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Interview guide

Do Millennials realize how much they're spending on subscriptions each month?

How do Millenials monitor or track their spendings? 

What are the problems Millennials have with their subscriptions? 

 

Introduction

  • Described purpose: To developed an app that can help manage and organize your subscriptions. Moreover, it will track your subscriptions spending and help you save. 

  • Demographic information: age, gender, location and career. 

  • Asked warm-up questions:  What brings them joy? 

Interview questions

Background on current subscriptions 

  • What are the types of subscriptions you subscribe to? How many are there? 

  • What are the 3 benefits of your subscriptions?

  • Can you give me an estimate on how much you spend on subscriptions monthly? 

  • Are you actively using all of them? 

  • How do you keep track of all your subscriptions? 

  • What is your process of canceling unwanted subscriptions? 

  • How do you keep track of the trial phase for certain subscriptions? Or do you keep track at all?

 

How people keep track of money in general 

  • What are your financial goals or something you're trying to save for? 

  • What apps do you use to keep track of your finances? What is a feature that you enjoy? 

  • If not, how do you monitor your spending activity? 

 

Subscriptions affecting spending activity?

  • When did you start to notice that your spending on subscriptions affects your finances? 

 

 

Interview notes

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Nam Tran, 23

Technology Management

Philadelphia 

Tech: 10/10

  • No. of subscriptions: 9/ These are streaming services and game.

  • $60/ month on subscriptions services

  • Use some subscriptions actively

  • Subscriptions take a big part in his monthly spendings

  • Financial goal: is to be able to afford luxury products every month. 

  • Enjoys the feature that tells you how much you're losing money

  • "Comfort, Convenience, Priority"

 

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Hoang Le, 21

Business Student

Colorado

Tech: 8/10

  • No. of subscriptions: 4/ These are streaming services.

  • $25/ month on subscriptions services

  • Use all subscriptions actively

  • Financial goal: be able to buy electronics and pay rent 

  • Enjoys the feature that helps you track your spending and reminder of your spendings

  • "Convenience, Accessible, Entertainment"  

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Jeanie Vu, 21

Business Student

Boston

Tech: 5/10

  • No of subscriptions: 2/ These are storage and music streaming services.

  • $10/ month on subscriptions 

  • Use all subscriptions actively

  • Subscriptions don't affect monthly spending, spending is mostly on groceries. 

  • Financial goal: To be able to enjoy good food and groceries

  • Doesn't use any app to keep track of her financial spending 

  • Regularly checks bank account through bank app 

  • Cancel subscriptions on the same day started 

  • "Accessible, Convenience, Updated.

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Danny Pham, 21

Finance Student

Boston

Tech: 7/10

  • No. of subscriptions: 5/ These are mainly streaming services and gym services. 

  • $60/ month on subscriptions 

  • Use all subscriptions actively

  • Subscriptions play an important role in monthly spending

  • Financial goal:  Save up to invest in the stock market

  •  Enjoys features that can notify the user through text

  • Use bank apps to track for spending activities. 

  • "Health, Convenience, Entertainment" 

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Vu Nguyen, 25

Architect

San Francisco

Tech: 7/10

  • No. of subscriptions: 3/ These subscriptions are streaming services, shopping, and health subscriptions. 

  • $87/ month on subscriptions 

  • Financial Goal: For travel and investments 

  • Use most of the subscriptions actively 

  • Subscriptions don't affect monthly spending

  • Monitor spending through bank app and enjoys how bank app often updates info

  • "Flexible, Convenience, Fast."  

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Nhat Nguyen, 21

Graphic Design Student

Miami

Tech: 7/10

  • No. of subscriptions: 2/ Storage and streaming services.

  • $20/ month on subscriptions 

  • Financial Goal: Save to spend during the summer 

  • Actively using all subscriptions 

  • Subscriptions don't affect monthly spending 

  • Track spending through mint and bank app 

  • Enjoys "recent transactions" feature 

  • Don't think it's affecting his finance because "it's a small amount" 

  • "Storage, Convenience, Explore." 

Jeanie Vu, 21

Business Student

Danny Pham, 21

Finance Student

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Victor Venegas, 24

Audio Engineer

San Francisco

Tech: 10/10

  • No. of subscriptions: 4/ These subscriptions are streaming services, shopping, and health subscriptions. 

  • $30/ month on subscriptions 

  • Financial Goal: For purchasing furniture and home decorations

  • Don't use most of the subscriptions actively 

  • Subscriptions affect monthly spending

  • Uses mint to create specific financial goals and monitor spending 

  • Enjoys features that correlate bills toward specific 

  • If there's no reminder he would not remember to cancel trial phases from the app 

  • "Entertaining, Leisure, Convenience."  

Personas

Techy Tyler

persona.jpeg

Demographic

  • Age: 25

  • Gender: Male

  • Education: Bachelor's

  • Location: Los Angeles

  • Occupation: Med Technician

  • Relationship: Single

Tech 

  • Tech saviness : 9/10

  • Social Media: 7.5/10

  • Internet: 8/10

  • Messaging: 9/10

  • Online Shopping: 5/10

Goals

  • Save money for investments.

  • Living in San Francisco or Los Angeles.

  • ​

Frustrations

  • Too busy so doesn't monitor spending. 

  • Losing money monthly without knowing cause.

  • Having trouble organizing recurring payments.

Income

  • $38k - $42k 

Interest

  • Video Games

  • Computer Games

Ambitious Anna

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Demographic

  • Age: 35

  • Gender: Female

  • Education: Bachelor's

  • Location: San Francisco

  • Occupation: Technology management

  • Relationship: Engaged

Tech

  • Tech saviness : 7/10

  • Social Media: 5/10

  • Internet: 8/10

  • Messaging: 7/10

  • Online Shopping: 8/10

Goals

  • Saving money to purchase an apartment

  • Saving money for small wedding

  • Travel to Asia 

Frustrations

  • Can't keep track of multiple subscriptions.

  • Subscribe to multiple subscriptions for deals.

  • Value convenience over price over spending sometimes on coffee at cafes.

Income

  • $50k-$58k

Interest

  • Traveling

  • Regularly practice yoga

Research Insight

  1. People often can’t keep track of how many subscriptions they have and how much they have to pay for it each month. 

  2. Active subscriptions user is male and they tend to use their bank app to track their finances rather than another app. 

  3. With a lot of subscriptions, the task of canceling is normally through the app desired to cancel.

  4. The majority of people uses subscriptions for convenience. 

Affinity Map

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