PAY YOURSELF FIRST
First Claim
1. A method of allocating income to a user savings account and to payees, said method including:
- receiving user financial information, wherein said financial information includes at least one of user income information related to user income, user income source information related to user income sources, user debt information related to user debts to payees and user goal information related to user goals;
providing at least one recommendation, wherein said recommendation includes suggestions for minimizing user debt payments and maximizing user savings;
establishing a payment hierarchy based at least in part on said recommendation, wherein said payment hierarchy includes at least a portion of said user income allocated to said user savings account and a portion of said user income allocated to said user debts;
acquiring user income; and
, transferring at least a portion of said user income, based at least in part upon said payment hierarchy, to at least one of user savings account and payee.
6 Assignments
0 Petitions
Accused Products
Abstract
The invention encourages users to not only pay themselves first, but to pay themselves first in the largest amounts possible, even if they are not able to fully pay outstanding debts. In general, the invention obtains information related to the user'"'"'s income, income sources, user'"'"'s debts (e.g., bills) and user'"'"'s goals, then provides recommendations related to the prioritization of paying certain bills and the amount to pay for each bill based upon, for example, savings goals, minimum amounts due, due dates and available income. The invention also determines a payment hierarchy which includes transferring funds to the user'"'"'s savings account prior to paying all or a portion of certain bills.
94 Citations
49 Claims
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1. A method of allocating income to a user savings account and to payees, said method including:
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receiving user financial information, wherein said financial information includes at least one of user income information related to user income, user income source information related to user income sources, user debt information related to user debts to payees and user goal information related to user goals;
providing at least one recommendation, wherein said recommendation includes suggestions for minimizing user debt payments and maximizing user savings;
establishing a payment hierarchy based at least in part on said recommendation, wherein said payment hierarchy includes at least a portion of said user income allocated to said user savings account and a portion of said user income allocated to said user debts;
acquiring user income; and
,transferring at least a portion of said user income, based at least in part upon said payment hierarchy, to at least one of user savings account and payee. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45)
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46. A method for facilitating savings, said method including:
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providing user financial information, wherein said financial information includes at least one of user income information, user income source information, user debt information and user goal information;
receiving a recommendation, wherein said recommendation includes suggestions for minimizing user debt payments and maximizing user savings;
receiving a payment hierarchy based at least in part on said recommendation, wherein said payment hierarchy includes at least a portion of said user income allocated to said user savings account and a portion allocated to said user debts; and
,approving a transfer of user income, based upon said payment hierarchy, to at least one of user savings account and user debts. - View Dependent Claims (47)
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48. A method of allocating income to a user savings account and to payees, said method including:
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receiving user financial information, wherein said financial information includes at least one of user income information related to user income, user income source information related to user income sources, user debt information related to user debts to payees and user goal information related to user goals;
establishing a payment hierarchy which includes at least a portion of said user income allocated to said user savings account and a portion of said user income allocated to said user debts; and
,transferring at least a portion of said user income, based at least in part upon said payment hierarchy, to said user savings account prior to transferring user income to said user debts. - View Dependent Claims (49)
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Specification