The Savings Allocator Idea.
“Every money management article will tell you to put money aside for things you need and want, but there’s no real easy way to do that, short of opening additional savings accounts, IRAs, etc. ”
BACKGROUND: Sometime into my stint at Capital One, I realized there was a way to send your ideas to the Patent Powers that Be at Captial One. if they like your idea, they give you money and patent cred. When I told my seatmates about my idea, they encouraged me to pitch it (and helped me to mock it up).
SPOILER: I never heard back, which I think was/is a big mistake on their part (especially as a company that prides themselves on innovations and experiences that make money management easier for their customers). Since then, I have seen Chase implement this idea, as well as Monzo.
IDEA: For several years, I have been frustrated that regular savings accounts didn’t have simple folders that allowed you to tuck money away for certain things. Anyone who has ever freelanced with 1099s know the pains of keeping money aside for taxes. Whenever I look at my savings, I always have to do quick math to see that I actually have much less money than it says I do (approx 1/3 less).
MOCKUP: This is the simple mockup we made to get our idea across to the patent team. It shows how much money you have total in your savings account, how much unallocated funds you have, and how close you are to acheiving each savings goal. So incredibly simple, right?
