SYSTEMS AND DEVICES TO FACILITATE SAVINGS OF MONEY BASED ON ALLOWANCE AND CHORES

A system for facilitating management of chores is disclosed. The system may include a communication device configured for receiving chore data from a parent device, transmitting the chore data to a child device, receiving operational data from at least one electrical appliance associated with the chore data, transmitting chore status data corresponding to the at least one chore to the parent device, and transmitting account data corresponding to at least one child account to the child device. Further, the system may include a processing device configured for analyzing the chore data and the operational data, generating the chore status data based on the analyzing, determining at least one reward based on the chore status data, and updating the account data based on the at least one reward. Further, the system may include a storage device configured for storing the chore data, the chore status data and the account data.

FIELD OF THE INVENTION

The present disclosure generally relates to the field of electronic devices. More specifically, the present disclosure relates to a device, a system and a method to facilitate savings of money based on allowance and chores.

BACKGROUND OF THE INVENTION

Methods to transfer money have grown exponentially with advancements in Internet technologies. Additionally, individuals may now manage their savings in banks through their smartphones and computers over the internet.

Further, systems to link savings accounts to digital money boxes also exist. These money boxes are capable of displaying the savings made in the linked bank accounts. Additionally, to store physical currency, money boxes like piggy banks have been in use since time immemorial. However, present systems may not allow for a combination of both the aforementioned systems, along with proposing chores and rewards to earn additional monetary compensation and increase savings.

Therefore, there is a need for improved systems and devices to facilitate savings of money based on Chores that may overcome one or more of the above-mentioned problems and/or limitations.

SUMMARY

A system for facilitating management of chores is disclosed. The system may include a communication device configured for receiving chore data corresponding to at least one chore from a parent device. Further, the communication device may be configured for transmitting the chore data to a child device. Further, the communication device may be configured for receiving operational data from at least one electrical appliance associated with the chore data. Further, the communication device may be configured for transmitting chore status data corresponding to the at least one chore to the parent device. Further, the communication device may be configured for transmitting account data corresponding to at least one child account to the child device. Further, the system may include a processing device configured for analyzing the chore data and the operational data. Further, the processing device may be configured for generating the chore status data based on the analyzing. Further, the processing device may be configured for determining at least one reward based on the chore status data. Further, the processing device may be configured for updating the account data based on the at least one reward. Further, the system may include a storage device configured for storing the chore data, the chore status data and the account data.

A method for facilitating management of chores is also disclosed. The method may include receiving, using a communication device, chore data corresponding to at least one chore from a parent device. Further, the method may include transmitting, using the communication device, the chore data to a child device. Further, the method may include receiving, using the communication device, operational data from at least one electrical appliance associated with the chore data. Further, the method may include analyzing, using a processing device, the chore data and the operational data. Further, the method may include generating, using the processing device, chore status data based on the analyzing. Further, the method may include transmitting, using the communication device, the chore status data corresponding to the at least one chore to the parent device. Further, the method may include determining, using the processing device, at least one reward based on the chore status data. Further, the method may include updating, using the processing device, account data corresponding to at least one child account based on the at least one reward. Further, the method may include storing, using a storage device, the chore data, the chore status data and the account data. Further, the method may include transmitting, using the communication device, the account data corresponding to at least one child account to the child device.

DETAIL DESCRIPTIONS OF THE INVENTION

The present disclosure includes many aspects and features. Moreover, while many aspects and features relate to, and are described in the context of savings of money based on Chores and/or periodic allowances, embodiments of the present disclosure are not limited to use only in this context. For example, the Smart Money Box may be used for saving money for different purposes such as “college tuition fee”, “buying a vehicle”, “a vacation”, “periodic allowance” etc.

FIG. 1is an illustration of an online platform100consistent with various embodiments of the present disclosure. By way of non-limiting example, the online platform100for facilitating savings of money based on Chores and/or periodic allowances may be hosted on a centralized server102, such as, for example, a cloud computing service. The centralized server102may communicate with other network entities, such as, for example, a mobile device106(such as a smartphone, a laptop, a tablet computer etc.), other electronic devices110(such as desktop computers, server computers etc.), databases114(databases like but not limited to bank servers), sensors, IOT devices118, (e.g. a coffee maker, a refrigerator and a dishwasher), Smart Money Boxes120(e.g. a safe-shaped money box, and a toy shaped money box) over a communication network104, such as, but not limited to, the Internet. Further, users of the platform may include relevant parties such as, but not limited to, parents, children and other individuals. Accordingly, in some instances, electronic devices operated by the one or more relevant parties may be in communication with the platform.

A user112, such as the one or more relevant parties, may access online platform100through a web based software application or browser. The web based software application may be embodied as, for example, but not be limited to, a website, a web application, a desktop application, and a mobile application compatible with a computing device1100.

According to some embodiments, the online platform100may be configured to communicate with a system to facilitate savings of money based on chores and/or a periodic allowance. The system may include a Smart Money Box. In an instance, the Smart Money Box may include a digital touch interface and may be paired with a mobile communication device that may have a companion application installed on it.

The system may allow users to register and create user profiles on the online platform100. For instance, the user profiles created may include parent profiles, and child profiles linked with parent profiles. Further, the created child profile may be connected to the respective Smart Money Box. The system may also include a companion application that may be controlled by parents using one or more user devices, including smartphones and computers.

In further embodiments, the system may also allow parents to create and manage a list of chores through the companion application which may be accessed through a computer or a handheld device.

In further embodiments, the system may allow linking of an existing bank account to the user profiles. Accordingly, a bank account associated with the child profile may be linked to the Smart Money Box. Accordingly, information such as amount of savings in the bank account may be visible on the Smart Money Box. In some embodiments, the account may be in the parent's name, and may list the child as a beneficiary. In other embodiments, the bank account may belong to the child. Further, the system may also allow the creation of new accounts for savings and spending through third party financial services. The system may allow parents to send money to the bank account associated with the child. The companion application may be used to transfer funds to the bank account linked to the Smart Money Box.

In further embodiments, the Smart Money Box may also contain a slot to insert and store physical currency. Additionally, the Smart Money Box may also include sensors to count the amount of currency that may have been stored in it. For example, the sensors may include image detectors configured to capture an image of a physical currency and recognize a type of currency (e.g. US dollar, Euro etc.) and a denomination (5, 10, 20, etc.) of the currency based on analyzing the image. Alternatively, the sensors may include a weight sensor configured to identify a coin (i.e. monetary value) based on weight of the coin. Further, the Smart Money Box may determine a total sum of the amount of physical currency present in the Smart Money Box and the amount of money available in the bank account linked to the Smart Money Box. Subsequently, the total sum may be displayed on the digital touch interface of the Smart Money Box.

In further embodiments, the system may allow the linking of external wallets for cryptocurrencies. Periodic allowances and monetary rewards earned for chores may be received in the form of cryptocurrencies to the wallets that may be linked to the child's profile.

In some embodiments, the system may be linked to an online wallet. The wallet may be accessed through the smart money box. The Smart Money Box may calculate the value of the cryptocurrency, and display total savings after adding the amount of physical currency stored in the smart money box.

Further, the smart money box may also have a mobile wallet for crypto currencies downloaded in it. A mobile wallet may be an application that may be downloaded directly to the Smart Money Box, and may be used to store, and transact in the desired cryptocurrencies. The cryptocurrencies may be sent to the wallet directly, and the savings balance may be reflected on the Smart Money Box.

Further, the system may also support hardware wallets that may be connected to the smart money box to access the savings. Hardware wallets may store the user's private keys on a hardware device and may use USB, or any other connection ports and mechanisms to connect the hardware device to the Smart Money Box.

Further, the system may allow transactions through cryptocurrencies to be completed directly through the smart money box. The smart money box may make transactions in cryptocurrencies to make payments to POS devices through NFC.

Further, to spend the savings, the system may further include an ATM/debit card associated with the bank account linked to the Smart Money Box. The ATM/Debit card may be used to withdraw cash from any ATM and may be used to directly purchase goods. However, in some embodiments, the child may need an approval for withdrawal. The child may then send a request to the companion app through the Smart Money Box and may be approved through the companion application. The child may be able to spend or withdraw only an approved amount of money from the savings through the ATM/debit card.

FIG. 2shows a system200for facilitating management of chores. The system200may include a communication device202configured for receiving chore data corresponding to at least one chore from a parent device. Further, the communication device202may be configured for transmitting the chore data to a child device. Further, the communication device202may be configured for receiving operational data from at least one electrical appliance associated with the chore data. Further, the communication device202may be configured for transmitting chore status data corresponding to the at least one chore to the parent device. Further, the communication device202may be configured for transmitting account data corresponding to at least one child account to the child device. Further, the system200may include a processing device204configured for analyzing the chore data and the operational data. Further, the processing device204may be configured for generating the chore status data based on the analyzing. Further, the processing device204may be configured for determining at least one reward based on the chore status data. Further, the processing device204may be configured for updating the account data based on the at least one reward. Further, the system200may include a storage device206configured for storing the chore data, the chore status data and the account data.

In some embodiments, the at least one reward may include a monetary reward.

In some embodiments, the at least one reward may include a cryptocurrency token.

In some embodiments, the at least one child account may include a child bank account. Further, the communication device202may be configured for communicating with a banking server configured for hosting the child bank account. Further, updating the account data may include updating the child bank account.

In some embodiments, the communication device202may be further configured for transmitting the at least one reward to the parent device. Further, the parent device may be configured to perform a financial transaction between a parent bank account associated with the parent device and a child bank account associated with the child device.

In some embodiments, the chore data may correspond to a plurality of chores associated with a plurality of parent devices. Further, the communication device202may be configured for receiving a plurality of contextual data corresponding to the plurality of chores. Further, the communication device202may be configured for transmitting chore analytics to at least one parent device of the plurality of parent devices. Further, the processing device204may be configured for generating the chore analytics based on each of the chore data corresponding to the plurality of chores and the plurality of contextual data.

In some embodiments, the communication device202may be further configured for receiving a request for chore recommendation from the parent device. Further, the request may include subject contextual data corresponding to one or more of the parent device and the child device. Further, the communication device202may be configured for transmitting at least one chore recommendation to the parent device. Further, the processing device204may be configured for generating the at least one chore recommendation based on the chore analytics and the subject contextual data.

In some embodiments, the processing device204may be configured for generating the chore analytics based further on a plurality of rewards associated with the plurality of chores. Further, the at least one chore recommendation may include at least one reward recommendation.

In some embodiments, as shown inFIG. 3, the child device may include a smart money box300which may include a display device302configured for displaying the chore data and the account data. Further, the smart money box300may include a slot304configured to receive one or more of a monetary coin and a monetary note. Further, the smart money box300may include a secured container306coupled with the slot304. Further, the secured container306may be configured to securely house one or more of the monetary coin and the monetary note. Further, the smart money box300may include at least one sensor configured308for sensing at least one physical characteristic associated with one or more of the monetary coin and the monetary note. In some embodiments, the at least one physical characteristic may include one or more of a length, a width, a diameter, a thickness, a weight, a density, specific gravity, a color, a texture, a design, a pattern and indicia. Further, the smart money box300may include a processor310communicatively coupled to the at least one sensor308. Further, the processor310may be configured to determine a monetary value of one or more of a monetary coin and a monetary note based on the at least one physical characteristic. Further, the smart money box300may include a wireless interface312communicatively coupled to the processor310. Further, the wireless interface312may be configured for communicating with a network device.

FIG. 4shows a flowchart of a method400for facilitating management of chores. At402, the method400may include receiving, using a communication device, chore data corresponding to at least one chore from a parent device. Further, at404, the method400may include transmitting, using the communication device, the chore data to a child device. Further, at406, the method400may include receiving, using the communication device, operational data from at least one electrical appliance associated with the chore data. Further, at408, the method400may include analyzing, using a processing device, the chore data and the operational data. Further, at410, the method400may include generating, using the processing device, chore status data based on the analyzing. Further, at412, the method400may include transmitting, using the communication device, the chore status data corresponding to the at least one chore to the parent device. Further, at414, the method400may include determining, using the processing device, at least one reward based on the chore status data. In some embodiments, the at least one reward may include a monetary reward. In some embodiments, the at least one reward may include a cryptocurrency token. Further, at416, the method400may include updating, using the processing device, account data corresponding to at least one child account based on the at least one reward. In some embodiments, the at least one child account may include a child bank account. Further, at418, the method400may include storing, using a storage device, the chore data, the chore status data and the account data. Further, at420, the method400may include transmitting, using the communication device, the account data corresponding to at least one child account to the child device. In some embodiments, the method400may further include transmitting, using the communication device, the at least one reward to the parent device. Further, the parent device may be configured to perform a financial transaction between a parent bank account associated with the parent device and a child bank account associated with the child device.

In some embodiments, the child device may include a smart money box, such as the smart money box300.

FIG. 5shows a flowchart of a method500for generating chore analytics. In some embodiments, the chore data may correspond to a plurality of chores associated with a plurality of parent devices. Further, at502, the method500may include receiving, using a communication device, a plurality of contextual data corresponding to the plurality of chores. Further, at504, the method500may include generating, using a processing device, chore analytics based on each of the chore data corresponding to the plurality of chores and the plurality of contextual data. Further, at206, the method500may include transmitting, using the communication device, the chore analytics to at least one parent device of the plurality of parent devices.

FIG. 6shows a flowchart of a method600for transmitting a chore recommendation. At602, the method600may include receiving, using a communication device, a request for chore recommendation from the parent device. Further, the request may include subject contextual data corresponding to one or more of the parent device and the child device. Further, at604, the method600may include transmitting, using the communication device, at least one chore recommendation to the parent device. Further, the generating of the at least one chore recommendation may be based on the chore analytics and the subject contextual data. In some embodiments, the generating of the chore analytics may be based further on a plurality of rewards associated with the plurality of chores. Further, the at least one chore recommendation may include at least one reward recommendation.

FIG. 7shows an exemplary system700to facilitate savings of money based on chores and/or a periodic allowance. The system700may include a Smart Money Box702in the shape of a child's toy. The Smart Money Box702may include an incorporated audio/visual display and an interactive touch interface. The Smart Money Box702may also include a wireless communication to an online cloud platform704over a network, such as Wi-Fi, and may wirelessly connect to one or more user devices, such as a smartphone706over a communication network, such as Bluetooth. Further, the Smart Money Box702may be connected to a one or more external servers708, such as bank servers through 3rd party API services or banking APIs. Accordingly, account information of a bank account as, such as a child bank account may be visible on the Smart Money Box702. For instance, information such as the amount of savings in the bank account, recent transactions, etc., may be displayed on the digital touch interface of the Smart Money Box702. Further, the system700may allow creation of new accounts for savings and spending through third party financial services. Further, the smartphone706may include an installed companion application that may allow a user of the system700to setup the Smart Money Box702. Setup may include connecting the smartphone706to the Smart Money Box702, setting up a network connection such as Wi-Fi on the Smart Money Box702, and creating user profiles. The companion application may also be used to transfer funds to the bank account, such as the child bank account linked to the Smart Money Box702, and view transactions made in the bank account. Further, to spend the savings, the bank account linked to the Smart Money Box702may include an associated ATM/debit card, which may be used to withdraw cash from any ATM and may be used to directly purchase goods. The companion application may also be used to approve and allocate funds to the ATM/debit card. Further, the companion application may be used for setting up a chores list for financial reward. The companion application may also be used for transferring a periodic allowance to the bank account linked with the Smart Money Box702. The companion application may also be used for general interaction with a child using the Smart Money Box702. The interaction may be in the form of messages, audio, video etc. Further, the system may communicate with a cloud database710, herein referred to as GoSave Cloud services. The cloud database710may include one or more user profiles, a global chores and/or allowance database and a database of one or more Smart Money Boxes, including the Smart Money Box702connected to the cloud platform710. The cloud database710may also include algorithms to suggest savings, allowances, and chores, based on big data collected from user profiles and/or the one or more Smart Money Boxes.

In further embodiments, the system700may also include a digital wallet. The digital wallet may be linked to a child profile, and may receive deposits directly. The Smart Money Box702may be the physical embodiment of the wallet and may be able to make and receive payments directly, for example, through NFC.

In further embodiments, the system700may also include a companion application for a child. The child may install the companion application on a user device, such as the smartphone706, or a personal computer. The companion application may allow the child to access the complete functionality of the Smart Money Box702on the user device, such as the smartphone706.

FIG. 8shows a method800of facilitating savings of money based on chores and/or periodic allowances including receiving account data associated with a user from a bank server and transmitting the account data to a Smart Money Box, in accordance with some embodiments. Accordingly, at802, the method800may include receiving account data associated with a user (e.g. child, parent etc.) from a bank server. The account data may be from any associated bank account in any bank in the world. The account data may include, for example, an account balance, log of recent transactions and a list of withdrawals and deposits.

Further, at804, the method800may include a step of transmitting the account data to a Smart Money Box and/or a user device associated with the user. The user device may be, for example, a parent device and/or a child device. Further, the Smart Money Box may be configured to receive physical currency through a slot. The Smart Money Box may also house sensors that may allow the Smart Money Box to calculate the amount of money that may have been stored physically. Further, the Smart Money Box may calculate the sum of the physical currency, and the savings in the associated bank account, and may display the sum of the savings on a digital display of the Smart Money Box. Further, the Smart Money Box may also transmit this information to associated user devices, such as a parent device.

FIG. 9shows a method900of facilitating savings of money based on chores and/or periodic allowance including recommending periodic allowance, chores and/or monetary rewards based on chore data received from at least one of a plurality of Smart Money Boxes and a plurality of user devices, in accordance with some embodiments. Accordingly, at902, the method900may include receiving, using a communication device, chore data, and data related with periodic allowance from at least one of the plurality of Smart Money Boxes and user devices. Chore data may include information like description of a Chore, a time and/or duration associated with the chore, and a monetary reward associated with the chore. Data related with periodic allowances may include the amount of allowance, and the interval at which the allowance is transferred

Further, at904, the method900may include receiving, using the communication device, contextual data from at least one of the plurality of Smart Money Boxes and user devices. The contextual data may include, but may not limited to, demographic data such as age, location, income, education level, occupation, etc.

Further, at906, the method900may include analyzing, using a processing device, each of the chore data, allowance data, and the contextual data. For instance, the analyzing may include determining a distribution of specific chores against various demographic variables such as, for example, region, age, ethnicity, income level etc. Accordingly, based on the distribution, estimate a type of chore, a frequency of assigning a chore, a time and/or duration associated with the chore and a monetary reward associated with a chore based on one or more of demographic variables associated with a parent and/or a child may be estimated. Further, allowances assigned to users may also be analyzed against various demographic variables such as, for example, region, age, ethnicity, income level etc. In an instance, the analyzing may be based on details about the Smart Money Boxes, the associated chores and corresponding monetary rewards awarded in lieu of completion of chores. Accordingly, the an AI engine may be configured to perform machine learning on the allowance data, chore data and the contextual data. Further, the contextual data about the users who set the chores may also be analyzed.

Further, at908, the method900may include transmitting, using the communication device, a recommendation associated with a chore to at least one of a user device (associated with a parent and/or a child) and a Smart Money Box. For instance, the recommendation may be sent to a parent device suggesting chores and/or parameters associated with the chore (e.g. time, duration, monetary reward etc.) to the parent based on corresponding contextual information. Further, the recommendation may also include tips to perform a chore. As an example, the analysis may include determining that parents assign the chore of getting a car serviced to children who may be above 15 years of age. Therefore, the chore of “getting the car serviced” may not be recommended to users whose child may be younger than 15 years. Further, a recommendation about the allowance may be sent. The recommendation may be based on the age, income level, or a combination of any of aforementioned factors. For example, the analysis may include determining that the allowance of teenagers is generally more than the allowances received by children in their pre-teenage years. Accordingly, an increase in allowance as the age of the child increases.

FIG. 10shows a flowchart of a method1000of facilitating savings of money based on chores including sending a notification based on operational data received from smart appliances, in accordance with some embodiments. Accordingly, at1002, the method1000may include receiving, using a communication device, chore data from at least one of the plurality of Smart Money Boxes and the plurality of user devices. Chore data may include a natural language description of one or more of a chore, a time and/or duration associated with the chore, and a monetary reward associated with the chore.

Further, at1004, the method1000may include analyzing, using a processing device, the chore data to extract at least one chore parameter. For instance, the analyzing may include performing natural language processing to identify information such as a type of chore, a duration of the chore, a time at which the chore is to be performed, indication of one or more appliances to be operated in performing the chore and so on.

Further, at1006, the method1000may include receiving, using the communication device, operational information from at least one smart appliance. The operational data may include information representation an operational state of the at least one smart appliance. For example, the operational data may include a time at which a smart appliance was turned ON and/or OFF and a duration for which the smart appliance was operated, settings of the smart appliance during operation, a location at which the smart appliance was operated, identity of a user who operates the smart appliance and so on.

Further, at1008, the method may include analyzing, using the processing device, each of the chore parameter against the operational data received from the at least one smart appliance. Accordingly, in an instance, the analyzing may include determining whether a chore was completed by performing a comparative analysis of chore parameter and operational data. For instance, the analyzing may include determining that the chore of cleaning the dishes may have to be performed before a certain time on a certain day. Accordingly, operational data may be received from a dishwasher and analyzed to determine whether the dishwasher may have run for a needed duration at a certain time. If these conditions match, the chore may be determined to have been completed.

Further, at1010, the method1000may include transmitting, using the communication device, a notification to at least one of a user device and a Smart Money Box based on the analyzing of Chore parameters against operational data. For example, a notification may be transmitted to a parent device notifying that the chore may have been completed. As another example, the notification may also include the operational data of the at least one smart appliance. Further, in some embodiments, the method may also include a step of transmitting a notification to a child device reminding the child to perform the chore.

With reference toFIG. 11, a system consistent with an embodiment of the disclosure may include a computing device or cloud service, such as computing device1100. In a basic configuration, computing device1100may include at least one processing unit1102and a system memory1104. Depending on the configuration and type of computing device, system memory1104may comprise, but is not limited to, volatile (e.g. random-access memory (RAM)), non-volatile (e.g. read-only memory (ROM)), flash memory, or any combination. System memory1104may include operating system1105, one or more programming modules1106, and may include a program data1107. Operating system1105, for example, may be suitable for controlling computing device1100's operation. In one embodiment, programming modules506may include image processing module, machine learning module and/or image classifying module. Furthermore, embodiments of the disclosure may be practiced in conjunction with a graphics library, other operating systems, or any other application program and is not limited to any particular application or system. This basic configuration is illustrated inFIG. 11by those components within a dashed line1108.

Computing device1100may have additional features or functionality. For example, computing device1100may also include additional data storage devices (removable and/or non-removable) such as, for example, magnetic disks, optical disks, or tape. Such additional storage is illustrated inFIG. 11by a removable storage1109and a non-removable storage610. Computer storage media may include volatile and nonvolatile, removable and non-removable media implemented in any method or technology for storage of information, such as computer-readable instructions, data structures, program modules, or other data. System memory1104, removable storage1109, and non-removable storage1110are all computer storage media examples (i.e., memory storage.) Computer storage media may include, but is not limited to, RAM, ROM, electrically erasable read-only memory (EEPROM), flash memory or other memory technology, CD-ROM, digital versatile disks (DVD) or other optical storage, magnetic cassettes, magnetic tape, magnetic disk storage or other magnetic storage devices, or any other medium which can be used to store information and which can be accessed by computing device1100. Any such computer storage media may be part of device1100. Computing device1100may also have input device(s)1112such as a keyboard, a mouse, a pen, a sound input device, a touch input device, a location sensor, a camera, a biometric sensor, etc. Output device(s)1114such as a display, speakers, a printer, etc. may also be included. The aforementioned devices are examples and others may be used.

As stated above, a number of program modules and data files may be stored in system memory1104, including operating system1105. While executing on processing unit1102, programming modules1106(e.g., application1120such as a media player) may perform processes including, for example, one or more stages of methods, algorithms, systems, applications, servers, databases as described above. The aforementioned process is an example, and processing unit1102may perform other processes. Other programming modules that may be used in accordance with embodiments of the present disclosure may include sound encoding/decoding applications, machine learning application, acoustic classifiers etc.