New Money Features
One of Timo’s many few features is the money account and saving feature. While this is a tangent from Timo’s traditional task-based system, money management is just as crucial for the young. The Timo app now has a brand new menu dedicated to money management, which is packed with powerful features designed to help kids and teens start making smart financial choices early on in life.
The first thing shown in the “Money” menu is the account section that tells how much money is in the account and the transaction history associated with the account. This helps kids and teens keep track of their finances with a clear and simple interface that is organized by month.
The next screen is the “Savings” menu which lets the user set a “Savings Goal” to work towards. When setting the target, users can type out what the goal is (for example a new bike) and set the amount in dollars that are needed. Finally, the last step required is setting the due date for this goal, so that there is time pressure to keep up his or her progress. This should theoretically function almost opposite to the account menu, since hopefully while the account menu is sometimes going down and up, the savings menu should hopefully always be going up until the goal is hit.
Last but not least, is the money report button located at the top right of the “Money” menu. Clicking on this presents the user with a report that outlines money that is being spent, earned, and saved. This allows for a one-stop destination to get a broad overview of one’s financial progress. Each section is separated into years, further implying that this is meant for a more long-term and comprehensive look at money management.
The Timo app’s brand new money management system is just as important as the existing task based system. Money management is something that is best learned at an early age, so it makes logical sense that an app such as Timo that is aimed at the young includes it. Aimed to help young ones build better financial habits as well as create a shared system with their parents, Timo’s new money management system is a welcome addition.