The 'Even' App is Designed for Users Who Have an Irregular Income
Katherine Pendrill — July 16, 2015 — Lifestyle
References: even.me & fastcoexist
'Even' is a new app for individuals who rely on an irregular income. For those who rely on seasonal or freelance work, there are often periods of time where they have may have no steady stream of income. This new ad helps smooth out the complicated highs and lows of an irregular income.
The app makes an analysis of your finances by taking into consideration periods of high income and periods of low income. The app will then sort out an average monthly income. If you make more than your average in a given month, the app will take that money and set it aside as a surplus to cover low-income periods or to repay any no-interest loans you may have. The app ultimately turns an irregular income into a salary and helps you budget accordingly.
With a large number of people living in a state of financial insecurity, the Even app helps ensure that individuals are able to survive in low-income periods.
The app makes an analysis of your finances by taking into consideration periods of high income and periods of low income. The app will then sort out an average monthly income. If you make more than your average in a given month, the app will take that money and set it aside as a surplus to cover low-income periods or to repay any no-interest loans you may have. The app ultimately turns an irregular income into a salary and helps you budget accordingly.
With a large number of people living in a state of financial insecurity, the Even app helps ensure that individuals are able to survive in low-income periods.
Trend Themes
1. Irregular-income Management - The Even app addresses the needs of individuals with irregular income, providing a solution to manage their finances and smooth out income fluctuations.
2. Surplus Savings - By setting aside surplus income during high-income periods, the Even app helps users build savings to cover low-income periods or repay loans.
3. Budgeting Assistance - The Even app transforms irregular income into a manageable salary, offering budgeting tools and guidance to help users allocate their money effectively.
Industry Implications
1. Financial Technology (fintech) - The Even app represents a disruptive innovation opportunity in the FinTech industry by providing a specialized financial tool for managing irregular income.
2. Gig Economy - In the gig economy, where irregular income is common, the Even app offers a solution to the financial challenges faced by freelancers and gig workers.
3. Personal Finance - The Even app disrupts the personal finance industry by catering to individuals with irregular income and offering tailored budgeting solutions.
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