Should I Build It Should I Build It
07 May 2025
Money

Website sets goals to earn money in a period of time and statistics on ...

...the amount of money from income sources

Confidence
Engagement
Net use signal
Net buy signal

Idea type: Freemium

People love using similar products but resist paying. You’ll need to either find who will pay or create additional value that’s worth paying for.

Should You Build It?

Build but think about differentiation and monetization.

Your are here

Your idea of a website that helps users set financial goals, track income, and monitor progress falls into the 'Freemium' category. This means users are generally interested in tools like yours, but convincing them to pay can be a challenge. The fact that we found 8 similar products indicates a strong market, but also significant competition. With high engagement around similar products (average of 14 comments), there's definitely an audience interested in what you're building. However, keep in mind the essence of the 'Freemium' category, you'll have to find a way to differentiate your product and offer compelling premium features to drive monetization. Overall, you're in a good spot, but strategic thinking around value and pricing will be crucial.

Recommendations

  1. Start by deeply understanding your ideal user's needs. Since similar products often struggle with monetization, identify specific pain points related to goal setting, income tracking, and financial statistics that free tools don't adequately address. This will inform your premium feature development.
  2. Carefully design your freemium model. Analyze what features should be free to attract users and which to reserve for paid subscriptions. Given the criticism around similar products with users feeling the feature set is incomplete, ensure the core free experience is valuable enough to keep users engaged but leaves them wanting more. For example, allow a limited number of income sources in the free version, unlocking unlimited tracking in premium.
  3. Explore team-based pricing. If your website can benefit families, small businesses, or other groups, consider offering subscription tiers that cater to their collaborative needs. This can provide a higher willingness to pay compared to individual users. For instance, a team dashboard with shared goal tracking and aggregated statistics could be a compelling premium feature.
  4. Personalized financial insights and coaching could be a valuable premium offering. Given that users seek financial advice and guidance, consider offering tailored reports, consultations, or educational resources to paying subscribers. This could address the incompleteness feeling with the base templates, especially since users are requesting improvements like insightful visualizations.
  5. Test different pricing strategies early on. Use A/B testing or cohort analysis to experiment with various subscription models, feature bundles, and price points. Pay close attention to conversion rates and customer retention to optimize your monetization strategy. This will help you avoid negative user comments later.
  6. Based on discussions around similar products focused on motivation and financial tracking, consider incorporating elements of behavioral economics and gamification to enhance user engagement. For instance, introduce streaks, badges, or virtual rewards for achieving financial milestones. The key is to make the experience enjoyable and motivating, thus increasing the perceived value of the platform. This also helps address the concerns about users not increasing motivation.
  7. Address potential concerns around data privacy and security. Given the sensitive nature of financial information, implement robust security measures and communicate them transparently to users. This will build trust and alleviate any hesitations about using your website. It may be a good idea to get some kind of certification in this area.

Questions

  1. What specific niche within the broader financial goal-setting market will you target initially (e.g., students, freelancers, small business owners), and how will this influence your feature prioritization and marketing efforts?
  2. How will you differentiate your website from existing solutions, not only in terms of features but also in terms of user experience, design, and brand positioning, to overcome the inherent resistance to paying for freemium products?
  3. Given that many users are looking for advice, how will you offer financial education through content marketing to build trust and increase long-term user engagement?

Your are here

Your idea of a website that helps users set financial goals, track income, and monitor progress falls into the 'Freemium' category. This means users are generally interested in tools like yours, but convincing them to pay can be a challenge. The fact that we found 8 similar products indicates a strong market, but also significant competition. With high engagement around similar products (average of 14 comments), there's definitely an audience interested in what you're building. However, keep in mind the essence of the 'Freemium' category, you'll have to find a way to differentiate your product and offer compelling premium features to drive monetization. Overall, you're in a good spot, but strategic thinking around value and pricing will be crucial.

Recommendations

  1. Start by deeply understanding your ideal user's needs. Since similar products often struggle with monetization, identify specific pain points related to goal setting, income tracking, and financial statistics that free tools don't adequately address. This will inform your premium feature development.
  2. Carefully design your freemium model. Analyze what features should be free to attract users and which to reserve for paid subscriptions. Given the criticism around similar products with users feeling the feature set is incomplete, ensure the core free experience is valuable enough to keep users engaged but leaves them wanting more. For example, allow a limited number of income sources in the free version, unlocking unlimited tracking in premium.
  3. Explore team-based pricing. If your website can benefit families, small businesses, or other groups, consider offering subscription tiers that cater to their collaborative needs. This can provide a higher willingness to pay compared to individual users. For instance, a team dashboard with shared goal tracking and aggregated statistics could be a compelling premium feature.
  4. Personalized financial insights and coaching could be a valuable premium offering. Given that users seek financial advice and guidance, consider offering tailored reports, consultations, or educational resources to paying subscribers. This could address the incompleteness feeling with the base templates, especially since users are requesting improvements like insightful visualizations.
  5. Test different pricing strategies early on. Use A/B testing or cohort analysis to experiment with various subscription models, feature bundles, and price points. Pay close attention to conversion rates and customer retention to optimize your monetization strategy. This will help you avoid negative user comments later.
  6. Based on discussions around similar products focused on motivation and financial tracking, consider incorporating elements of behavioral economics and gamification to enhance user engagement. For instance, introduce streaks, badges, or virtual rewards for achieving financial milestones. The key is to make the experience enjoyable and motivating, thus increasing the perceived value of the platform. This also helps address the concerns about users not increasing motivation.
  7. Address potential concerns around data privacy and security. Given the sensitive nature of financial information, implement robust security measures and communicate them transparently to users. This will build trust and alleviate any hesitations about using your website. It may be a good idea to get some kind of certification in this area.

Questions

  1. What specific niche within the broader financial goal-setting market will you target initially (e.g., students, freelancers, small business owners), and how will this influence your feature prioritization and marketing efforts?
  2. How will you differentiate your website from existing solutions, not only in terms of features but also in terms of user experience, design, and brand positioning, to overcome the inherent resistance to paying for freemium products?
  3. Given that many users are looking for advice, how will you offer financial education through content marketing to build trust and increase long-term user engagement?

  • Confidence: High
    • Number of similar products: 8
  • Engagement: High
    • Average number of comments: 14
  • Net use signal: 6.5%
    • Positive use signal: 11.4%
    • Negative use signal: 5.0%
  • Net buy signal: -1.5%
    • Positive buy signal: 3.4%
    • Negative buy signal: 5.0%

This chart summarizes all the similar products we found for your idea in a single plot.

The x-axis represents the overall feedback each product received. This is calculated from the net use and buy signals that were expressed in the comments. The maximum is +1, which means all comments (across all similar products) were positive, expressed a willingness to use & buy said product. The minimum is -1 and it means the exact opposite.

The y-axis captures the strength of the signal, i.e. how many people commented and how does this rank against other products in this category. The maximum is +1, which means these products were the most liked, upvoted and talked about launches recently. The minimum is 0, meaning zero engagement or feedback was received.

The sizes of the product dots are determined by the relevance to your idea, where 10 is the maximum.

Your idea is the big blueish dot, which should lie somewhere in the polygon defined by these products. It can be off-center because we use custom weighting to summarize these metrics.

Similar products

Relevance

An app that takes your money if you don't reach your goals

19 Apr 2024 Android

My wife and I just launched this app because we had so much fun with a fitness challenge we did we some friends recently where everyone put in $100 and defined their goals, then only the people who met their goals split the pot. It made us realize there's really no better motivator than money.It's better on mobile screens right now as we just designed for mobile screens for now. And we did manage to put it up on both app stores - it's low in the ranks but you should be able to search it by "Goalie challenges".We built it using the leanest tech stack - Ruby on Rails, server-side HTML (no JS), tailwindcss, then packaging it for iOS and Android using pwabuilder!

Users discussed the motivation effects of external rewards and losses, with many expressing skepticism about their effectiveness, especially for those with ADD/ADHD. The idea of using money as a motivator received mixed reactions, with some questioning the ethical implications and others interested in the concept. Concerns were raised about the potential for negative consequences, such as funding undesirable organizations or the system being exploited. The group dynamic and size, as well as the handling of unachieved goals, were also points of discussion. A few users sought advice on goal achievement and expressed interest in the open-source aspect of the project.

Users criticized the product for potentially not increasing motivation, wasting money, and lacking controls, leading to fake victories. Concerns were raised about the effectiveness of extrinsic motivators, small group sizes, system exploitation, and funding harmful groups. The use of punishment, unethical fees, and unclear money allocation were also mentioned. There were doubts about the handling of injuries and the verification process. Some saw it as a solution in search of a problem, with previous similar attempts failing. The product was also criticized for its approach to life goals and challenge accessibility.

Avatar
50
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32
50
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3.1%
Relevance

Money Sensei - Notion template for finance tracking

12 Aug 2023 Data & Analytics Personal Finance Notion

Earn your black belt in Finance Tracking. Track your incomes & expenses, set monthly budgets & financial goals, track your subscriptions, see the balance for each account and so much more... Less uncertainty & chaos, more clarity & progress.

The Product Hunt launch received overwhelmingly positive feedback, with many users congratulating Matthew on the launch of the finance template. Users repeatedly praised the template's design, organization, and usefulness for tracking and managing personal finances. Several comments specifically highlighted the template's depth, clarity, automation, user-friendliness, and beneficial features. Some users expressed interest in future improvements, suggesting insights, visualization, integrations, categorization, and a forum. Overall, the template is seen as a valuable, helpful, and even game-changing resource for getting finances in order.

The primary criticism suggests the product's current feature set feels incomplete based on user suggestions. There's an implication that the product could be more comprehensive to fully address user needs.

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37
166
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Relevance

How Much to Make - A calculator to help you hit your financial goals

27 Nov 2023 Finance Money Marketing

This is a free calculator to figure out how to hit your financial goals by selling a product or service. You input the values like how much you want to make, your timeline in months, and the price of your offering. Then it shows you how to get there.

The Product Hunt launch received overwhelmingly positive feedback, with users congratulating the makers and praising the tool's simplicity, ease of use, and usefulness for calculating financial goals and understanding income needs. Several users suggested improvements, including adding custom numbers, recurring subscriptions, operational costs, budget/expense tracking, and a share button. One user humorously highlighted the calculator's ability to reveal unrealistic billionaire dreams. The app is considered helpful for solo projects and those starting their careers with financial goals. A companion app idea, 'Wire me the difference', was also proposed.

Users suggest adding features for more precise estimations and renaming the calculator to 'reality check calculator'. Conversion rate estimations need adjustment as brands tend to underestimate actual conversions. The share button implementation is not intuitive, and users request the ability to share screenshots.

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193
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28
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Relevance

Site that lets you pay me if you don't walk your talk

19 Jul 2023 Productivity

I built a web app that lets you share your goals publicly, together with a pledged amount. If you achieve your goal, great! Else, you pay the pledged amount as a fine to me. Sounds goofy, but I hope it provides the extra reason for you to keep going when the going gets tough!

Users have mixed reactions to the product. Some criticize it but still sign up, while others find the idea funny but are concerned about potential fines. There are suggestions to allocate funds to goal-related activities for motivation. Criticisms include unintended payments to motorsports or logging. One user dismisses the concept as foolish.

Users criticized the product for being ineffective and potentially leading to fines. They also expressed concerns about funds not being allocated to goal-related activities and unintended payments being made to motorsports or logging.

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