Fire
Personal finance app for the FIRE movement
Achieving financial independence
Design concept by Meem, 2024
Managing personal finances is crucial for those pursuing the Financial Independence, Retire Early (FIRE) movement.
The FIRE app helps users monitor overall asset value, track their living expenses, and empower them to make informed financial decisions and stay on track toward financial independence.
The FIRE app helps users monitor overall asset value, track their living expenses, and empower them to make informed financial decisions and stay on track toward financial independence.
What is FIRE?
A financial planning philosophy
Encourages people to prioritize saving and investing a large portion of their income, often 50% or more to achieve financial independence.
Encourages people to prioritize saving and investing a large portion of their income, often 50% or more to achieve financial independence.
Why do people pursue FIRE?
Many people in the FIRE movement are motivated by financial security, allowing them to weather financial hardships or changes without relying on a job.
Many people in the FIRE movement are motivated by financial security, allowing them to weather financial hardships or changes without relying on a job.
Who are we targeting?
Mid-to-high income earners in their mid-20s to 40s with college degrees who are self-taught in finance.
- Tribe: Identifies as part of the FIRE movement.
- Lifestyle: Minimalist & frugal, values experiences over material possessions and likes to save aggressively.
- Goal: Aiming to achieve financial independence (Fi) earlier than the traditional retirement age range of 65 to 70.
User Pain Points
😐 Hard to do a solid FIRE plan
Calculating an accurate FIRE number is challenging due to fluctuating annual living expense & income levels.
Calculating an accurate FIRE number is challenging due to fluctuating annual living expense & income levels.
📑 Painful to track progress
Using Excel sheets to manually track their savings progress & living expenses is a painful & time-consuming process.
Using Excel sheets to manually track their savings progress & living expenses is a painful & time-consuming process.
🔍 No consolidated view of assets
Their assets are spread across various platforms with separate logins, causing users to lose sight of their overall progress.
Their assets are spread across various platforms with separate logins, causing users to lose sight of their overall progress.
🥺 FIRE can be a long, difficult & lonely journey
Reaching financial independence via the FIRE method typically takes between 10-20 years. It is easy to go off-track.
Reaching financial independence via the FIRE method typically takes between 10-20 years. It is easy to go off-track.
How might we..
01.
Accurately plan users' financial independence plan?
02.
Make it easier for users to stay on top of their financial independence journey?
Success criteria
For new customers
Sign-up completion rate: Above 60%
Activation rate: Above 30%
Sign-up completion rate: Above 60%
Activation rate: Above 30%
For returning customers
7-day retention rate: Above 50%
30-day retention rate: Above 30%
7-day retention rate: Above 50%
30-day retention rate: Above 30%
Information architecture
Pre-Login
Post-Login
Visual Design & Branding
Light, Airy & Energetic
3 keywords to describe the vibe we are going for.
As the app may display dense financial information, the UI needs to feel light and as minimal as possible to reduce the perception of complexity & anxiety while remaining energetic.
As the app may display dense financial information, the UI needs to feel light and as minimal as possible to reduce the perception of complexity & anxiety while remaining energetic.
Voice & Tone
01.
Conversational
Use everyday language. Avoid formalities.
Make financial concepts relatable.
Use everyday language. Avoid formalities.
Make financial concepts relatable.
02.
Clear
Allow users to grasp important details quickly.
Be precise & to the point.
Allow users to grasp important details quickly.
Be precise & to the point.
03.
Encouraging
Offer positive reinforcement. Celebrate small wins. Provide gentle nudges.
Offer positive reinforcement. Celebrate small wins. Provide gentle nudges.
Typography
Color scheme
FIRE App icon
A symbol of fire in a simplified format to identify with the FIRE movement.
A symbol of fire in a simplified format to identify with the FIRE movement.
Setting up a FIRE plan
What is a FIRE number?
The FIRE number represents the amount an individual needs in investments and savings to achieve financial independence.
According to the 4% rule, one can sustainably withdraw 4% of this total annually to cover living expenses.
FIRE number formula
Annual living expenses x 25
Eg. $40,000 x 25 = $1,000,000
According to the 4% rule, one can sustainably withdraw 4% of this total annually to cover living expenses.
FIRE number formula
Annual living expenses x 25
Eg. $40,000 x 25 = $1,000,000
For new users
For returning users
Portfolio overview
Onboarding
→ Minimizing requirements to set up→ Onboarding video explaining FIRE
Home
→ Monitor FIRE plan progress→ Overview of cash balance, portfolio assets & recent expenses
Monitor asset value
→ Snapshot of overall asset value, asset type ratio & performance→ Celebrate milestones & highlight key changes
Track expenses
→ Overview by month and category for greater visibility→ Highlight savings achievements & key changes
Community
Stay connected with others who are on a similar journey while staying on top of your own plan.
Disclaimer: The ideas presented in this case study are part of a design concept and should not be construed as financial advice.
Credits: Onboarding illustrations by Treetop. Open source icons via IconDuck. Midjourney used for parts of cover image.
Credits: Onboarding illustrations by Treetop. Open source icons via IconDuck. Midjourney used for parts of cover image.