Group 101 ENGG1340 Project’s scope

Problem statement : (Problem description in general)

Nowadays, money has become a crutial aspect in our life. People constantly spend their money to do various transactions in fulfilling their needs. Hence, it is obvious that people want to manage and secure their money in the best way they can. This includes a good record system which is readable and efficient. Traditionally, people used piece of papers and pen to record their monetary flows. This might not be the best way since paper is an easily-destructible material. It might also get lost or wet easily. Environmental concern also limits such conventional system which uses a lot of paper.

Problem setting : (Proposed solution & how it works)

Considering the aforementioned argument, we aim to create a wealth management system in response to the problem. Our system utilizes the advancement of technology in the making processes. Your daily expenditure will be recorded and stored in a much more efficient manner. It is handy, editable, and doesn’t require any paper. It responds to current world's demand where everything comes in an instant. Especially for University Students, our management system would easily help them in monitoring their money while being far away from their parents.

Features :

To maximize the usability of this money management system, our system comprises several features which are essential in recording their daily uses.

1* Add a new record (income or expense).

2* Provide records’ details such as Date, types/uses, amount.

3*. Allow users to delete or edit their added records.

4*. Categorize and present records. (Categorizing might be in terms of dates, types, or account)

5*. Present statistical reports of monthly activities (account’s percentages to food, transport, entertainment, etc)

6. Allow users to modify budget settings, i.e. they will get and alert while expenses has just passed the budget. The budget will be renewable and counted on a monthly basis.

7. Currency converters. To make our system be more universal, we will provide more than one currency system for users to put their records in. We might not include all currencies in the world. But we think of some general currencies such as USD, GBP, AUD, EUR, JPY, HKD, KRW, etc. Users will be able to change their preferred currency and all the records will be changed to respective option.

8. Adding notes to every record inputted. Most of the time, people might forget what their money were used for. In this case, categorizing expenses in general record types such as food, transportation, and entertainment wouldn’t be sufficient. Therefore, we decided to implement a more detailed system in which users might include additional notes to the records. For instance, they might want to type “Valentine’s dinner with my girlfriend at Central” under the food expense.