Mintemo: An app to help Millennials cut back on spending
Joelle Thompson
Mintemo: An App to Help Users Cut Back on Emotional Spending
Overview
Mintemo is a financial mindfulness app designed to help users become aware of the emotional aspects of spending. The product helps users understand their spending triggers, develop healthy financial habits, and make progress toward their financial goals.
Background
Amid inflation and debt, Millennials (born in 1982 - 1996) face financial hurdles. Advice like less avocado toast isn't helpful, as many tips ignore deep-seated beliefs affecting choices.
Problem
Harvard's Zaltman found that 95% of purchases are emotional, not logical. Marketing uses this, leading to emotional spending. I aim to use this insight to promote mindful purchases.
Role:
Product Design Lead (UX/UI)
UX Researcher
Timeline:
80 hours (4 weeks)
Tools:
Figma, Zoom, Otter AI, Useberry, Canva
Goal
My goal is to develop an app that promotes mindful spending, empowers decision-making, and aids in achieving financial goals.
Design Process
Research
Understanding the Millennial Spending Landscape
66% accrued debt from emotional spending.
43% of Millennials want items from social media beyond budget.
52% of Millennials say they are emotional spenders.
Millennials have over 1 trillion in spending power and are the largest generation in the U.S.
Their spending is linked to digital platforms and social media, having grown up during the internet's rise.
They often postpone life milestones like having kids or buying homes due to economic challenges.
Housing is their top expense followed by food and debt.
1 out of 3 Millennials use "Buy Now, Pay Later" options which suggests they are spending more than they can afford.
Assessing the Competition
Key Discoveries from User Interviews
50% admitted to impulsive purchases that exceeded their budget.
83% use financial planning tools such as apps or written budgets.
67% check for deals, compare prices, and consider cost per use.
67% emotionally spend a few times per month, while 33% did so rarely.
33% research cheaper buys, while 100% research expensive buys.
50% made purchases that were influenced by social media.
Parents and childhood experiences are factors that can have both positive and negative impacts on user's emotional spending patterns.
Brand loyalty is based on quality, aesthetics, and trustworthiness and is more commonly shown toward high-ticket purchases.
Most users implement tools to curb their spending such as adding items to a cart and not buying them, waiting, working on hobbies, or turning to friends.
Extract Insights
"An investment in knowledge pays the best interest"
Benjamin Franklin
Millennials, faced with unique financial challenges and the lure of emotional spending, can benefit immensely from tools that foster financial literacy and mindfulness. By understanding their habits and needs, the product aims to provide knowledge that empowers smarter spending decisions, ensuring the best 'interest' is truly in their well-being.
Defining User Goals & Needs
Insight: Users wait and research before making bigger purchase. This leads to them having less buyer's remorse.
leads to…
Possible solution: Implement waiting and research to cheaper purchases as well to decrease buyer's remorse.
Users emotionally spend in positive states more often than negative ones. The product should consider the full emotional range.
User Needs
Balancing wants and needs without compromising financial health.
Features that can help delay gratification such as wishlists.
Expanding their financial knowledge to improve spending habits.
Pain Points
Impulse spending prevents them from prioritizing their financial goals.
Users struggle with making impulse purchases before paying bills.
Many users spend beyond their budget on emotional purchases.
Ideate
Defining Design Challenges
Point of View
I am more likely to make an impulsive purchase when I am emotionally triggered, usually by stress or excitement. This sometimes leads me to buy things I don't actually need.
How Might We…?
How might we design an app that raises awareness and promotes mindfulness to help users control their emotional triggers and reduce impulse purchases?
Some of the main problems were that users made purchases impulsively, they were subconsciously inclined to spend due to emotional triggers, and they lacked awareness of the financial implications of reckless spending.
Users who exhibited stronger financial confidence tended to resist impulse buying. By adopting their strategies, like pre-purchase research and diversion tactics, I discovered methods to curb emotional spending.
Essential Product Features to Include
Onboarding to help the user set a financial goal. This includes; deciding what to save for, how much to save, and setting a goal deadline.
An emotional spending tracker with data visualization graphics showing them their habits, spending amounts, and progress toward their goals.
A "consideration station" that asks the user questions to help them decide if a potential purchase is necessary or if it would negatively impact their finances.
Mindful spending reflection prompts to help the user gain awareness and deeper insight into their spending patterns and emotional triggers.
Financial tips and advice will be shown throughout the use of the app as users mentioned a desire to increase their financial education.
Design & Prototype
Low Fidelity Wireframe Sketches
Mid Fidelity Wireframes
Mood Board
Inspired by vintage candy branding, I adjusted the mood board's vibrant colors for a more streamlined minimal look in the wireframes.
Data visualization required minimalistic typography and design to avoid clutter. Given more time, I'd design custom graphics aligned with the mood board.
First Logo Design
After user testing, I revised the Mintemo logo, initially designed to make finance fun and counter its intimidating nature. "Mintemo" blends 'mint' (money) and 'emo' (emotional).
The original incorporated a mint candy shape and a tilted dollar sign resembling a brain for mindfulness. Shades of green are used representing money.
Based on feedback, refinements were made as explained in the final iterations section.
Design Library
High Fidelity Wireframes
Prototype
The components in the "Emotional Spending Tracker" were the most time consuming to prototype. The most complex feature in this app is the spending stats with swipeable timeline view. This data visualization can be broken down for the user to view spendings, savings, or both with options to view spending/saving amounts per week, month, or year.
User Testing
Overview
6 testers unmoderated virtually in Useberry.
Age ranged from 25 - 34, all Millennials.
50% M, 33% F, 17% did not want to answer.
The incomes range from $25k - $100k+.
4 tasks: signup and using the features.
Success Metrics
Users can complete the tasks within set time.
The user does not encounter any blocks while completing tasks.
Overall the user finds the tasks and product to be easy and enjoyable.
Rating scale questions have an overall favorable rating of 80% or higher.
84% said they'd recommend the app to others, indicating satisfaction
1 minute 47 seconds: Average time for task completion, all tasks done within set metrics
4.54: Overall experience rating on a scale of 1 - 5 (5 being the best)
Feedback & Iteration Insights
"I would purchase this app. This app should be in the market." - User Feedback
Changing Button Design
One user suggested changing the buttons in the Consideration Station to radio buttons for better user experience and aesthetics.
“Maybe suggestions for goals because I really don’t know and it’s overwhelming to choose such solid goals sometimes.” - User Feedbak
Goal Setting Suggestion
A suggestion was made to add an overlay pop-up in the goal-setting section to provide users with goal ideas, especially beneficial for those new to budgeting.
"I had a very pleasant experience, everything seemed to be in the right place, and the language is well thought out."
Reflection Confirmation
Some users were unsure if they had completed the Reflection feature, indicating a need for clearer feedback or end-of-task confirmation.
“The logo is not my favorite. Something is just off about it. The overall look is great!"
Logo Feedback
At least one user strongly disliked the logo and brought it up at various points throughout their feedback, suggesting at the need for a redesign.
Evaluating & Iterating
Iterations from User Testing Feedback
Final Product
Final Thoughts
Mintemo's design journey was rooted in understanding the intricacies of millennial spending habits and emotions. Initially broad-focused, future versions may assist severe spenders, acting as a money mindset coach.
Future steps include bank integration for easier tracking and fostering a community aspect for extra accountability. As further research and testing is needed before implementation, I opted not to add them in the iterations.
Key user discoveries:
Recognizing the emotional patterns in spending allowed for a design that's more than just a budgeting tool; it's a tool for self-awareness and growth.
Emotions are deeply intertwined with financial wellness and spending patterns.
Childhood experiences with parents can have lasting impacts on financial decisions.
Surprisingly, users are more likely to make emotional purchases in a positive state, rather than a negative one.
Design takeaways:
As much as I love colors, overuse can cheapen or overcomplicate the design.
At points of challenge or confusion in the design process, going over the research can help provide solutions.
Sometimes ideas don’t come right away and thinking outside the box is a great way to escape repetitive patterns in ideation.
Thank you for checking out this case study!
Market Research Sources
Forbes: Millennial Spending Habits and Why They Buy
Forbes: Understanding the Research on Millennial Shopping Behaviors
Young and The Invested: 31 Millennial Spending Habits & Income Statistics to Know, 2023
Influencer Marketing Hub: 20 Millennial Spending Statistics That Will Blow Your Mind
Retail Dive: Millennials Seek Emotional Connections Before Purchasing
Credit Karma: Emotional Spending is Out of Control for More Than One-Third of Gen Z
SalesForce: How Millennials and Gen Z are Different
Yahoo! Finance: Gen Z and Millennials Lean Into Emotional Spending
Fourtune: Gen Z and Millennials Say Social Media is Pressuring Them to Buy What They Can’t Afford, and It’s Sending Them into an Anxiety Spiral
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Posted Aug 12, 2024
Mintemo is an app I designed to help Millennials manage the emotional / subconscious aspects of impulsive spending.
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