Hey Frichies! We have a present for you! Have you ever wondered what people are paying for rent or how they afforded to travel through Europe all summer? We have the answers for you…introducing Frich Benchmarking! The new benchmarking feature allows you to create an anonymous profile to compare your expenses to peers in your demographic. Your spending will be compared with those from your university. We are giving you answers to the awkward questions that you may feel uncomfortable asking your friends. So, how does this work?!
Create your profile:
You can enter the benchmarking feature through the money secrets tab on the home page or by answering the question of the week at the bottom of the screen. Input your grade level, gender, and area of study, then you are ready to start uncovering financial secrets. Select the school you want to be compared to. We are working to expand our list of universities to provide everyone with the information they desire. After you create your profile, click on the money secrets tab to reveal the details included with benchmarking.
Question of the week:
Every week, we will ask an awkward money related question while you get to sit back, relax, and observe the data. The question will appear as a swipe-up tab on the bottom of the home screen. Once you select one of the four options, we will show you how your peers answered the question. Then, we will illustrate this data graphically to make it super easy for you to interrupt and apply to your life.
Frich Categories:
Wait – it gets even better. Frich compares your spending to your peers through the spending categories you typically interact with on the app. Graphically, we display your benchmarking group’s previous month and trend in spending compared to your spending. We will tell you the percent above or below your spending is. Then, we will illustrate this data in a pie chart, so you can see how your expenses compare to the highest, lowest, and average of the spending category. Categories include take-out, coffee, transportation, dining out, online shopping, groceries, and entertainment.
Frich benchmarking is breaking the barrier associated with the silence around money conversations. You will have all the information you need to perfect your spending habits. We just need you to give us 1% effort by answering the weekly questions and completing the profile, so we can give you 100% satisfaction. The next time you scroll through Instagram and see someone at Nobu again, you will feel confident and proud of your habits as you now know most of your peers are in your boat. Happy Benchmarking!