How do you manage your finances? That is a question that can be difficult to answer, especially when the livelihood of many people is being challenged. There is always the issue of failure to save money, the absence of emergency savings, and impulsive consumption of unnecessary things for many people.
We can learn many lessons and tips from different sources, but the most effective will depend on a person. For example, some will say cutting up credit cards has worked for them, while others live better by using them the correct way. Many mobile apps can help, but people tend to forget about them after some time.
Designers: Jinwoo Jang, Eojin Roh, Jungmin Park, Sungyean Na, and Dabin Won
It can be tough to keep track of your expenses, so you have to find a system or tool that works for you. A new concept called MALANCE has been designed to inform a user of his daily consumption. Malance can tell you how much you have to spend for a month more visually.
MALANCE helps you find your balance when it comes to your finances. It is an asset management tool that works through the principle of scale. Simply put, it will remind you about your daily consumption, so you can stop your impulsive shopping. It will tell you how much you have to spend for a month to be more aware of your finances. It’s like having a visual reminder of your financial goals.
The act of weighing on a scale is used here. First, you need to set the target consumption amount using weights. Then, you have to place the card on the scale to see and compare the target amount with what you have already spent. It comes with a compatible app so you need to record, manage, and save consumption in a more convenient and accessible manner.
The key here is for a user to really track and record his expenses. Then, you can manage consumption by comparing the cumulative amount with the target amount. You can also set the date range of your consumption. The whole system also inspires you to save up. The more often you see your savings, the more you can be motivated to achieve your goal successfully.
We haven’t seen anything like this before, but we understand the principle behind the project. Balancing one’s finances is not an easy task as we need all the help in the world. If mobile apps don’t help much, then maybe a tangible reminder like the Malance can.