PAY YOURSELF FIRST WITH COMMUNITY KNOWLEDGE
First Claim
1. A method comprising:
- receiving, by a computer for determining a savings amount and a payment hierarchy, user financial information comprising user savings goal information, user debt information and user income information;
determining, by the computer, the savings amount based upon the user savings goal information and the user income information, wherein the savings amount is transferred to a user savings account, wherein the savings amount is at least a portion of user income;
analyzing, by the computer and in response to the transfer of the savings amount, the user debt information to determine a plurality of pending debt payments;
determining, by the computer, a plurality of penalties by analyzing, for each of the plurality of pending debt payments, a penalty;
determining, by the computer, a community recommendation based upon community knowledge and at least one of the user debt information, the plurality of debt payments, the user income information, the user savings goal information, and the plurality of penalties; and
determining, by the computer, the payment hierarchy based upon the savings amount, the plurality of penalties and the community recommendation, wherein the payment hierarchy minimizes the plurality of penalties.
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Accused Products
Abstract
The system determines a community recommendation based upon community knowledge. The users consider the community recommendation when the users determine the largest amounts possible to pay to themselves, even if they are not able to fully pay outstanding debts. The system obtains information related to the user'"'"'s income, income sources, user'"'"'s debts (e.g., bills) and user'"'"'s goals. The system provides recommendations related to the prioritization of paying certain bills and the amount to pay for each bill based upon, for example, savings goals, the community recommendation, minimizing penalties/fees associated with user'"'"'s debts, minimum amounts due, due dates and available income. The system and/or the user may then determine a payment hierarchy which includes transferring funds to the user'"'"'s savings account prior to paying all or a portion of certain bills, wherein the transfer of funds may include different funds transfer systems and methods.
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Citations
22 Claims
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1. A method comprising:
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receiving, by a computer for determining a savings amount and a payment hierarchy, user financial information comprising user savings goal information, user debt information and user income information; determining, by the computer, the savings amount based upon the user savings goal information and the user income information, wherein the savings amount is transferred to a user savings account, wherein the savings amount is at least a portion of user income; analyzing, by the computer and in response to the transfer of the savings amount, the user debt information to determine a plurality of pending debt payments; determining, by the computer, a plurality of penalties by analyzing, for each of the plurality of pending debt payments, a penalty; determining, by the computer, a community recommendation based upon community knowledge and at least one of the user debt information, the plurality of debt payments, the user income information, the user savings goal information, and the plurality of penalties; and determining, by the computer, the payment hierarchy based upon the savings amount, the plurality of penalties and the community recommendation, wherein the payment hierarchy minimizes the plurality of penalties. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A system comprising:
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a network interface communicating with a memory; the memory communicating with a processor; and the processor, when executing a computer program, is configured to; determine the savings amount based upon the user savings goal information and the user income information, wherein the savings amount is transferred to a user savings account, wherein the savings amount is at least a portion of user income; analyze, in response to the transfer of the savings amount, the user debt information to determine a plurality of pending debt payments; determine a plurality of penalties by analyzing, for each of the plurality of pending debt payments, a penalty; determine a community recommendation based upon community knowledge and at least one of the user debt information, the plurality of debt payments, the user income information, the user savings goal information, and the plurality of penalties; and determine the payment hierarchy based upon the savings amount, the plurality of penalties and the community recommendation, wherein the payment hierarchy minimizes the plurality of penalties.
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22. A tangible computer-readable medium having computer-executable instructions stored thereon that, if executed by a computer for determining a savings amount and a payment hierarchy, cause the computer to perform operations comprising:
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receiving, by the computer, user financial information comprising user savings goal information, user debt information and user income information; determining, by the computer, the savings amount based upon the user savings goal information and the user income information, wherein the savings amount is transferred to a user savings account, wherein the savings amount is at least a portion of user income; analyzing, by the computer and in response to the transfer of the savings amount, the user debt information to determine a plurality of pending debt payments; determining, by the computer, a plurality of penalties by analyzing, for each of the plurality of pending debt payments, a penalty; determining, by the computer, a community recommendation based upon community knowledge and at least one of the user debt information, the plurality of debt payments, the user income information, the user savings goal information, and the plurality of penalties; and determining, by the computer, the payment hierarchy based upon the savings amount, the plurality of penalties and the community recommendation, wherein the payment hierarchy minimizes the plurality of penalties.
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Specification