Patent ID: 7797208

Claim:
A method of allocating user income to a user savings account of a user and to payees, said method including: receiving, by said computer-based system for maximizing savings, user financial information, wherein said user financial information comprises user savings goal information, user debt information and user income information; determining, by said computer-based system and based upon said user savings goal information and said user income information, a savings amount to be transferred from said user income to a user savings account, wherein said savings amount is at least a portion of user income; analyzing, by said computer-based system, said user debt information to determine a plurality of outstanding debt payments; determining, by said computer-based system, a plurality of penalties by analyzing, for each of said plurality of outstanding debt payments, a penalty associated with at least one of a payment amount and a payment timing; determining, by said computer-based system and in response to said savings amount to be transferred from said user income to said user savings account, a payment hierarchy based upon said savings amount, said plurality of penalties and at least one of said payment information, said user savings goal information and said user income information, wherein said payment hierarchy minimizes said plurality of penalties.