Check2Check Budget Planner -- 2
Budget: $1,000 – $1,500 USD
This document outlines the requirements to develop a mobile application for Android that helps users budget their finances paycheck-to-paycheck. The goal is to enable users to create micro-budgets based on each deposit and allocate funds to various categories until the next expected deposit. This app will allow users to monitor, allocate, and track their expenses to maintain control over their cash flow in real-time.
Business Problem Statement
Users often struggle to manage their budgets between paychecks, leading to stress and poor financial planning. Existing budgeting apps focus on monthly or long-term budgeting, but there is a lack of solutions that offer real-time micro-budgeting aligned with deposits. This application solves that gap by helping users:
Allocate funds as soon as they receive a deposit.
Manage multiple small deposits during a budget cycle.
Adjust allocations in response to unexpected expenses.
Track their spending and ensure they remain within limits until the next deposit.
High-Level Application Flow
•Initial Budget Setup
Create deposit categories (used for assigning deposits as they come in, pay check, friend transfers, refunds, etc.
Create expense categories (categories to tag expenses to, groceries, house payment, eat out, etc )
•New Cycle Deposit Form
enter carry over amount from previous cycle (if applicable)
enter this deposit amount
select this deposit category (select from categories just created OR create new)
select this deposit date
select expected next deposit date (if known)
select expense categories for this deposit
enter expected category amount for this deposit
•Summary deposit : Overview of deposit and category allocation.
• Mid-Cycle Quick Deposit
enter this deposit amount
select this deposit category (select from categories created)
select expense categories for this deposit
enter expected category amount for this deposit
• Summary deposit: Overview of deposit and any adjustments to category allocation.
• Expense Form
Enter the expense amount.
Select this expense category (select from existing categories OR create new).
if expense category is now negative, prompt user to reallocate categories
(i.e. if negative by 15, select one or more expense categories to re allocate
to this category that is negative, enter amount for each selected category,
total of all entries should match the negative amount for this expense category being submitted)
• Summary expense: Overview of expense, deposit, and category allocation.
Business Problem Statement
Users often struggle to manage their budgets between paychecks, leading to stress and poor financial planning. Existing budgeting apps focus on monthly or long-term budgeting, but there is a lack of solutions that offer real-time micro-budgeting aligned with deposits. This application solves that gap by helping users:
Allocate funds as soon as they receive a deposit.
Manage multiple small deposits during a budget cycle.
Adjust allocations in response to unexpected expenses.
Track their spending and ensure they remain within limits until the next deposit.
High-Level Application Flow
•Initial Budget Setup
Create deposit categories (used for assigning deposits as they come in, pay check, friend transfers, refunds, etc.
Create expense categories (categories to tag expenses to, groceries, house payment, eat out, etc )
•New Cycle Deposit Form
enter carry over amount from previous cycle (if applicable)
enter this deposit amount
select this deposit category (select from categories just created OR create new)
select this deposit date
select expected next deposit date (if known)
select expense categories for this deposit
enter expected category amount for this deposit
•Summary deposit : Overview of deposit and category allocation.
• Mid-Cycle Quick Deposit
enter this deposit amount
select this deposit category (select from categories created)
select expense categories for this deposit
enter expected category amount for this deposit
• Summary deposit: Overview of deposit and any adjustments to category allocation.
• Expense Form
Enter the expense amount.
Select this expense category (select from existing categories OR create new).
if expense category is now negative, prompt user to reallocate categories
(i.e. if negative by 15, select one or more expense categories to re allocate
to this category that is negative, enter amount for each selected category,
total of all entries should match the negative amount for this expense category being submitted)
• Summary expense: Overview of expense, deposit, and category allocation.