“Method And Software Application For Managing Personal Finances” in Patent Application Approval Process (USPTO 20230132422): Patent Application

2023 MAY 19 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- A patent application by the inventor Baver, Alora (Hiddenite, NC, US), filed on October 31, 2022, was made available online on May 4, 2023, according to news reporting originating from Washington, D.C., by NewsRx correspondents.

This patent application has not been assigned to a company or institution.

The following quote was obtained by the news editors from the background information supplied by the inventors: “Generally speaking, personal finances is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events. When planning personal finances, the individual or family may consider the suitability to his or her needs of a range of banking products, like checking, savings accounts, credit cards, consumer loans, the like, etc., or may even consider investment in private equity, like companies’ shares, bonds, mutual funds, the like, etc. In addition, the individual or family may also consider insurance, products, like life insurance, health insurance, disability insurance, the like, etc. Furthermore, the individual or family may consider participation and monitoring of retirement plans, social security benefits, and income tax management.

“Personal circumstances differ considerably, with respect to patterns of income, wealth, and consumption needs. Tax and finance laws also differ from country to country, and market conditions vary geographically and over time. This means that advice appropriate for one person might not be appropriate for another. The key component of personal finance is financial planning, which is a dynamic process that requires regular monitoring and re-evaluation. In general, it involves the steps of assessment, goal setting, plan creation, execution and monitoring and reassessment. There is a great need for people to understand and take control of their personal finances. Typical goals that most adults and young adults have are paying off credit card/student loan/housing/car loan debt, investing for retirement, investing for college costs for children, paying medical expenses. However, currently there are not any adequate resources, tool, or aids for assisting such individuals or families in achieving their financial goals.

“Currently, there are many different methods for managing personal finances including various banking products, software application, the like, etc. However, there is always a need to improve these various methods, products and/or software applications, including, but not limited to, designing such various methods, products and/or software applications to use real-time information and algorithms designed to utilize such real-time information for balancing future money and spending. More specifically, none of the known methods, products and/or software applications for personal finances are designed to evaluate the spending amount over the upcoming two-to-six-week period to show an increase or decrease, and then utilizing such an increase or decrease to balance bills and spending money.

“The instant disclosure may be designed to address at least certain aspects of the problems or needs discussed above by providing a method and software application for managing personal finances.”

In addition to the background information obtained for this patent application, NewsRx journalists also obtained the inventor’s summary information for this patent application: “The present disclosure may solve the aforementioned limitations of the currently available personal finance products, by providing a method and software application for managing personal finances.

“The method for managing personal finances may generally include collecting information of at least one payee and collecting information of at least one income. A primary income is then determined by comparing the income amount of each income and determining which of the compared income amounts is the highest. Primary income frequencies are then set equal to the income frequencies of the determined primary income. A total amount of bills is then calculated from the information of each of the payees for each of the set primary income frequencies. Wherein, for any payee with a pay frequency that is larger than the primary income frequencies, the average amount of such payees is split equally into each of the primary income frequencies, whereby the total amount of bills is equal for each of the primary income frequencies. A total amount of income is then calculated for each of the set primary income frequencies from the information of each of the incomes. A spending money amount is then determined for each of the set primary income frequencies, where the spending money is equal to a difference of the calculated total amount of bills for the set primary income frequencies and the calculated total amount of income for the set primary income frequencies. A mathematical algorithm may then be used that may be configured to balance the determined spending money over a set period of time by averaging the determined spending money over said set period of time and setting a balanced spending money to the averaged spending money over said set period of time.

“In select embodiments of the disclosed method for managing personal finances, the mathematical algorithm may be configured to balance the spending money over a set period of time. This mathematical algorithm may include, if the total amount of bills for a pay period is less than a following pay period or if the spending money for the pay periods varies, creating an imbalance. With this imbalance created, the determined spending money can then be balanced including subtracting the imbalance from the previous amount of spending money, and then dividing the number of pay periods needed to correct the imbalance. Wherein, the method for managing personal finances may be configured to balance future bills and spending money. In select embodiments, after balancing, the spending money may be equal for the pay period and any following pay period, wherein the balancing may include splitting the imbalance by the number of weeks up to a due date.

“One feature of the disclosed method for managing personal finances, the set period of time may be between two to six weeks.

“In select embodiments of the disclosed method for managing personal finances, the collecting information of the at least one payee may include: collecting the name of each payee; collecting autodraft info of each payee; collecting an average amount for each payee; collecting a pay frequency for each payee; and collecting a start date for each payee. Wherein, in select embodiments, the information collected for each of the at least one payee may be displayed under a perspective pay period.

“In select embodiments of the disclosed method for managing personal finances, the collecting information of the at least one income may include: collecting an income frequency of each income; and collecting an income amount of each income. Wherein, in select embodiments, the income frequency may be selected from a group consisting of: weekly; bi-weekly; monthly; bi-monthly; quarterly; and one time income.

“In select embodiments, the method for managing personal finances may further include determining a risk of being overdrawn.

“In select embodiments, the method for managing personal finances may further include breaking the payee into cleared amounts, payment left to clear amounts, and past due amounts.

“One feature of the disclosed method for managing personal finances may be that the method may include a detailed process, and mathematical equations using the mathematical algorithm, wherein the method for managing personal finances may be configured to work with user inputs, other authorized inputs and artificial intelligence to balance the amounts between a two-to-six-week period by forecasting bills and spending money from paycheck to paycheck.

“Another feature of the disclosed method for managing personal finances may be that the method may be configured to use the mathematical algorithm and the artificial intelligence to balance a budget of a user thereby allowing the user to manage money.

“Another feature of the disclosed method for managing personal finances may be that the method may be configured to give a detailed evaluation of one pay period bill total then evaluate the amount over the next two-to-six-week period, wherein the method may show an increase or decrease that will be recommended using the mathematical algorithm to balance bills and spending money.

“Another feature of the disclosed method for managing personal finances may be that the method may be configured to utilize the mathematical algorithm with real-time information along with user input to calculate current monies spent on bills and spending money.

“In another aspect, the instant disclosure embraces the disclosed method for managing personal finances in any of the embodiments and/or combination of embodiments shown and/or described herein.

“In another aspect, the instant disclosure embraces a software application for managing personal finances. The software application for managing personal finances may generally include utilizing the disclosed method for managing personal finances in any of the embodiments and/or combination of embodiments shown and/or described herein. As such, the software application for managing personal finances may include collecting information of at least one payee and collecting information of at least one income. A primary income is then determined by comparing the income amount of each income and determining which of the compared income amounts is the highest. Primary income frequencies are then set equal to the income frequencies of the determined primary income. A total amount of bills is then calculated from the information of each of the payees for each of the set primary income frequencies. Wherein, for any payee with a pay frequency that is larger than the primary income frequencies, the average amount of such payees is split equally into each of the primary income frequencies, whereby the total amount of bills is equal for each of the primary income frequencies. A total amount of income is then calculated for each of the set primary income frequencies from the information of each of the incomes. A spending money amount is then determined for each of the set primary income frequencies, where the spending money is equal to a difference of the calculated total amount of bills for the set primary income frequencies and the calculated total amount of income for the set primary income frequencies. A mathematical algorithm may then be used that may be configured to balance the determined spending money over a set period of time by averaging the determined spending money over said set period of time and setting a balanced spending money to the averaged spending money over said set period of time.

“In select embodiments of the disclosed software application for managing personal finances, the mathematical algorithm may be configured to balance the spending money over a set period of time. This mathematical algorithm may include, if the total amount of bills for a pay period is less than a following pay period or if the spending money for the pay periods varies, creating an imbalance. With this imbalance created, the determined spending money can then be balanced including subtracting the imbalance from the previous amount of spending money, and then dividing the number of pay periods needed to correct the imbalance. Wherein, the software application for managing personal finances may be configured to balance future bills and spending money. In select embodiments, after balancing, the spending money may be equal for the pay period and any following pay period, wherein the balancing may include splitting the imbalance by the number of weeks up to a due date.

“One feature of the disclosed software application for managing personal finances may be that a character or icon may be displayed around any information that was balanced. In select embodiments around this character/icon, the user may be prompted to select the icon/character to begin the balancing process and then must confirm the proposed balanced amounts for the bill(s) selected. As such, in this embodiment, the balancing may not be fully automated, but may require the user to select and confirm to initiate the balancing process of the disclosed method.

“One feature of the disclosed software application for managing personal finances, the set period of time may be between two to six weeks.

“In select embodiments of the disclosed software application for managing personal finances, the collecting information of the at least one payee may include: collecting the name of each payee; collecting autodraft info of each payee; collecting an average amount for each payee; collecting a pay frequency for each payee; and collecting a start date for each payee. Wherein, in select embodiments, the information collected for each of the at least one payee may be displayed under a perspective pay period.”

There is additional summary information. Please visit full patent to read further.”

The claims supplied by the inventors are:

“1. A method for managing personal finances comprising: collecting information of at least one payee; collecting information of at least one income; determining a primary income by comparing the income amount of each income and determining which of the compared income amounts is the highest; setting primary income frequencies equal to the income frequencies of the determined primary income; calculating a total amount of bills from the information of each of the payees for each of the set primary income frequencies, wherein for any payee with a pay frequency that is larger than the primary income frequencies, splitting the average amount of such payees equally into each of the primary income frequencies whereby the total amount of bills is equal for each of the primary income frequencies; calculating a total amount of income for each of the set primary income frequencies from the information of each of the incomes; determining a spending money amount for each of the set primary income frequencies, where the spending money is equal to a difference of the calculated total amount of bills for the set primary income frequencies and the calculated total amount of income for the set primary income frequencies; and using a mathematical algorithm configured to balance the determined spending money over a set period of time by averaging the determined spending money over said set period of time and setting a balanced spending money to the averaged spending money over said set period of time.

“2. The method for managing personal finances of claim 1, wherein the mathematical algorithm configured to balance the spending money over a set period of time including: if the total amount of bills for a pay period is less than a following pay period or if the spending money for the pay periods varies, creating an imbalance; balancing the determined spending money including subtracting the imbalance from the previous amount of spending money, and then dividing the number of pay periods needed to correct the imbalance; and wherein, the method for managing personal finances is configured to balance future bills and spending money.

“3. The method for managing personal finances of claim 2, wherein, after balancing, the spending money is equal for the pay period and any following pay period, wherein the balancing includes splitting the imbalance by the number of weeks up to a due date.

“4. The method for managing personal finances of claim 1, wherein the set period of time is between two to six weeks.

“5. The method for managing personal finances of claim 1, wherein the collecting information of at least one payee including: collecting the name of each payee; collecting autodraft info of each payee; collecting an average amount for each payee; collecting a pay frequency for each payee; and collecting a start date for each payee.

“6. The method for managing personal finances of claim 5, wherein the information collected for each of the at least one payee is displayed under a perspective pay period.

“7. The method for managing personal finances of claim 1, wherein the collecting information of at least one income including: collecting an income frequency of each income; and collecting an income amount of each income.

“8. The method for managing personal finances of claim 7, wherein the income frequency being selected from a group consisting of: weekly; bi-weekly; monthly; bi-monthly; quarterly; and one time income.

“9. The method for managing personal finances of claim 1 further including: determining a risk of being overdrawn; and breaking the payee into cleared amounts, payment left to clear amounts, and past due amounts.

“10. The method for managing personal finances of claim 1, wherein: the method includes a detailed process, and mathematical equations using the mathematical algorithm, wherein the method for managing personal finances is configured to work with user inputs, other authorized inputs and artificial intelligence to balance the amounts between a two-to-six-week period by forecasting bills and spending money from paycheck to paycheck; the method is configured to use the mathematical algorithm and the artificial intelligence to balance a budget of a user thereby allowing the user to manage money; the method is configured to give a detailed evaluation of one pay period bill total then evaluate the amount over the next two-to-six-week period, wherein the method will show an increase or decrease that will be recommended using the mathematical algorithm to balance bills and spending money; the method is configured to utilize the mathematical algorithm with real-time information along with user input to calculate current monies spent on bills and spending money; or combinations thereof.

“11. A method for managing personal finances comprising: collecting information of at least one payee, the information of each payee collected including the name of each payee, autodraft info of each payee, an average amount for each payee, a pay frequency for each payee, and a start date for each payee, wherein the information collected for each of the at least one payee is displayed under a perspective pay period; collecting information of at least one income, the information of each income collected including income frequencies, and an income amount, wherein the income frequencies being selected from a group consisting of: weekly; bi-weekly; monthly; bi-monthly; quarterly; and one time income; determining a primary income by comparing the income amount of each income and determining which of the compared income amounts is the highest; setting primary income frequencies equal to the income frequencies of the determined primary income; calculating a total amount of bills from the information of each of the payees for each of the set primary income frequencies, wherein for any payee with a pay frequency that is larger than the primary income frequencies, splitting the average amount of such payees equally into each of the primary income frequencies whereby the total amount of bills is equal for each of the primary income frequencies; calculating a total amount of income for each of the set primary income frequencies from the information of each of the incomes; determining a spending money amount for each of the set primary income frequencies, where the spending money is equal to a difference of the calculated total amount of bills for the set primary income frequencies and the calculated total amount of income for the set primary income frequencies; using a mathematical algorithm configured to balance the determined spending money over a set period of time between two to six weeks by averaging the determined spending money over said set period of time and setting a balanced spending money to the averaged spending money over said set period of time, wherein the mathematical algorithm configured to balance the spending money over a set period of time including: if the total amount of bills for a pay period is less than a following pay period or if the spending money for the pay periods varies, creating an imbalance; balancing the determined spending money including subtracting the imbalance from the previous amount of spending money, and then dividing the number of pay periods needed to correct the imbalance; wherein, the method for managing personal finances is configured to balance future bills and spending money; determining a risk of being overdrawn; breaking the payee into cleared amounts, payment left to clear amounts, and past due amounts; wherein, after balancing, the spending money is equal for the pay period and any following pay period, wherein the balancing includes splitting the imbalance by the number of weeks up to a due date; wherein, the method includes a detailed process, and mathematical equations using the mathematical algorithm, wherein the method for managing personal finances is configured to work with user inputs, other authorized inputs and artificial intelligence to balance the amounts between a two-to-six-week period by forecasting bills and spending money from paycheck to paycheck; wherein, the method is configured to use the mathematical algorithm and the artificial intelligence to balance a budget of a user thereby allowing the user to manage money; wherein, the method is configured to give a detailed evaluation of one pay period bill total then evaluate the amount over the next two-to-six-week period, wherein the method will show an increase or decrease that will be recommended using the mathematical algorithm to balance bills and spending money; and wherein, the method is configured to utilize the mathematical algorithm with real-time information along with user input to calculate current monies spent on bills and spending money.”

There are additional claims. Please visit full patent to read further.

URL and more information on this patent application, see: Baver, Alora. Method And Software Application For Managing Personal Finances. U.S. Patent Application Number 20230132422, filed October 31, 2022 and posted May 4, 2023. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(20230132422)&db=US-PGPUB&type=ids

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