Pay yourself first
First Claim
1. A method of allocating user income to a user savings account of a user and to payees, said method including:
- receiving, by said computer-based system for maximizing savings, user financial information, wherein said user financial information comprises user savings goal information, user debt information and user income information;
determining, by said computer-based system and based upon said user savings goal information and said user income information, a savings amount to be transferred from said user income to a user savings account, wherein said savings amount is at least a portion of user income;
analyzing, by said computer-based system, said user debt information to determine a plurality of outstanding debt payments;
determining, by said computer-based system, a plurality of penalties by analyzing, for each of said plurality of outstanding debt payments, a penalty associated with at least one of a payment amount and a payment timing;
determining, by said computer-based system and in response to said savings amount to be transferred from said user income to said user savings account, a payment hierarchy based upon said savings amount, said plurality of penalties and at least one of said payment information, said user savings goal information and said user income information, wherein said payment hierarchy minimizes said plurality of penalties.
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.
99 Citations
46 Claims
-
1. A method of allocating user income to a user savings account of a user and to payees, said method including:
-
receiving, by said computer-based system for maximizing savings, user financial information, wherein said user financial information comprises user savings goal information, user debt information and user income information; determining, by said computer-based system and based upon said user savings goal information and said user income information, a savings amount to be transferred from said user income to a user savings account, wherein said savings amount is at least a portion of user income; analyzing, by said computer-based system, said user debt information to determine a plurality of outstanding debt payments; determining, by said computer-based system, a plurality of penalties by analyzing, for each of said plurality of outstanding debt payments, a penalty associated with at least one of a payment amount and a payment timing; determining, by said computer-based system and in response to said savings amount to be transferred from said user income to said user savings account, a payment hierarchy based upon said savings amount, said plurality of penalties and at least one of said payment information, said user savings goal information and said user income information, wherein said payment hierarchy minimizes said 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, 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. A system for maximizing savings comprising:
-
a network interface communicating with a memory, said network interface configured to receive user financial information, wherein said user financial information comprises user savings goal information, user debt information and user income information;
said memory communicating with a processor; and
said processor, when executing a computer program, is configured to;receive user financial information, wherein said user financial information comprises user savings goal information, user debt information and user income information; determine, based upon said user savings goal information and said user income information, a savings amount to be transferred from said user income to a user savings account, wherein said savings amount is at least a portion of user income; analyze said user debt information to determine a plurality of outstanding debt payments; determine a plurality of penalties by analyzing, for each of said plurality of outstanding debt payments, a penalty associated with at least one of a payment amount and a payment timing; determine, in response to said savings amount to be transferred from said user income to the user said savings account, a payment hierarchy based upon said savings amount, said plurality of penalties and at least one of said payment information, said user savings goal information and said user income information, wherein said payment hierarchy minimizes said plurality of penalties.
-
-
46. A tangible computer-readable medium having computer-executable instructions stored thereon that, if executed by a computer-based system for maximizing savings, cause the computer to perform operations comprising:
-
receiving, by said computer-based system for maximizing savings, user financial information, wherein said user financial information comprises user savings goal information, user debt information and user income information; determining, by said computer-based system and based upon said user savings goal information and said user income information, a savings amount to be transferred from said user income to a user savings account, wherein said savings amount is at least a portion of user income; analyzing, by said computer-based system, said user debt information to determine a plurality of outstanding debt payments; determining, by said computer-based system, a plurality of penalties by analyzing, for each of said plurality of outstanding debt payments, a penalty associated with at least one of a payment amount and a payment timing; determining, by said computer-based system and in response to said savings amount to be transferred from said user income to the said user savings account, a payment hierarchy based upon said savings amount, said plurality of penalties and at least one of said payment information, said user savings goal information and said user income information, wherein said payment hierarchy minimizes said plurality of penalties.
-
Specification