FinanceBuddy

Empower your financial independence with our voice-activated budgeting assistant. Accessible and easy

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Inspiration

The inspiration behind FinanceBuddy stems from a critical need to improve financial literacy and management among the elderly, a demographic often overlooked in the fintech revolution. Over 25 million Americans aged 60 and above are economically insecure, with nearly 40% struggling to cover a $400 emergency expense. By leveraging the simplicity and effectiveness of the 6 Jars Method, FinanceBuddy helps users allocate their income into six distinct categories, promoting a balanced approach to managing finances. Integrating voice-activated features through Twilio is a game-changer, especially for the elderly and individuals with motor skill impairments who may find traditional budgeting apps cumbersome. With the global voice recognition market expected to grow at a CAGR of 16.8%, this technology ensures accessibility and ease of use. By addressing these critical issues with a secure, user-friendly platform, FinanceBuddy empowers users, promotes financial independence, and fosters better money management habits.

What it does

FinanceBuddy is a comprehensive, voice-activated budgeting app designed to simplify personal finance management for the elderly and individuals with motor skill impairments. Utilizing the 6 Jars Method divides income into six categories: Necessities, Financial Freedom, Education, Long-Term Savings, Play, and Give, promoting balanced financial management. Users can interact with the app using voice commands by simply calling the bot or chatting on WhatsApp to check balances, log expenses, manage income, and transfer funds between jars. The app also offers features like visual financial summaries, recurring payment management, reminders, and customizable allocations, all secured with voice recognition and additional authentication methods. By combining effective budgeting strategies with accessible technology, FinanceBuddy empowers users to effortlessly manage their finances.

How we built it

Backend: MongoDB, Python, Flask, Auth0 Frontend: TailwindCSS, Javascript, HTML Whatsapp: Twilo API and ngrok

Challenges we ran into

  • Implementing seamless voice interaction was a significant challenge. Ensuring accurate voice recognition and command interpretation required extensive testing and fine-tuning of the Twilio API. Handling different accents, speech patterns, and background noise added layers of complexity. Finally, it took me a long time to develop an educational concept with a real societal influence while also managing our scope and aiming to deliver a genuine product, even if it was a bit bare-bones.

Accomplishments that we're proud of

  • Successfully created FinanceBuddy, a comprehensive budgeting app that utilizes the 6 Jars Method to help users manage their finances effectively. -Integrated Twilio for voice-activated features, enabling users to interact with the app through voice commands, making it accessible for elderly users and individuals with motor skill impairments.

What we learned

This weekend taught me a lot. I discovered how to—

  • Use Flask to create fast, scalable, and simple web apps.
  • Apply Twilio to develop incredible products effortlessly.
  • Utilize TailwindCSS website designing Furthermore, I learned a lot from KatyYouthHackshacks during the weekend.

What's next for FinanceBuddy

Next, I would like to add features such as:

  • Use AI to analyze spending patterns, provide personalized budgeting tips, or suggest adjustments to jar allocations for improved financial health.
  • Integrate with billers to enable users to pay bills directly from the app using voice commands or automated scheduling.
  • Shared Jars: Allow users to create shared jars for household or group expenses, with options for multiple users to contribute and view expenses.
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