The Federal Reserve's 2018 Survey of Household Economics and Decision Making revealed that about 40% of Americans would struggle to come up with even $400 to pay for an unexpected bill. The current COVID-19 pandemic highlights now more than ever the importance of establishing and maintaining healthy saving habits in the face of uncertainty. One of the main problems when it comes to personal finance is ensuring clear and consistent tracking of savings and expenses. Our project goal is to develop a personal finance dashboard that enables customers to create and consistently sustain an emergency savings fund.
Verdanda is a full-stack implementation that implements front-end, back-end, and database management to store user information and display dynamic financial goals. For the front-end, we used HTML, CSS, JavaScript, and Bootstrap as well as Bulma.io to create a cohesive color scheme, design features, and fonts that emphasize important info but also maintain concision and white-space. For the backend, we ran a local SQL server with MySQL that links user_id's to user info and financial info. These are accessed and modified by the Flask/JS program, which uses button actions to modify the database with relevant form data. Ultimately, we want to implement more data analysis for the goals, financial resources, and social features to connect successful users.
Our proof-of-concept project includes features such as:
- A data analytics algorithm that determines the next steps after completing an emergency fund savings goal
- A rating system that scores users based on how consistent they are in completing their savings goals
- A socialization component that enables users to share their financial goals and help establish accountability
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