Introducing Allo: A Mindful Personal Finance App
Allo is a new financial app that aims to help users engage with their finances in a meaningful way. Think of it as Headspace for personal finance – Allo is designed to prevent users from feeling overwhelmed by numbers and spending. The goal of Allo is to create a mindful money practice, where users approach earning, spending, saving, investing, and giving with a sense of fulfillment.
Focused on Gratitude and Values
Founded in 2021 by Will Choi and Paul Montoy-Wilson, the creators of Aviate (acquired by Yahoo in 2014), Allo helps users not only track their numbers but also focus on gratitude and priorities when it comes to personal finance. With over 15 years of experience in software development, Choi and Montoy-Wilson wanted to build a company that helps people develop positive habits with their finances.
Moving Beyond Traditional Budgeting Apps
Unlike traditional budgeting apps that solely focus on spending categories like bills and transportation, Allo includes categories like nature, family, giving, working out, and healthy eating. Users can choose how often they want to check in with the app – daily, weekly, or monthly – in order to stay aware of their finances without feeling overwhelmed.
“If there’s a budgeting app out there that works for you, that’s great. We’re not trying to take users from budgeting apps that they love. But, the reality is that those budgeting apps don’t work for most people,” says Montoy-Wilson.
Building Positive Habits with Allo
To get started with Allo, users complete an introductory course that teaches them how to feel more peaceful, confident, and grateful about their money. The app helps you identify your values, such as health or generosity, and encourages you to tag transactions according to these values during your check-ins.
During a check-in, Allo prompts you to reflect on both positive and negative transactions. You can appreciate the transactions that made you happy, like spending money on your family or well-being. Similarly, you can take note of transactions that you regret or want to follow up on, such as subscriptions you no longer need or excessive spending on entertainment.
After reviewing your transactions, Allo asks you to select which values you want to focus on for your next batch of transactions. For example, if you want to prioritize health, you can pay closer attention to health-related spending or invest more money in activities that promote well-being.
Awareness and Emotional Connection
“A core principle of Allo is being aware of your numbers, but also being aware of your emotions,” says Montoy-Wilson. Allo aims to change your relationship with money by providing bite-sized chunks of financial engagement that are easier to incorporate into your routine. By building this practice consistently, Allo helps create lasting changes in your financial habits and mindset.
Zero Inbox Mentality
Once you’ve completed a check-in, Allo won’t surface anything else until your next one. This “inbox zero” approach allows users to set aside their phones and not worry about their finances until their scheduled check-in time.
Try Allo Today
Allo has been tested by around 500 people in the United States over the past year. The app is now available for download on both iOS and Android devices, offering a free 14-day trial to new users. After the trial period, Allo requires a monthly subscription of $6.99. Currently, the company does not have plans to expand beyond the United States.
