobe Illustrator:

When I first started designing my logo and after the first few designs, I thought it was a bit too much. I wanted my app to stick to an elegant theme where everything is simplistic and easy to access. I narrowed it down and felt like the second to last design was more appropriate towards my app. I decided to go for the colour green, to represent money in a positive way, whereas if I had it red, it wouldn't have the same effect as it would give off a sense of actual debt and negativity.

How did I make this?

I made this logo within Adobe Illustrator. I headed over to google to find a copyright free image of a piggy bank, an stumbled upon the one I chose in a .svg format. I played around with the colour scheme and decided to keep my theme at simple, but basic colours. The HEX colour codes I used for this logo were:

Green: #62B231

Grey: #525149

I got the idea of the word Quota, from the word budget. I felt that the word 'budget' would be a boring name for the app, so I looked for synonyms for budget. The word Quota really caught my eye as it fit in with my elegant theme.

I felt the texts used followed the elegant theme. The font that I used was Copperplate Gothic Bold and the size is 72px

Final App Interfaces

These are the finalised screen designs I have created for my app, in-app. I think that they are most relevant for the purpose of the app. The layout of the app is quite simple and I did decide to stick with the elegant theme to make it easier for any user to navigate around it. The reason for me choosing this colour theme is because it has limited tones of blue/green and grey, this makes it look more user-friendly and professional.

On the start up page, the logo takes up a large amount of the interface because that is what will pop out to the audience, and it will be easy for them to remember. The layout is very simplistic with minimal text, but big and vibrant buttons which allow easy access for the user. The different coloured buttons allow the user to navigate around the app input their details to be able to manage their money. The menu page allows the user to navigate the bills, to show their incoming and outgoing transactions. It allows them to view their next pay day, and it works out how much they are allowed to spend after all bills have been paid. Calendar integration is a big feature within this app because it notifies you when you have upcoming payments, due dates, and overdue payments. The budget planner allows the user to input their salary and all bills, then it will look for alternate ways and tips on how you can manage your money. The planner allows you to edit your bills which you've paid so the app can readjust your budget after bills have been paid.

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