The Treasury announced the winners of the MyMoneyAppUp Design Challenge on Friday.
Individuals from Delaware, Florida, Mississippi, New Jersey, Pennsylvania, Washington, DC, Claim Cash Prizes
Grand Prize Winner Proposes App to Make Student Loans Easier to Manage
The U.S. Department of the Treasury (Treasury), the D2D Fund (D2D), and Center for Financial Services Innovation (CFSI) announced the winners of the App Design portion of the MyMoneyAppUp Challenge—a contest offering cash prizes and recognition for the best mobile app ideas and designs to help Americans make smart financial choices, access high quality financial products and services, and ultimately control and shape their financial futures.
As a result of the live judging, individuals and teams from across the country were awarded cash prizes for ideas to make it easier to manage student loans, save for a car, connect low-income households with resources in their communities, track and control impulse spending, and calculate the full cost of purchases made on credit cards.
Of the eight finalists who made presentations, expert judges selected one Grand Prize Winner, who was awarded $10,000. Additionally, two Runners-Up won $5,000 each and two Honorable Mentions won $2,500 each.
The winners announced are:
Centz helps to make student loans easy and simple to manage. Among other features, the app allows users to: link information about all of their student loans in one place; create a payoff plan that syncs with their budget; suggest ways the user can reduce their payment period and total interest paid by making extra payments; learn about managing student loans; and test their knowledge about student loans and personal finance.
First Runner-Up—My Next Car: Richard Trask, Landenberg, Pennsylvania; Jason Mastriani, Newark, Delaware
My Next Car helps people to save in advance of their next car purchase, thereby avoiding car loan interest payments. It is designed specifically for first-time automobile purchasers and to encourage people who have paid-off their current car to continue making “car payments” into a savings account. The app includes such features as: uploading a photo of the desired car to set a goal; shopping guides and tools; a monthly “e-bill” reminder to save for a new car; and a running total of “interest saved” by saving for the purchase rather than borrowing.
Second Runner-Up—MOOLAH: Pamela Chan and Eric Tyler, Washington, DC
MOOLAH is a design for a financial decision-making tool that would assist low-income households to achieve their goals. The app would enable users to assess their financial situation, create a budget with connections to public benefits, and recommend related social services and financial products. It would be a combination of personal financial management software and a single-stop public benefits and community services referral portal.
First Honorable Mention—Crazy Money: Nancy Anderson, Clinton, Mississippi
Crazy Money uses a game interface to help users track and control impulse spending – that is, their “crazy” money. Users of the app create a game to track their impulse spending by setting a monthly limit for their crazy money expenditures and parameters for their use of the funds, such as borrowing from future months and sharing information about their practices. Alarms sound when the user exceeds his crazy money budget, and other people in the user’s network are notified about the spending, too.
Second Honorable Mention—Know It All: Robert Scott, Parrish, Florida
Know It All enables consumers to instantly calculate the full cost of a credit card purchase, so users can make fully informed decisions about their purchases. It calculates the accrued interest the purchaser will be charged given their current interest rate, current credit card balance, and minimum monthly payments. The app includes a scanner for reviewing a price via a UPC or QR code. Once the information is scanned, the app will display a full financial impact statement with details on the long-term cost of their purchase, given different credit cards.
To view the App Design finalists’ submissions, visit MyMoneyAppUp.Challenge.gov/updates/517.
To view the archived webcast of the event, visit http://treas.yorkcast.com/webcast/Viewer/?peid=da6cc272ef5044f3ae550f07538027c61d
To learn more about the Challenge, visit MyMoneyAppUp.Challenge.gov.