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StudySoup Releases Harmoney Tool

Personal finance assistant helps college students automatically manage weekly budgets and daily spend

SAN FRANCISCO - May 16, 2017 - EntSun -- StudySoup, a company that offers a suite of online services to help students find success in college, has released a beta version of a new online personal finance tool. Harmoney is a budget assistant that helps college students better track their weekly budgets and daily spending habits.

After signing up for Harmoney, students begin receiving SMS messages prompting them to enter in their weekly budget as well as how much they've spent each day. The tool uses machine learning technologiesto learn about the user's spending behaviors and over time offer smarter suggestions on the best way to save based on the user's habits.

The product is currently in beta and today simply works by collecting information directly from the user, sending daily updates on how much money they have left to spend that week.

"As new data points are added by our students, we will be able to match their behavior to other students with similar spending habits and suggest ways they can cut back to achieve their savings goals," Katy Tripses, Head of Growth at StudySoup explained.

College students face several challenging financial decisions while in school, and many are ill-equipped to do so. A 2015 survey from EverFi and HigherOne found that only 39% of four-year college students use budgets. This is mostly attributed to the fact that they are largely financially illiterate. In fact, the Financial Industry Regulatory Authority Foundation found only 18% of Millennials are able to answer basic personal finance questions. Additionally, a majority of college students find building and regularly keeping track of a budget to be overly complicated and too time consuming.

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Harmoney is the perfect solution to help college students become better managers of their budgets. It allows them to have a closer look at their day-to-day purchases and how those purchases affect their larger financial goals. The tool uses helpful SMS reminders and machine learning technologies to eliminate the work and large time commitment budgeting normally takes to meet students where they are spending an increasingly large amount of time, on their phones.

"We asked more than 5,000 students and a group of career service specialists what they felt college students could use more guidance in. Across the board, the number one request was help with personal budgeting," said Sieva Kozinsky, CEO of StudySoup, "Unfortunately, colleges aren't doing a great job of teaching their students real-world, basic skills surrounding personal finance they will need for the rest of their lives. This is where the Harmoney comes in. It's designed to personalize itself to each student's experience and financial needs. Our technology captures their spending habits and adapts over time to make students smarter savers".

Getting started with Harmoney is easy. Students can sign up for the tool by visiting https://studysoup.com/blog/harmoney. Once they've entered in their information, Harmoney will immediately send them a message asking for their first week's budget. From there, the student will get a daily check-in from the tool asking them how much they spent that day. Over time, Harmoney will track the student's spending habits, constantly measuring them against financial goals. Students will receive https://studysoup.com/blog/harmoney alerts when they are spending too quickly or when they are close to going over the budget they've set for themselves.

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Harmoney is the perfect solution for college students who need to keep track of their budgets but simply don't have the time to do so. To sign up, visit https://studysoup.com/blog/harmoney.

About StudySoup
StudySoup is a Peer-to-Peer Learning Marketplace that connects top students in the class with those who need a little help. Top students can upload their notes, and study guides to the StudySoup Marketplace, and their peers can purchase those study materials, earning the seller a sweet income.

Jeff and Sieva started StudySoup when they were students in college at UC Santa Barbara. They could feel the financial pressures on the students around them, as well as the limited resources that the school was able to provide to help them succeed in the classroom. The most evident solution they saw was to help students make money, while helping their peers succeed in the classroom.

Today, thousands of students across dozens of schools participate in the StudySoup Peer-to-Peer Marketplace, with top sellers generating over $1,000 in sales. If you're interested in being an Elite Notetaker, or just learning more about StudySoup, you can visit the website at studysoup.com here: https://www.studysoup.com.

Katy Tripses

Source: StudySoup
Tags: Education

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