How Allo Can Help You Create a Mindful Money Practice | Personal Finance with a Sense of Fulfillment

Allo: The Headspace for Personal Finance

Allo, a new financial app that can be described as Headspace for personal finance, is aiming to help users meaningfully engage with their finances without becoming overwhelmed with numbers and spending. The idea behind Allo is to help users create a mindful money practice that allows them to approach their earnings, spending, saving, investing, and giving with a sense of fulfillment.

Founders and Inspiration

Founded in 2021, Allo was created by Will Choi and Paul Montoy-Wilson, who both previously founded Aviate, an intelligent homescreen startup that was acquired by AsumeTech parent company Yahoo in 2014. With over 15 years of experience in software, the duo wanted to build a company that helps people create positive habits with their finances.

Beyond Budgeting

Unlike budgeting apps that only focus on spending categories like bills, insurance, and transportation, Allo includes categories like nature, family, giving, working out, and healthy eating. Users can choose to have a daily, weekly, or monthly check-in with the app to become more aware of their finances.

“There are plenty of apps out there that will help optimize your net worth or help you save an extra dollar per month and tell you you overspent on a coffee,” said Paul Montoy-Wilson. “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.”

The Allo Experience

To get started with the app, users complete Allo’s introductory course and learn from experts on how to feel more peaceful, confident, and grateful when it comes to money. The app asks users to select a few values they want to focus on, such as health, generosity, exercise, and kids. These values are used to tag different transactions during check-ins.

During check-ins, users are encouraged to reflect on both positive and negative transactions. The app prompts users to appreciate transactions that made them happy, such as spending on family or well-being. Users can also reflect on transactions they want to change, making notes or setting goals to align their spending with their values.

“A core principle of Allo is being aware of your numbers, but also being aware of your emotions,” said Montoy-Wilson. “What we’re trying to do with Allo is make it easier, through bite-sized chunks, to engage with your finances and start changing your relationship with money. And then making it easier to keep that practice going over and over again.”

Availability and Future Plans

Allo has been tested by around 500 people across the United States over the past year. The app is now available to download on the iOS App Store and the Google Play Store. It offers a free 14-day trial and costs $6.99 per month. The company currently does not have any plans to expand beyond the United States and is self-funded.

Allo’s goal is to remain independent, and currently, there are no plans to raise funding.

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