Israeli finance tech company launches ‘August Challenge’ with AI money-saving tool

RiseUp is seeking to help users get the most out of their summer without breaking the bank

RiseUp, an Israeli finance tech company is set to launch its “August Challenge” to help families plan their summer activities without putting a strain on their budget, according to a recent release from the company.

The challenge is a community project that will offer users a variety of concept days consisting of family-oriented activities that will only cost up to just NIS 30.

The company describes the activities as ideal for exhausted parents.

Furthermore, individual families will be able to generate personalized activities according to their own specific interests and budgets using a ChatGPT-based tool developed by RiseUp. 

Using generative AI along with the input of the RiseUp community, the finance tech company expects great outcomes from the August Challenge.

Among the concept days provided by Riseup are themed activity days such as "Unicorn Day", "Japan Day", "Aviation Day", "YouTube Day", and "Superhero Day," among others.

Making family time easier on families

Part of the idea is to help facilitate fun family activities and take a load off of parents who may otherwise be challenged with trying to budget family time while also balancing their already busy schedules.

"August has always been a challenging month for the parents among us, and this year - with the rising prices - it has become more challenging than ever. Every parent wants to fill their children's summer with experiences, but it's hard not to get stressed by the consequences of the vacation on the bank account,” said RiseUp founder and CEO, Yuval Smet. “The accumulated expenses, the lack of frameworks, and the difficulty in finding quality employment for children - all of these create mental pressure that makes it impossible to be good with money. To enable all families in Israel to spend the summer well, we combined the technological power of artificial intelligence with the wisdom of the masses of the RiseUp community, and created the ‘August Challenge.’”

The company decided to launch the challenge after observing a rise in the cost of living. The release notes that as of June, inflation had reached 4.2% while interest rates were also rising.

RiseUp felt that they could do something to help families beat these increasing financial hurdles.

The August challenge will take place over the coming next three weeks and will be open to the general public for free. Individuals who wish to join You can join can do so through RiseUp’s Instagram page or website.