Methods and systems for providing a savings goal
View Patent ↗Example embodiments describe a method and a system to control activities of a financial account. In example embodiments, a secondary account is linked to a primary account. Within the secondary account, a spending account and a savings account are established. A savings goal in the savings account of the secondary account that enables a portion of the savings account of the secondary account to be set aside is created. The savings goal includes a goal amount. An automatic purchase of a product associated with the savings goal upon the goal amount being met may be allowed.
1. A method comprising:
linking a secondary account to a primary account;
establishing, within the secondary account, a spending account and a savings account;
creating, using a processor of a machine, a savings goal in the savings account of the secondary account that enables a portion of the savings account of the secondary account to be set aside, the savings goal including a user indicated final goal amount to achieve the savings goal; and
transferring funds of the savings goal in the secondary account directly to a third party providing a product corresponding to the savings goal to pay for the product in response to the user indicated final goal amount being met.
2. The method of claim 1 , further comprising:
receiving a parameter to automatically purchase the product corresponding to the savings goal in response to achieving the user indicated final goal amount; and
triggering automatic purchase of the product corresponding to the savings goal in response to the user indicated final goal amount being met.
3. The method of claim 1 , further comprising:
receiving a selection of the product corresponding to the savings goal, the receiving of the selection causing the product to be placed on a layaway basis; and
automatically purchasing the product with funds paid directly from the secondary account in response to the user indicated final goal amount being met.
4. The method of claim 1 , further comprising allowing a primary account holder of the primary account to control or limit the savings goal of a secondary account holder of the secondary account.
5. The method of claim 1 , further comprising dynamically monitoring a price of the product corresponding to the savings goal established in the secondary account.
6. The method of claim 1 , further comprising:
determining a savings status towards meeting the indicated final goal amount of the savings goal; and
providing the savings status along a bar graph of a user interface to a secondary account holder of the secondary account.
7. The method of claim 1 , further comprising performing a transfer of funds from the spending account of the secondary account to the savings goal of the secondary account.
8. The method of claim 7 , further comprising establishing a recursive transfer of funds, wherein the transfer of funds occurs on a recursive scheduled basis.
9. The method of claim 1 , further comprising:
receiving instructions to automatically deposit a portion of a funds deposit into the savings goal; and
automatically depositing the portion into the savings goal.
10. The method of claim 1 , further comprising establishing a fund matching program for the savings goal that allows a primary account holder to match funds in the savings goal of the secondary account.
11. The method of claim 1 , further comprising allowing a merchant to offer a selection from the group consisting of a discount for the product corresponding to the savings goal of the secondary account that is placed in an online layaway with the merchant, a sales incentive associated with the savings goal, and a lock-in on a sales price for the product corresponding to the savings goal.
12. A system comprising:
a processor of a machine;
at least one account management module to link a secondary account to a primary account and to establish a spending account and a savings account within the secondary account;
a savings module to create, using the processor of the machine, a savings goal in the savings account of the secondary account that enables a portion of the savings account of the secondary account to be set aside, the savings goal including a user indicated final goal amount to achieve the savings goal; and
a payment transfer module to transfer funds of the savings goal in the secondary account directly to a third party providing a product corresponding to the savings goal to pay for the product in response to the user indicated final goal amount being met.
13. A machine-readable storage medium in communication with at least one processor, the machine-readable medium storing instructions which, when executed by the at least one processor of a machine, cause the machine to perform operations comprising:
linking a secondary account to a primary account;
establishing, within the secondary account, a spending account and a savings account;
creating a savings goal in the savings account of the secondary account that enables a portion of the savings account of the secondary account to be set aside, the savings goal including a user indicated final goal amount to achieve the savings goal; and
transferring funds of the savings goal in the secondary account directly to a third party providing a product corresponding to the savings goal to pay for the product in response to the user indicated final goal amount being met.
14. The machine-readable storage medium of claim 13 , wherein the operations further comprise allowing automatic purchase of the product corresponding to the savings goal in response to the user indicated final goal amount being met.
15. The machine-readable storage medium of claim 13 , wherein the operations further comprise allowing selection of the product corresponding to the savings goal on a layaway basis.
16. The machine-readable storage medium of claim 13 , wherein the operations further comprise dynamically monitoring a price of the product corresponding to the savings goal established in the secondary account.
17. The machine-readable storage medium of claim 13 , wherein the operations further comprise:
determining a savings status towards meeting the indicated final goal amount of the savings goal; and
providing the savings status in a graphical format to a secondary account holder of the secondary account.
18. The machine-readable storage medium of claim 13 , wherein the operations further comprise:
establishing a schedule for recursive transfers of funds from the spending account to the savings goal;
performing a transfer of the funds from the spending account to the saving goal according to the schedule.
19. The machine-readable storage medium of claim 13 , wherein the operations further comprise:
receiving instructions to automatically deposit a portion of a funds deposit into the savings goal; and
automatically depositing the portion into the savings goal.
20. The machine-readable storage medium of claim 13 , wherein the operations further comprise establishing a fund matching program for the savings goal that allows a primary account holder to match funds in the savings goal of the secondary account.
21. The method of claim 1 , further comprising providing an option for a user to add a new savings goal including a new explicitly indicated goal amount for the new savings goal resulting in a plurality of savings goals in the secondary account, the option provided on a user interface displaying current savings goals.