Small paychecks or irregular pay schedules can wreak havoc on workers’ budgets.
But an innovative app helps consumers maintain a balanced cash flow and avoid check cashers or short-term, high-interest loans.
The nonprofit Neighborhood Trust Financial Partners—which is associated with Neighborhood Trust Federal Credit Union, a $10 million asset community development credit union in New York—is piloting the PayGoal app, a virtual financial planner that allows users to take a proactive approach to their finances.
The app tracks users’ income and outstanding bills, making sure they set aside some money for upcoming expenses and don’t overspend.
“We’re seeing a lot of people we believe could get by with the right money moved around at the right time,” says Eric Cantor, PayGoal vice president of product development.continue reading »