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