Allo: A Financial App that Promotes Mindful Money Habits
The Concept of Allo
Allo is a new financial app that aims to help users cultivate positive habits and a mindful approach to their personal finances. Founded in 2021, the app was created by Will Choi and Paul Montoy-Wilson, who previously founded Aviate, an intelligent homescreen startup that was acquired by Yahoo in 2014. Drawing from their extensive software experience, the duo wanted to build a company that guides individuals towards developing constructive financial practices.
Mindfulness in Personal Finance
Allo distinguishes itself from other budgeting apps by encouraging users to approach their earnings, spending, saving, investing, and giving with a sense of fulfillment. While traditional budgeting apps tend to focus solely on spending categories like bills, insurance, and transportation, Allo expands this scope, incorporating categories such as nature, family, giving, working out, and healthy eating. By doing so, the app prompts users to consider not only their financial transactions but also their values and priorities.
The Flaws of Traditional Budgeting Apps
According to Paul Montoy-Wilson, existing budgeting apps often fail to meet the needs of most users. He argues that such apps can sometimes induce feelings of guilt, leading individuals to avoid addressing their finances altogether. Instead of generating guilt, Allo aims to facilitate the practice of financial awareness in manageable, bite-sized portions.
The Allo Experience
To get started with Allo, users must complete an introductory course that guides them on how to achieve a more peaceful, confident, and grateful mindset about money. During daily, weekly, or monthly check-ins, users can tag their transactions with the values they wish to prioritize, such as health, generosity, exercise, and children. After reviewing their transactions, users are encouraged to reflect on both the positive and negative aspects. This reflection allows users to appreciate transactions that brought them happiness and make notes about those that they regret or would like to follow up on.
Changing the Relationship with Money
By combining awareness of financial numbers with emotional awareness, Allo seeks to transform users' relationship with money. The app provides a simple and convenient way to engage with finances in manageable portions, making it easier for users to establish and maintain positive financial habits.
Allo's Unique Approach: Inbox Zero Mentality
Once users complete a check-in, Allo does not present any further financial information until the next check-in. This "inbox zero" mentality enables users to set their phones aside and temporarily disengage from their finances. It allows users to focus on other aspects of life until their next check-in, reducing the stress and mental burden associated with continuous financial monitoring.
Availability and Pricing
Over the past year, Allo has been tested by around 500 people in the United States. The app is now available for download on both the iOS App Store and the Google Play Store. Allo offers a free 14-day trial, after which it costs $6.99 per month. Currently, there are no plans to expand beyond the United States. The company is self-funded and intends to maintain its independence without seeking additional funding.
Conclusion: Cultivating Positive Financial Habits with Allo
Allo represents a new approach to personal finance, emphasizing mindfulness and emotional awareness. By incorporating users' values and priorities into their financial management, Allo offers a comprehensive and fulfilling experience. Rather than inducing guilt, the app promotes financial well-being by providing users with a manageable and meaningful way to engage with their finances. While traditional budgeting apps may work for some individuals, Allo seeks to cater to those who desire a more holistic and mindful approach to their financial journey.
