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Family Finance

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Franchesca Lomandas

on 14 May 2015

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Transcript of Family Finance

Family Finance
How different forms of expenditure impact the way we budget our family finance?

Target Demographics:

Franchesca Lomandas , Anna McCoombe, Kimchheng Song
Managing Different Forms of Expenditures:
Cash & Credit Card
Focus Question:
- Card Users
- Cash Users
- Impacts of payment methods have on behavior when purchasing products.

- Differences in perceptions and understanding of individuals at keeping track of their finance.

-Where and how do individuals purchase products.
Our goal is to find out ...

Online Survey
Object Based: Journal/Diary
Online Survey

The survey questions addressed the topics, such as:

method of payment people used to purchase items or services,

approach they use to maintain their budgets,
Online Survey
Automated and real time access
Responses rate is almost instant
data is presented in graphs or spreadsheet,
Didn't’t get a chance to observe their reaction when purchasing the products. Thus, it limits our opportunity to diagnose the problem they may encountered

the common problem they have encountered.

use of technologies to assist when budgeting finance,

method of payment people used to purchase items or service
Consists of 18 questions.
Create a mood board (of how budgeting their money is for them)

Participants to complete the simple task and list down their expense each week

Efficient use of time

Did not get a chance to observe their reaction when purchasing the products. Thus, it limits the our opportunity to diagnose the problem they may encountered.
The quality of the result depends on the participants since the diary is bound to the excessive ability of the writer. Sometimes, it can be very tiresome for some of the participants
interview method is composed of ten specific questions
interview with five people with different statuses

a query about their frequent method of payment

the advantages and disadvantages of using card and cash in spending
gain and gather specific details or information about people intuitive understanding, insights and opinions.

deepens our understanding to able to explain its statistical data.
get different opinions and perspective such that it could be immensely time consuming to set-up, interview and analyse

limitations on asking out-of-line questions.
Online Survey: Result
Interview : Result
One of the main reasons

the convenience of its usage nowadays. Since technologies are developed to make people’s lives easier and are constantly upgrading as time goes by, the usage of credit cards makes it more appropriate for individuals to have access on when it comes to securing, spending, budgeting and saving money.

Advantages of using CASH:

“Uhm...one of the advantages is that you are aware of how much your expenses are. I think cash is more convenient when you’re in a hurry and you don’t want to input your credit card password and stuff and...you just want to buy something, pay and go.”
Advantage of using CARD:
“I think that card is better for most purchases because you don’t need to check how much money is in your purse whenever you want to buy something. Instead of having to go to an ATM or a bank to get money out all you need to do is check your card balance on your phone and maybe transfer money between accounts which takes less than a minute.”

Disadvantages of using CARD:
“Online shopping. Now that I have a card I can shop online and normally I end up buying stuff that I don’t actually need just because I want them and they are easy to get. This means that I end up going over my budget for the month because I spend so much when online shopping.
“It's of course easy to access and it's quite safe.”
"… I heard that some people’s account got hacked and they were not even aware of that. Banks should really guarantee their customers’ bank account’s security.”

“Since card is not usually used before, we ,elder people, are used in using cash and it somehow helps people to budget because of the limit.”

Disadvantages of using CASH:

“It’s inconvenient to use cash especially on large expenses like bills, tuition fees and stuff for the tendency of losing it, right? You could also spend it and buy stuff that's not even important than buying what actually need especially when you lack on having a good spending habit.”
“For elder people, we can't handle or secure our money as much as before. Sometimes, I lose it and I often forget where I put it or misplace it.”
The majority of people that use a credit card for most purchases, even smaller purchases, have finished university and therefore have a full time or job or are have a family.

Paying with card can lead to more impulse shopping both online and in store.

Cash on the other hand is mainly used by young people even if the amount exceeds $100. However, that does not mean that adults don’t use cash for smaller purchases or as their main method of purchase but the majority of adults that completed journals only used cash for very small purchases on occasion and not as their primary method of payment.

In general, cash tends to have a smaller impact on the budget as any impulse buying that may be done is on smaller items as most people don’t carry a lot of cash on them which means that in order to purchase a more expensive item they would
Preliminary Result
Any Question ?
Further Studies
Further contextual inquiry of the psychological of purchasing product with different expenditures and design of a new design that could enhance and better support people spending experience.
Dr. Harrison’s research, “ paying in cash elicited greater psychological pain than other modes of payment. In other words, handing over cash to a shop assistant couples a loss of available money with a purchase. By paying with a credit card, consumers created a buffer zone between the purchase of the product and the loss of their money.
Radio National,. (2014). The psychology of making purchases with cash and credit. Retrieved 7 September 2014, from http://www.abc.net.au/radionational/programs/talkingshop/the-psychology-of-making-purchases-with-cash-and-credit/5595972
Interview Transcript
Full transcript