Spendaro

Project Overview: Spendaro is an AI-driven personal finance management application that helps users track their expenses, set budgets, and achieve financial goals following the “give every dollar a job” philosophy. By providing actionable insights, personalized recommendations, and real-time transaction monitoring, Spendaro empowers users to take control of their finances and build a secure financial future.

A twist on this application is that it allows budgeting not only for the individual but also for the family. This feature allows families to set collective financial goals, track expenses, and allocate resources efficiently, fostering financial transparency and collaboration within the household.

Objectives

1. Expense Tracking:

• Enable users to categorize and track their expenses, including recurring bills, daily purchases, and one-time payments.
• Provide real-time updates on spending patterns, trends, and budget utilization.

2. Budget Management:

• Help users create personalized budgets based on income, expenses, and financial goals.
• Offer budgeting tools, such as envelope budgeting and zero-based budgeting, to allocate funds effectively.

3. Financial Insights:

• Generate actionable insights and reports to help users make informed financial decisions.
• Provide personalized recommendations to optimize spending, reduce debt, and increase savings.

4. Goal Setting:

• Allow users to set short-term and long-term financial goals, such as saving for a vacation, buying a house, or building an emergency fund.
• Track progress towards goals, celebrate milestones, and adjust strategies as needed.

5. Family Budgeting:

• Introduce a family budgeting feature that enables multiple users to collaborate on financial planning and management.
• Facilitate shared budgets, expense tracking, and goal setting for families, couples, or roommates.

6. AI-Powered Assistant:

• Integrate an AI-powered assistant, Spendy, to provide personalized financial advice, reminders, and alerts.
• Enable users to chat with Spendy for instant answers to financial queries and guidance on budgeting.

Features

1. Expense Tracking:

• Categorize expenses by type, date, and amount.
• Monitor real-time spending and receive notifications for unusual transactions.
• View detailed transaction history and analyze spending patterns.

2. Budget Creation:

• Set up personalized budgets for different categories, such as groceries, utilities, entertainment, and savings.
• Allocate funds using envelope budgeting or zero-based budgeting methods.
• Adjust budgets based on income fluctuations, unexpected expenses, or changing priorities.

3. Financial Insights:

• Generate reports on income, expenses, savings, and net worth.
• Identify trends, anomalies, and opportunities for cost optimization.
• Receive personalized recommendations to improve financial health and achieve goals.

4. Goal Setting:

• Define SMART (Specific, Measurable, Achievable, Relevant, Time-bound) financial goals.
• Track progress, visualize milestones, and celebrate achievements.
• Update goals, timelines, or targets as circumstances change.

5. Family Budgeting:

• Create shared budgets for family members, partners, or housemates.
• Collaborate on expense tracking, budget planning, and financial goal setting.
• Monitor individual contributions, expenses, and savings within the family budget.

6. AI-Powered Assistant, Spendy

• Chat with Spendy to get instant answers to financial questions.
• Receive reminders for upcoming bills, due dates, or budget milestones.
• Access personalized tips, tricks, and best practices for effective money management.

Technology Stack

• Frontend: NextJS / React for the Web & React Native for mobile, Tailwind, TypeScript, Tanstack
• Backend: Fastify on Node.js, Clerk
• Database: Postgres (Supabase), Vector Store (Supabase), Redis (Upstash)
• AI Integration: OpenAI, Vercel AI SDK

Outcome

software currently in development