SplitBudget
Startup Idea: A budget management app specifically designed for couples or housemates to track and split shared expenses, set budgets, and receive notifications for upcoming bills
Pain point: People are struggling to manage their budget effectively, especially when splitting expenses with someone else
- Categories
- Budget Finance Budgeting Expense Tracking Notifications
- Idea Generated From
- Reddit Post: Anything I can do here? UK M25
- Potential Monthly Revenue
- $10000
Business Plan
Product:
Our product is a budget management app designed for couples or housemates to easily track, manage, and split shared expenses. The app will allow users to input their shared expenses, set budgets for different categories, and receive notifications for upcoming bills. It will provide transparency and clarity on financial matters within the household, reducing conflicts and promoting financial harmony.
Target Market:
Our target market includes couples living together, married couples, friends sharing accommodations, and roommates. These individuals often share expenses but struggle to keep track of who owes what and how to split the costs effectively. Our app aims to address these pain points and simplify the process of managing shared finances.
Revenue Streams:
- Subscription model: Users can subscribe to premium features such as unlimited expense tracking, advanced budgeting tools, and personalized financial insights for a monthly or yearly fee.
- In-app advertisements: We can partner with financial service providers to display relevant ads within the app, generating additional revenue.
- Partnerships: Collaborate with banks or financial institutions to offer special deals or services to our users, earning a commission for referrals.
Marketing Strategy:
- Social media marketing: Utilize platforms like Facebook, Instagram, and Twitter to target our audience and create engaging content related to shared finances and budgeting tips.
- Influencer partnerships: Collaborate with influencers in the personal finance space to promote our app and reach a wider audience.
- Referral program: Incentivize users to refer their friends and family to the app by offering discounts or premium features for successful referrals.
Financial Projections:
- Monthly active users: 10,000
- Conversion rate to premium subscription: 5%
- Average monthly subscription fee: $5
Estimated Monthly Revenue:
$5 * 10,000 * 5% = $2,500
Estimated MRR: $2,500