Automatic budgeting system

• US 9,495,703 B1
• Filed: 01/10/2014
• Issued: 11/15/2016
• Est. Priority Date: 01/11/2013
• Status: Active Grant

• Current Assignee: Frances J. Kaye III
• Original Assignee: Frances J. Kaye III
• Inventors: Kaye, Frances J. III
• Primary Examiner(s): Hamilton, Lalita M
• Application Number:
  US14/152,148
• Time in Patent Office: 1,040 Days
• Field of Search: 705/35, 705/39, 705/40, 705/38
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Provided is a software application containing instructions to receive an identifier associated with an item to be purchased by a user. The software application provides the identifier associated with the item to an associated database. The item is then assigned a classification which, along with the price of the item, is provided to an authorization entity associated with at least one account of the user. A notice is then received as to whether a purchase of the item using the account will be authorized at the time of purchase. The authorization is determined as a function of the price of the item and the classification of the item.

Claims

1. A method for budget management via a mobile device, the method comprising:

capturing an identifier associated with an item to be purchased at via the mobile device at one of a camera of the device and an radio frequency identification reader;

transmitting the identifier associated with the item to be purchased from the mobile device to an associated database, the database storing identifiers for a plurality of items and at least one associated classification for each of the plurality of items;

transmitting each of a classification of the item and a price of the item to an authorization entity associated with at least one account of the user, the authorization entity storing a plurality of account rules defined by a user;

transmitting, at the time of inquiry, a notice whether a purchase of the item using the at least one account will be authorized at a point of sale from the authorization entity to the mobile device, the authorization being determined automatically by the authorization entity as a function of the price of the item, the account rules, and the classification of the item, and the notice indicating that the authorization entity has determined that the purchase will not be authorized;

transmitting a request from the mobile device to the authorization entity for an override of the rejected purchase;

receiving an authorized override response from the authorization entity to override the determination that the purchase will not be authorized; and

automatically posting a notice to a social media account that an unauthorized purchase has been made.

2. The method of claim 1, the method further comprising receiving an identifier for a savings associated with the item, wherein, upon application of the savings to the purchase of the item, an amount of the purchase absent the savings is deducted from an account associated with the classification of the item and an amount of the savings is deposited into another account associated with the user.

3. The method of claim 1, the method further comprising:

defining at least one geographic zone at the mobile device;

tracking a location of the user using a location service associated with the mobile device; and

notifying a third party if the user enters the defined geographic zone.

4. The method of claim 3, wherein the defined geographic zone is designated as a restricted zone, wherein the authorization of an item to be purchased is at least one of limited and precluded while the mobile device is located within the restricted zone.

5. A method for budget management via a mobile device, the method comprising:

capturing an identifier associated with an item to be purchased at via the mobile device at one of a camera of the device and an radio frequency identification reader;

transmitting the identifier associated with the item to be purchased from the mobile device

to an associated database, the database storing identifiers for a plurality of items and at least one associated classification for each of the plurality of items;

transmitting each of a classification of the item and a price of the item to an authorization entity associated with at least one account of the user, the authorization entity storing a plurality of account rules defined by a user; and

transmitting data representing a savings associated with the item from the authorization system to the mobile device, the savings being determined automatically from the classification of the item and a price of the item, wherein the savings identifies one of a lower cost for a complimentary item and a pending future sale for the item.

6. The method of claim 5, wherein the authorization entity is unable to identify the item to be purchased and information associated with the item is sent to an authorized user to assign a classification to the item.

7. The method of claim 5, wherein the item to be purchased is assigned at least two classifiers, wherein one of the two classifiers is provided a greater weight in determining an authorization of the item to be purchased.

8. The method of claim 7, further comprising:

requesting an authorized user to override a determination to not authorize a purchase request;

wherein the authorized user has authority to override a determination to not authorize a purchase based on a first classification but lacks authority to override a determination to not authorize a purchase based on a second classification.

9. The method of claim 5, further comprising allowing an authorized user to modify a default classification for an item to be purchased.

10. The method of claim 5, further comprising:

receiving, at the time of inquiry, a notice whether a purchase of the item using the at least one account will be authorized, the authorization being determined as a function of the price of the item and the classification of the item.

11. The method of claim 5, further comprising:

receiving a request for an emergency override, wherein the emergency override allows a purchase of an item that has been determined to be not authorized to be authorized resulting in at least one of a notification to a third party, a penalty, and shifting of funds from one account to another.

12. A method for budget management via a mobile device, comprising:

capturing an identifier associated with an item to be purchased at via a mobile device at one of a camera of the mobile device and an radio frequency identification reader;

transmitting the identifier associated with the item to be purchased from the mobile device to an associated database, the database storing identifiers for a plurality of items and at least one associated classification for each of the plurality of items;

transmitting each of a classification of the item and a price of the item to an authorization entity associated with at least one account of the user, the authorization entity storing a plurality of account rules defined by a user;

transmitting, at the time of inquiry, a notice that the authorization entity determines the purchase will not be authorized from the authorization entity to the mobile device, the authorization being determined automatically by the authorization entity as a function of the price of the item, the account rules, and the classification of the item;

transmitting a request from the mobile device to the authorization entity for an override of the rejected purchase;

receiving an authorized override response from the authorization entity at the mobile device to override the determination that the purchase will not be authorized; and

automatically imposing a penalty against the account at the authorization entity based on the account rules and at least the classification and price associated with the item.