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Problem Statement
Hostlers (students living in hostels) often struggle with overspending their pocket money. Since there are no immediate restrictions or monitoring, small daily expenses can add up quickly, leaving them short on money before the month ends.
Solution
A Pocket Money Management App designed specifically for hostlers.
The app sets a daily spending limit from the total monthly pocket money.
Students can make purchases only within that daily limit using the app.
For higher or emergency payments, they can switch to other payment apps like PhonePe, but regular daily spending is managed here.
Key Features
1. Daily Spending Limit
The app automatically divides the monthly pocket money into daily portions.
Prevents spending more than the set daily allowance.
2. Digital Wallet for Hostlers
Works as a prepaid balance wallet for day-to-day needs.
Any unused balance is carried forward to the next day.
3. Spending Insights
Graphs and reports showing weekly/monthly expenses.
Notifications when nearing the daily limit.
4. Emergency Flexibility
If an urgent need arises, the user can switch to PhonePe or other payment apps for higher transactions.
5. Parental/Guardian View
Parents can check spending patterns to ensure financial discipline.
Benefits
Helps students spend wisely and avoid running out of money early.
Encourages financial discipline and budgeting habits.
Reduces financial stress and improves money management skills.
Students might bypass the app by spending directly through PhonePe, GPay, or cash instead of sticking to the limit.
Possible Solutions
1. UPI Integration / Default Wallet
The app itself could act as a UPI-linked wallet.
Students load their pocket money into the app, and most of their daily transactions are made from here.
If they want to use PhonePe/GPay, they first have to top up from this app → making the daily limit unavoidable.
2. Gamification & Rewards
Encourage students to stay within limits by giving badges, rewards, or cashback coupons for saving.
Makes sticking to the app feel like a challenge rather than a restriction.
3. Parental/Guardian Control
Parents can choose to release pocket money into the app directly, instead of giving it in bulk.
This way, students naturally depend on the app for daily spending.
4. Emergency Flexibility
Allow an “unlock extra” option (with parental approval or with a small penalty from next day’s limit).
Prevents frustration but still keeps discipline.
Comments
Negative remark :- The main challenge is getting users to commit to the app. Students can easily bypass the system by using other payment methods, making the daily limit more of a suggestion than a rule. This undermines the core value proposition.