Balance helps people save money and avoid debt by nudging them to think about priorities and providing them with low level feedback about their financial situation.
Balance is comprised of a device which sits in the user’s home as well as a special bank card with two chips, one for wants and another for needs.
Initially, Balance requires three inputs from the user: a savings target, a savings period and the percentage of income to be allocated to the user’s want purchases. Thereafter, it requires no further active inputs.
Balance pulls all the relevant information for its calculations from the user’s online bank statements and works out an ideal rate of expenditure for the user to achieve their savings target. It then compares the user’s actual rate of expenditure and makes the user aware of whether they are on track. Using the Balance card, the device also gives information about whether the user is overspending on their wants.
Initially, Balance requires three inputs from the user: a savings target, a savings period and the percentage of income to be allocated to the user’s want purchases. Thereafter, it requires no further active inputs.
Balance pulls all the relevant information for its calculations from the user’s online bank statements and works out an ideal rate of expenditure for the user to achieve their savings target. It then compares the user’s actual rate of expenditure and makes the user aware of whether they are on track. Using the Balance card, the device also gives information about whether the user is overspending on their wants.
