Finance app empowered by mindfulness and works with your brain.
About
Most finance apps focus on strict budgets and spreadsheets. Mindmoney takes a different path—using the psychology of spending to help users understand and improve their habits. Instead of forcing limits, it guides behavior with insights and subtle nudges, making money management feel natural, not restrictive. This case study explores how Mindmoney is changing the way people relate to their finances.
Project Type: UI/UX
Money management that works with your brain, not against it.
Studies show millennials now become completely financially independent on average at 31 years old.
Numerous budgeting apps have arose to help young adults to achieve financial independence earlier. But they all lack of a so what quality. I went over my budget, so what?
We need a finance app empowered by mindfulness.
-Users gain understanding in how psychological factors affect their spending behavior.
-Users take daily meditation in order to achieve this goal.
-Users make reviews on their transactions.
Audience Profile: 20-30 year old users having trouble managing their own finance, but are seeking something other than a budgeting app.
User Survey
Only 20 percent of users have never regretted on any financial choices they've made.
User Interview
Why do we always make bad choices on our own finance?
“I usually go on tiktok and look at the unboxing videos and reviews before I purchase, just to see what it looks like in real life. I sometimes get influenced by them advertising products or telling people to get it for the looks, I look for practicality and comfort (eg., whether if the clothes are comfy) if I’m buying something. ”
“About 10 percent of the time, I’ve regretted on buying something.”
social media is a big culprit.
Key Discoveries
Everyone prioritizes their spending differently. We all spend on what we want not necessarily on what we need. There’s no one golden rule on how to do your personal finance.
People might not be aware of why they make these financial choices sometimes.
Task Flow
Task 1: Review on a specific purchase made this week
Home Page
Transactions
(transactions can be linked to bank account)
July Spending
(an overview of July spending)
Triangl Bathing Suits
(Users see their July transactions just like on their bank account statement)
Add comment/ Tag/ flag
(Users can categorize their spending and reflect upon it. ie: I’m not too happy about this purchase. I’ve had 5 bathing suits already. I could have saved this money and used it in a better way. Tag: fast fashion, regret buying)
Task2: Users want to do daily mindfulness practice
Home Page
mindfulness
(a page dedicated to mindfulness)
Meditation
(A list of guided meditations users can take)
Day 1: Value
(Take a class)
Final Product
Takeaway
More research around psychology related spending behavior need to done in order to perfect this product. What we’ve known so far is just a tip of ice-burg.
And hopefully we could change our perspective on behavior science. No one should be judged on how they spend their own money based on their own value.