Gamification for Organisations

Final Project | Term VI

Gamification of Financial Planning &

Expense Management

Submitted to: Prof. Harshit Singh

Submitted by:
Group 2

Gazala Sheikh PGP13085

Khyati Patel PGP13104

Gargi Shara PGP13083

Niharika Saxena PGP13154

Darian Randal L Laitphlang PGP13068

Manasjyoti Basumatry PGP13134

John Samuel M PGP13109

Monali Bambode PGP13144

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 Table of Contents

S No. Topic Page No.

1. Introduction

2. Target Audience

3. Major Issues & Challenges

4. Existing Apps & Platforms

5. Our Implementation

6. Framework Analysis

7. Conclusion

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 1. Introduction
Financial planning and cost management are considered to be time-consuming and difficult
chores by many people, especially the younger generations who have grown accustomed to
instant gratification and gamified experiences. Conventional methods typically fail to capture
people's interest, causing disengagement, procrastination, and then financial difficulty. This
project investigates game-type design in financial planning and everyday expense management
to create an innovative means of turning these tedious activities into an enriching experience. By
incorporating motivational mechanics, behavioral nudges, and reward systems commonly found
in games, we aim to transform these traditionally dry activities into dynamic, engaging
experiences that drive positive financial behavior change

1.1 Why Gamify Expense Management?

Here is our rationale for why we feel it can be beneficial to gamify financial planning and
expense management . Following is our argument:

● Growing Economy: India's GDP is expected to grow at 7% in 2024 (IMF), leading to rising
disposable incomes.

● Financial Literacy Gap: A Reserve Bank of India (RBI) survey in 2022 found that only
27.8% of Indians exhibit financial literacy. It was also found that only 27 % of Indians have a
formal financial plan (Edelweiss Tokio Life & ET Money Survey 2021). Without this kind of
planning, people are exposed to shocks and cannot realize their long-term objectives.

● Impulse Buying Fueled by Digitization: However, the ease of one-click UPI payments and
the convenience they bring have surely expanded cashless transactions, but they have also
triggered an impulse to buy. Financial pressure is in addition encountered due to this kind of
impulsive behavior

● Procrastination and Behavioral Biases: Cognitive biases and time-inconsistency lead

individuals to prioritize immediate gratification over long-term financial goals. Traditional
methods often struggle to overcome these inherent biases, leading to suboptimal financial
outcomes.

Lack of financial knowledge exposes individuals to scams, predatory lending practices and bad
investment decisions, all of which compromise their financial well-being. Digitization has only
exacerbated this reality as people burn through their cash and subsequently fail to save for
essentials and life aspirations.This mismatch between income growth and financial knowledge
creates a need for apps to bridge the gap, guiding individuals towards responsible spending and
saving.

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 2. Target audience
To design an efficient or functional system, it is essential to understand who exactly are the
individuals behind the downloads. By constructing a detailed demographic profile of the average
user, we are able to gain valuable insights into their financial needs & motivations. This
information serves as a crucial foundation for designing gamification elements tailored to
resonate with the target population, maximizing their effectiveness in driving positive financial
behavior change.

● Age: The target audience primarily consists of individuals in their late teens to early thirties,
including millennials and Gen Z. However, it could also include older demographics who are
interested in improving their financial literacy or who appreciate gamified approaches to
learning.

● Education Level: The audience may have a range of educational backgrounds, from high
school graduates to those with advanced degrees. However, they likely share an interest in
improving their financial knowledge and skills.

● Income Level: The target audience could include individuals with varying income levels,
from students and entry-level workers to mid-career professionals and freelancers. The app
should cater to users regardless of their income level and help them make the most of their
financial resources.

● Employment Status: The audience may include employed individuals, freelancers, students,
and others who may have different financial needs and challenges. The app should address
the diverse circumstances and goals of its users.

● Location: While the app could be accessible to users worldwide, its primary target market
might be in regions with a high smartphone penetration rate and a population that is
comfortable using digital tools and apps.

● Family Status: The audience may include individuals who are single, married, or have
children. The app should offer features that cater to users' specific family and household
financial management needs.

● Tech-Savviness: The target audience is likely comfortable using smartphones, tablets, and
other digital devices. They may also be active on social media platforms and accustomed to
engaging with apps for various purposes.

● Financial Goals: Users of the app may have different financial goals, such as saving for a
home, paying off debt (college loans), building an emergency fund, or investing for
retirement.

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 3. Major Issues/ Challenge
Now that we have established the target audience – for whom the challenge of managing one’s
personal finance gamification tools is designed – let’s delve into the actual issues that people
face when it comes to managing their money in the real world. It is crucial to understand the
specific challenges facing a particular user of a personal finance app to tailor gamification
interventions effectively. We conceptualize these challenges in four categories: knowledge gaps,
motivational barriers, behavioral biases, and economic deterrents.

3.1. Knowledge Gaps:

● Limited Financial illiteracy: A large portion of the population still lacks basic financial
knowledge, making informed financial decisions difficult.
● Culturally Specific Information Gap: Financial literacy resources often fail to address
culturally specific nuances like joint family dynamics, societal expectations, and traditional
investment practices, creating information gaps for a large portion of the population.ared
finances and expenses within families demand collective planning strategies.

3.2. Motivational Barriers:

● Lack of Long-Term Vision: Short-term gratification and present biases can overshadow
long-term financial goals, leading to impulsive spending and difficulty saving for the future.
● Fear and Uncertainty: Financial planning can be intimidating, and the fear of mistakes or
market volatility can demotivate individuals from actively managing their finances.
● Social Comparison and Societal Pressure: Keeping up with societal expectations can lead
to overspending on weddings, festivals, and social obligations.

3.3. Economic Deterrents

● Informal economy: A significant part of the workforce operates in the informal sector,
making regular income and expense tracking challenging.
● Debt culture: Easy access to credit can lead to overspending and debt traps, hindering
financial planning.
● Cash-driven economy: Cash transactions, though declining, are still prevalent, hindering
expense tracking and budgeting.

3.4. Behavioral Biases

● Presentism Bias: Prioritizing immediate needs over future financial needs can lead to
under-saving and poor investment decisions.
● Mental Accounting: Separating funds for different purposes can be challenging, leading to
impulsive spending from designated savings accounts.

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 4. Existing Apps & Platforms
There are a number of platforms already available that integrate gamification components into
financial planning and cost management, each with a distinct feature set or targeted audience.
However, no single platform fully embraces all the qualities we've outlined. Here are few
instances:

4.1. For Young Adults:

Qapital: Qapital focuses on motivating goal-oriented saving. They offer a debit card with
rewards and educational quizzes within the app. The app is primarily targeted towards
millennials and Gen Z seeking a fun and engaging way to manage finances and save for
specific goals.The major gamification elements they use are : Goal-Oriented Quests
where users can set specific savings goals and embark on "quests" to achieve them. They
also utilize virtual Rewards where upon completing quests the user unlocks virtual
rewards like trophies and badges, fostering a sense of accomplishment.Users can set rules
for automatic savings based on spending habits or achieving goals, gamifying the saving
process. It also includes elements of social sharing, adding a layer of friendly competition
and social motivation.

Stash: Stash encourages learning and engagement in investing . It Provides investing

with fractional shares and a "stock petting zoo" for learning. The major gamification
elements they use are : Stash Achievements where users earn badges and rewards for
completing financial tasks like opening an account, making investments, or diversifying
their portfolio, encouraging learning and engagement. Users can also compare their
investment performance with others on a leaderboard.Stash also offers themed investment
portfolios based on interests and goals, adding a fun and engaging element to the
investment process.

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 Plum: Plum promotes consistent micro-savings through personalized challenges and
rewards. It analyzes spending and automatically invests spare change, gamifying saving
progress. Users earn Plum Points for completing financial tasks like connecting their
bank account, setting up automated savings, and reaching milestones. These points
translate to real-world rewards like charitable donations or boosted savings, making
responsible spending feel engaging and beneficial. Additionally, "Savings Streaks"
leverage loss aversion psychology by awarding bonus points for consistent saving,
motivating users to maintain their momentum. Beyond direct gamification, Plum also
offers personalized insights into spending habits, helping users identify areas for
improvement.

4.2. For Low-income Earners:

● YNAB (You Need A Budget): Utilizes a "gamified progress bar" and badges to motivate
budgeting.YNAB offers optional challenges based on budgeting principles, with "wins"
awarded for completing them, adding a layer of fun and engagement. The app encourages
users to follow four principles: "Give every dollar a job", whereby each dollar is allocated
to a specific purpose; embrace true expenses so that there are no surprises; "roll with the
punches", i.e. being flexible when there is overspending; and "age your money", keeping
money in your budget without immediately spending it. The software also displays
financial reports to keep users informed about their finances at a glance.

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 ● Digit: Digit links with your bank and automatically saves small amounts based on
spending patterns, offering a "surprise savings" element. Similar to Plum, Digit utilizes
streaks to gamify saving consistency, motivating users to maintain their saving habits.
Users can set specific savings goals, and Digit personalizes savings amounts based on
spending patterns and goals, adding a goal-oriented element.

● Empower by Wells Fargo: They cater to existing Wells Fargo customers seeking a
comprehensive financial management app with gamified features.Offers tools and
challenges to improve credit score and build financial knowledge. Users earn points for
completing financial tasks like checking their balance, setting goals, and making
informed decisions, leading to a gamified "score" reflecting their financial health.They
utilize a "financial fitness score" and personalized challenges to motivate responsible
financial behavior within its existing customer base.

4.3. Others:
● OkCredit: Tracks credit transactions and gamifies bill payments with "leaderboards" and
rewards. OkCredit offers periodic challenges and quests for users to achieve specific
financial goals like collecting overdue payments or exceeding sales targets. Completing
these unlocks rewards and boosts their reputation within the app, further incentivizing
positive financial behavior. Gamified educational modules within the app teach users.

● Khosla Connect: Focuses on micro-savings and financial education for rural

communities. Users earn virtual currency for participating in investment challenges,
educational quizzes, and community activities, which can be redeemed for real-world
rewards like gift cards or investment credits.

● Mint: While not explicitly gamified, offers budget tracking, goal setting, and educational
resources.

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● Personal Capital: Provides financial tracking and investment management with some
educational features. They utilize a financial fitness score where Personal Capital assigns
a score based on various financial parameters, providing a gamified metric for users to
track and improve their overall financial health.

● ET MONEY Applications:The ET Money app is a popular financial platform in India

offering direct mutual fund investments, stock trading, and wealth management. It
provides various features such as commission-free mutual fund investing, investment
tracking, SIP investments, goal planning, tax-saving options, and access to financial news
and analysis. Although it lacks explicit gamification features, its user-friendly interface,
educational resources, and goal tracking capabilities can engage users effectively.
However, users should consider factors like security measures, potential fees, and
suitability for their investment goals before using the app.

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 5. Our Implementation
Recognizing the power of gamification yet the need for more targeted and impactful
interventions, we propose a novel app designed to revolutionize financial management through a
unique gamified experience. This innovative app will combine the best aspects of existing
solutions, incorporating elements like personalized challenges, goal-oriented quests, and social
competition, while addressing identified gaps by tailoring gamification to specific user
demographics and financial needs. The overall objective that we have in mind for our app is as
follows:

● Epistemic Value : Empowering users to take control of their finances through a fun and
engaging interface that fosters positive financial behavior change towards savings and
making a habit of tracking expenses.
● Gamification Approach : This app primarily utilizes elements of soft fun, focusing on
intrinsic motivation and engagement through meaningful goals, progress tracking, and
social comparison. However, some elements like badges and leaderboards can be
incorporated as extrinsic motivators to cater to individual preferences.

We tentatively propose this app incorporating different successful elements from existing
solutions and incorporating certain features which will aid habit formation. These are some
elements and functioning of our proposed app.

Gamification Elements:

● Sign Up :

a. The user registers using their google account or their mobile number. They then are
taken through a range of questions detailing their dependent, monthly income,
savings goals, future wealth accumulation goals, any recent big spends scheduled in
the future.
b. The initial setup would also offer an option to either increase savings or decrease
expenditure; this would automatically adjust the user experience and the notifications
and nudges would be adjusted accordingly.
c. After this the user is offered to set their daily, monthly, yearly or long term goals. The
user can choose to just set up monthly goals and not daily goals. It's more of an opt-in
function rather than a compulsory feature. Also the goals have a plus sign where an
individual can keep adding goals up to 10 based on his needs in the future.
d. The app then processes the inputs & creates a personalized money-sign (explained
later) based on the user’s disposition towards his finances.

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● Recording Monthly Expenses & Goals : Now since our app is not linked to the user's
bank account, we need to encourage them to set monthly goals at the beginning of the
month on our app and record all major transactions after every splurge. Now since this is
a hectic task we look forward to encouraging this behavior using notifications. Our app
would send a notification at the start of the month some examples are -

Salary credit hui ya nahi?? Aao kuch kharche kuch bachat karte hai

Cha-ching! Your salary is here, but your financial goals are waiting! Open the app and
record your savings plan

⏰
Tick-tock, tick-tock, time to check your financial clock! Open the app, update your
goals, and watch your savings do the Macarena
● Streaks and Notifications:
a. If the user achieves their targeted saving or more than that , their daily streak is
maintained . A daily streak for consecutive 7 days, 15 days and 30 days earn the
user badges for the first time after registration. Post that 2 week streaks are rewarded
with badges. Maintaining consecutive days of meeting goals or staying within
budget will also unlock "Streak Bonuses" like bonus points & cashbacks and
coupons.These are random rewards and are offered to gently nudge a user whose
activity is deteriorating.
b. Daily notifications serve as friendly reminders to record & track expenses, celebrate
achievements, and highlight areas for improvement. We aim to send in 2
notifications daily as reminders of logging in and recording expenses . Also users
specifically having daily goals would be sent notifications each time they make a
purchase and their inbox hits with any message with the word debit in it. Daily
notification encouraging to track expenses can be as follows:
Did you just treat yourself? Awesome! Now treat your future self by recording it in the
app. Trust me, in the future you will thank you

Kab tab humse shopping chupaoge, paise kab bachaoge 👀

Record your last transaction on BT Money

c. Beginning-of-the-day notifications recap the previous day's financial activities,

reinforcing positive habits and highlighting areas for improvement. Beginning day
notification examples are as follows:

Whoa there, spender! Looks like your wallet needs a little TLC. Review your expenses
and see where you can tighten the belt (metaphorically, of course).

Budgeting superstar alert! You're on a roll, keep up the amazing financial journey!"

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● Points and Badges:
a. Users earn points for positive financial behaviors like sticking to budgets, saving
money, and making wise spending decisions.
b. We also wish to assign points for daily logins and
c. Points translate to badges, visible in a dedicated "Achievements" section, showcasing
progress and motivating further action.
d. Also the badges hover on the home screen to encourage users to further participate
“Budget Boss": Awarded for consistently staying within budget for a set period.
"Debt Destroyer": Earned for making significant progress towards debt
repayment goals.
"Savings Sensei": Achieved for exceeding savings goals or reaching milestones.
“Future Millionaire": Achieved for exceeding long-term savings goals or
demonstrating consistent financial progress.
“Savings Champion”: consistently meeting their savings goals over an extended
period, such as a month or over a few months.

● Leaderboards:
a. Users can opt-in (nudge) to leaderboards segmented by age group or location for
relevant comparison and healthy competition. This fosters a sense of community and
encourages users to strive for better financial habits.
b. Leaderboards may be segmented by factors like age group or location to provide
more relevant comparisons.
c. Community leaderboards are for friends and family you choose to add to your
community.
● Money Signs and Goals:
a. Personalized signs similar to zodiac signs, “Money Signs” provide users with
personalized financial insights and goals based on their spending and saving habits.
These can change if the user behavior significantly changes.
b. Users can set daily, monthly, yearly, and custom goals with progress visualization and
personalized tips for achievement.
c. The app offers suggestions for achieving these goals and provides rewards for
reaching them. Each missed streak comes with notification , when opened it gives
advice to the user on which area they are lacking in. For suppose someone
consistently missing monthly saving targets would be suggested certain tactics by
which he can overcome impulsive spending. Notifications are tailored to reach out to
users who are slacking in recording expenses and setting up goals too.

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 ● Community Features:
a. Users can connect with friends and family for social support and accountability.
b. Features like shared goals, progress updates, and friendly challenges foster a sense of
community and encourage healthy financial competition.
c. Group Leader badges are awarded to people who emerge as the highest savers in their
added community on the app.
d. Social sharing on social media apps is also enabled for the leaderboards and badges

● Customization and Personalization:

a. Users can personalize their experience by setting spending categories, savings targets,
and notification preferences.
b. The app offers personalized recommendations and insights based on individual
circumstances and goals. (Similar to Mint's budgeting tools, which saw a 40% increase in
budget creation [Source: Intuit blog])

Overall, the app combines elements of gamification, social networking, and education to make
financial management fun, engaging, and rewarding for users. By leveraging game mechanics
and community support, it aims to motivate users to adopt healthier financial habits and achieve
their long-term financial goals.

Existing financial management apps often lack personalized engagement and struggle to
motivate consistent action. This leads to low user retention and limited impact on financial goals.

Our proposed app addresses these shortcomings by:

● Personalized Gamification: Tailored challenges, goal-oriented quests, and social

competition based on user demographics and needs.
● Soft Fun Approach: Emphasis on intrinsic motivation through meaningful goals, progress
tracking, and social comparison, with optional extrinsic motivators like badges and
leaderboards.
● Habit Formation Features: Daily reminders, notifications, streak rewards, and
personalized insights encourage consistent engagement.

Expected Outcomes that we expect out this app are as follows:

● Increased user engagement and retention.

● Improved financial habits and savings goals achievement.
● Enhanced financial literacy and knowledge.

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 6. Frameworks

6.1. MDE Framework

Mechanics:
● Points System: Users earn points for various actions such as logging expenses, achieving
daily/monthly goals, or completing streaks.
● Badges/Achievements: Users unlock badges or achievements for reaching milestones,
such as saving a certain amount of money or maintaining a streak for a specific duration.
● Leaderboards: Users can see where they stand relative to others in terms of savings or
other metrics, fostering competition and motivation.
● Notifications: Users receive notifications at the beginning and end of the day
summarizing their expenses and savings, encouraging reflection and adjustment.
● Custom Goals: Users can set personalized savings goals for daily, monthly, yearly, or
custom-length periods, providing a sense of autonomy and direction.
Dynamics:
● Progression: Users experience a sense of progression as they earn points, unlock badges,
and climb the leaderboard, driving continued engagement.
● Competition: Leaderboards introduce a competitive dynamic, motivating users to
outperform others and maintain their position.
● Feedback Loop: Notifications and summaries provide feedback on users' financial habits,
prompting reflection and adjustment to improve behavior.
● Goal Setting: Setting and achieving goals provides users with a sense of accomplishment
and encourages ongoing participation.
● Social Interaction: Users may engage with each other through the app, sharing
achievements, and encouragement, fostering a sense of community.
Elements:
● Points
● Badges/Achievements
● Leaderboards
● Notifications
● Custom Goals
● Progression
● Competition
● Feedback Loop
● Goal Setting
● Social Interaction

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6.2. Octalysis Framework

Epic Meaning & Calling :

● The app provides users with a sense of purpose by promoting financial responsibility and
better money management.
● Users are motivated by the idea of achieving long-term financial goals and improving
their financial well-being.
Accomplishment :
● Achievement badges, streaks, and progress tracking give users a sense of
accomplishment as they reach milestones and improve their financial habits.
● Users feel motivated to continue using the app to earn more badges, maintain streaks, and
achieve their savings goals.
Empowerment :
● Custom-length goal setting empowers users to tailor their financial goals according to
their unique circumstances and aspirations.
● Feedback mechanisms such as end-of-day notifications and beginning-of-day summaries
provide users with insights into their spending habits, fostering self-awareness and
creativity in finding ways to save more.
Ownership:
● Leaderboards create a sense of ownership as users strive to outperform others and
improve their ranking.
● Daily goals and streaks give users a sense of control over their financial decisions and
encourage them to take ownership of their spending habits.

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Relatedness :
● Leaderboards allow users to compare their progress with friends or other app users,
fostering social influence and a sense of relatedness.
● Users may feel motivated to support each other in achieving their financial goals and
compete with friends to see who can save more.
Scarcity :
● Scratchcards, and coupons for the top performers would motivate users to take action to
achieve their financial goals more quickly and diligently.
● Users may feel compelled to seize opportunities to earn bonus points or discounts before
they expire.
Unpredictability :
● Introducing scratchcards, and coupons for the top performers keeps users engaged and
curious about what rewards they might receive next.
● This unpredictability adds an element of excitement to the experience and encourages
users to continue using the app to discover new rewards.
Loss & Avoidance:
● While the app primarily focuses on promoting positive financial behaviors, it may also
incorporate elements that highlight the consequences of poor money management or
missed savings opportunities.
● Users may be motivated to avoid losses of streaks by using the app to track their expenses
and make informed financial decisions.

6.3. Fogg-Behaviour Model

Motivation:
● The app taps into users' motivation to improve their financial health by promoting
reduced expenditure and increased savings.
● Motivation is fueled by the desire for financial stability, achieving personal goals, and
possibly gaining recognition through leaderboards and achievements.
Ability:
● The app makes it easy for users to track their expenses and savings through a
user-friendly interface.
● Ability is enhanced by features such as customizable goals, daily notifications, and
summarized reports, which simplify the process of managing finances.
Triggers:
● Triggers are provided through notifications, reminders, and progress updates, prompting
users to engage with the app regularly.

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Daily notifications about expenses/savings and beginning-of-day summaries act as triggers to
review and adjust spending habits.
By aligning with these elements of the Fogg Behavior Model, the app effectively motivates users
to take action towards reducing expenditure and increasing savings by providing clear triggers,
enhancing their ability to manage finances, and tapping into their intrinsic motivation for
financial improvement.

6.4. Target User Types

Given the gamification elements and objectives of the app, the Achiever type of user is likely to
be the most inclined to use and benefit from it. Achievers are motivated by setting goals,
achieving them, and receiving recognition for their accomplishments. Our app caters to these
motivations through various features:

➔ Points and Badges: Achievers will find the earning of points and badges for reaching
savings goals or reducing expenditures highly motivating. These elements act as tangible
evidence of their accomplishments and progress.
➔ Streaks: Maintaining streaks for consistent saving behavior or expense reduction will
appeal to Achievers' desire for consistency and mastery over time.
➔ Leaderboards: The competitive aspect of seeing how they stack up against others in terms
of savings or expense management will drive Achievers to engage more deeply with the
app, striving to improve their ranking.
➔ Daily, Monthly, and Yearly Goals: The setting of short-term and long-term financial goals
aligns perfectly with Achievers' goal-oriented nature. They are likely to be motivated by
the challenge of meeting or exceeding these targets.
➔ Custom-Length Goals: The ability to set personalized goals gives Achievers the
flexibility to create and meet their unique challenges, further enhancing their engagement
with the app.
➔ End-of-the-Day and Beginning-of-the-Day Notifications: Regular feedback on their
savings/expenses will help Achievers stay focused on their goals and make necessary
adjustments to their behavior.

Other User Types the App Would Appeal to:

● Player: Players are motivated by fun, gameplay, and the intrinsic enjoyment of the game
elements themselves. The inclusion of game-like features such as Money Signs, daily
notifications, and custom-length goals would appeal to Players who enjoy engaging with
the app as a form of entertainment while incidentally benefiting from its financial
management aspects.

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 ● Socializer: If your app includes features that allow for social interaction, such as sharing
achievements on social media, competing with friends or family on leaderboards, or even
community challenges, it would appeal to Socializers. They value the social connections
and recognition that come from engaging with others within the app's ecosystem.
● Free Spirit:Free Spirits are attracted to flexibility, creativity, and exploration. The
custom-length goals and the ability to set personal challenges or explore different saving
strategies cater to their desire for autonomy and self-expression within the app.

While the app does appeal to various user types due to its broad range of features, Achievers are
particularly well-served by the structure, goals, and rewards system the app offers. This user type
will likely be the most active and engaged, using the app's features to the fullest to satisfy their
intrinsic motivation for achievement and recognition.

6.5. Rewards Analysis

Intrinsic Rewards Extrinsic Rewards

● Sense of accomplishment and

progress: Daily Achievement Badge,
Savings Champion Badge, Meeting
goals/staying within budget
notifications, Money Signs, Progress
visualization for goals.
● Commitment and consistency: Daily
Login Streak, Maintaining streaks,
"Budget Boss" badge, "Debt
Destroyer" badge, "Savings Sensei"
badge, "Future Millionaire" badge.
● Pride and leadership: Group Leader
Achievement, Leaderboards, Social
sharing of achievements.
● Personal growth and learning:
Personalized financial insights,
Personalized tips for achieving goals.
● Badges and points: Daily
Achievement Badge, Daily Login
Streak, Points for positive behaviors,
Badges displayed in "Achievements"
section.
● Streak bonuses: Bonus points,
Cashbacks, Coupons for maintaining
streaks.
● Social recognition: Group Leader
Achievement, Leaderboards, Social
sharing of achievements.
● Community privileges: Benefits for
leadership role in the community.

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Fixed Action Rewards:

● Daily Achievement Badge: Users earn the Daily Achievement Badge for successfully
meeting their daily savings or expenditure reduction goals for a consecutive number of
days.This badge provides both intrinsic and extrinsic rewards. Intrinsic motivation comes
from the sense of accomplishment and progress achieved by maintaining consistent
financial discipline. Extrinsic motivation is derived from the external recognition and
validation offered by the badge, reinforcing positive behavior.
● Daily Login Streak:Users earn a Daily Login Streak reward for logging into the app
consecutively for a certain number of days.This reward incorporates both intrinsic and
extrinsic motivation. Intrinsic motivation stems from the sense of commitment and
consistency users feel when maintaining their login streak, fostering a habit of regular
engagement with the app. Extrinsic motivation is provided through the visual
representation of the streak, such as a progress tracker or streak counter, which serves as
a visible reminder of their dedication and progress.

Prize Pacing for Bigger Rewards:

● Savings Champion Badge:Users unlock the Savings Champion Badge after consistently
meeting their savings goals over an extended period, such as a month or over a few
months.This reward leverages both intrinsic and extrinsic motivation. Intrinsic motivation
stems from the internal satisfaction and pride associated with maintaining long-term
financial discipline. Extrinsic motivation is provided through the recognition and status
conferred by the prestigious badge, encouraging users to strive for continued success.

Social Rewards:

● Group Leader Achievement: Users who emerge as the leader among their friend groups
or family groups by demonstrating exemplary financial management skills, achieving the
highest savings, or consistently meeting financial goals within their community, earn the
Group Leader Achievement.This reward taps into both intrinsic and extrinsic motivation.
Intrinsic motivation arises from the sense of pride and accomplishment users experience
when recognized as a leader within their social circle, fostering a positive self-image and
enhancing their sense of competence in financial matters. Extrinsic motivation is derived
from the external validation and social recognition received from peers within the
community, reinforcing the user's status as a role model and encouraging continued
engagement and leadership in guiding others towards financial success.

Additionally, users may enjoy benefits such as exclusive community privileges or

rewards for their leadership role, further incentivizing their active participation and
contribution to the group's financial well-being.

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 7. References

https://www.wikizero.com/m/YNAB

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