ImpactU Demo Day: Wise Money
Wise Money was created to provide education, financial services and support that is tailor-made to each individual to achieve financial success. Cash flow management, specifically income volatility, affects all types of adults whether they are seasonal, part-time, or full-time workers. More than 100 million Americans have difficulty managing their household cash flow and about one-third of American households have volatile income. This problem causes an increase in debt and additional expenses like late fees and overdraft fees. The Wise Money budget accounts for income volatility and gives the consumer a set dollar amount to spend based on their income. This product would help make consumers aware of their spending, help them budget by calculating their daily, weekly, or monthly spending limit, and help them save by calculating the safety net required for unexpected expenses.
Dwight Johnson is the founder of Wise Money. He is also an Engineering student at University of North Carolina Charlotte, an intern at Siemens, and has worked in retail at Nike, where he directly experienced effects of variable income.