We aren’t on the Treasury Department’s official judge financial mobile app team announced yesterday, but that doesn’t mean we lack opinions on what personal finance ideas are ours favorites from the government’s contest running through August 1.
My Money App Up, the name of the contest launched by Treasury in partnership with the D2D Fund and Center for Financial Services Innovation, is awarding cash prizes for “the best mobile app ideas and designs to help Americans make smart financial choices, access high quality financial products and services and control and shape their financial futures.”
We combed the entries, which restricts pitches to 140 characters or less, submitted thus far to find our favorites. Of the 136 ideas already posted publically in the IdeaBank, here are my top three favorite ones that happen to center on controlling shopping itches:
- Megan M: I want an app that randomly chooses days and small amounts that I can spend on splurges as a reward for sticking to my savings plan
- Autumn R: I want an app that suggests alternatives to retail therapy when I am in danger of spending money emotionally (out of stress, depression, or boredom).
- Jenn B: I want an app that lets me do impulse saving instead of impulse buying. Pick a goal (vacation, school) & have an option popup to put $5 in savings accnt for it
JJ Hornblass writes:
I looked over the list of ideas and there is something inherently disappointing about it. First, many of the apps people want are already available. For example, Bruce B wrote, I want an app that completely replace my leather wallet. They’re so 20th Century – It’s Generation-M!” The folks at Google Wallet would, no doubt, agree.
Then, there are the apps that would be so, so easy for banks to implement — if they would only stop gorging themselves on fee income. For example, Julian B wants “an app that alerts me in advance if I have a shortfall in my current a/c when a DirectDebit on my credit card (from another provider) is due to be paid.” Sure, banks could offer that in a heartbeat — and then kiss every penny of overdraft fees goodbye. Julian, it ain’t happening.
But there were some meritorious ideas, as Mary pointed out above. My votes for best three ideas are different than Mary’s, however. I tended to gravitate toward ideas that addressed supremely thorny problems. In some cases, it was wholly impossible for me to see how an app, as described, could be built, but I suppose that is the point of this exercise. So without further ado, a second drum roll please for my votes:
- Aaron S: I want an app that lets me run a “bank” for my kids. I set interest for savings and loans. It keeps track of deposits, withdraws, interest, and balance. (I’ve got kids, so the idea of giving them a full “banking” experience both for practical and educational reasons appeals to me. However, there is a venture that is aiming to sort of do this called Tykoon that was started by Doug Lebda, founder of LendingTree.)
- Evan C: I want an app that helps me pay with the best method in each situation: lowest transaction cost, most rewards points, best consumer protection, etc. (How all the data necessary for this is going to be made available and get synthesized I have no idea, but, boy, this would be cool.)
- Maxine M, Cheryl B, Jared M and John H: I want an app that keeps a purchase by purchase “personal spending tab.” Because I use my debit card, and carry very little cash, I need an ongoing balance. AND
- I want an app that scan UPC of grocery inventory at home:captures/organizes; then scan bar codes as I shop & add to my inventory, so I do not duplicate purchase. AND
- I want an app that scans barcodes as I put food in my grocery cart so I know how much I’m spending before I checkout. AND
- I want an app that scans barcodes and adds them into my budget so I can see what I can afford while I’m shopping. It would know what catagory the item is in.
(I’m cheating a bit with this vote, but these four apps are all peas of the same pod. They all center on real-time analysis of spending vs. budget and price. Talk about a massive leverage of data to the consumer’s benefit!)