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July 11, 2021

Money management app ideas vie for $10,000 prize

With hundreds of apps new coming onto the market every month, it's hard to believe that you need more ways to help you use your iPhone to manage your money. But that's the task the US Treasury Department has set as part of its new MyMoneyAppUp Challenge.

The big prize, up to $10,000, is for developers to propose detailed designs for an app to give phones more financial oomph. The second prize offers ordinary users (US citizens only unfortunately) as much as $1,000 for that one great idea.

Although there's no news on on developers' plans for the actual apps, ordinary   contestants have already submitted a stack of ideas -- not all of which are really that farfetched. Most day-to-day users want to encourage savings, curb impulse spending or get their heads around credit issues.

"I want an app that shows me the true cost of purchases, taking into account the opportunity cost of not using that money to pay down credit and loan accounts," says Matt M.

Jeremy K. says he wants “an app that helps quantify otherwise lost hidden daily expenditures by tracking every time a mooch lets me pick up the check."

Have you been sitting on an app idea for managing money more effectively? Care to share?

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...