Browse Prior Art Database

Publication Date: 2008-Nov-08
Document File: 6 page(s) / 125K

Publishing Venue

The Prior Art Database


The application allows users to easily create budgets, and see how current and future expenditures affect their individual financial strength. Since the application interacts with information that their bank’s website collects automatically, the user does not have to continually input their transactions in order to have an accurate budget. The application is web based, so current and next generation web enabled cells phones and other mobile devices will be able to use it without having to install any additional software.

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    Currently it is difficult and time consuming for people to keep up with a budget, whether or not it is self-imposed. Many people purchase budgeting programs, input some (if not all) information manually, and the result of the program will only be accurate as long as the user remembers to keep updating the information. If the person chooses not to buy a program, then they have to create their own method or system which can be even more difficult and time consuming, and still only as reliable as the information they continually have to update. More often than not, the end result is many consumers do not stick to the budgets, and rely on credit cards and other forms of credit to make up the difference when their spending exceeds their income.


    The present innovation is a budgeting application for low and middle income families that live "paycheck to paycheck". The application would preferably be supplied by, and integrated with their bank's website. The bank's website would display and store the member's expenditures, which is common in most major modern banks that offer online banking capabilities. In a preferred embodiment, the application budgeting application would be broken up into three parts: "Current Budget," "Future Budget," and "Warning System."

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    The first part of the application is the current budget, where the user activates the application through his/her bank's website and selects which accounts he/she wants the application to encompass. At that point the application reviews past transactions, and groups them according to payee and determines which payees are recurring. For example, all purchases made at the local Grocer Mart, will file under payee: Grocer Mart. The 'payee' group is then manually assigned to one of a multitude of categories. Examples of categories would be: Food Expense, Utilities Expense, Entertainment Expense, Health Care Expense, Housing Expense, Education Expense, Misc. Income, etc. Once the information is categorized, the member will be able to see charts/graphs that display their current spending habits. After the user performs the initial set-up, he/she will only have to label transactions that occur with new businesses.

Above: Categorizing expenses will be easy using a drop-down menu to select. Once you categorize a payee once, it will apply the same categorization in the future.

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    The second part of the application is the future budget, where the tool utilizes the regular and recurring transactions that were determined in the first part to project future transactions. Regular recurring expenses and deposits, along with averages based on typical miscellaneous expenses or deposits, are listed chro...