The Allo application is another take at bringing about better financial habits for Americans. More individuals could certainly use the help. An increasing portion of the people in the United States feel as if they are struggling financially.
Recent studies and reports note that many people feel the weight of debt and higher costs due to inflation. Their concerns with debt and higher costs of living are unlikely to let up anytime soon.
In the meantime, there are increasing news stories of companies from CVS to Yellow conducting layoffs or restructuring efforts, which can lead to even more anxiety. There’s been more talk of a potential recession but many still wonder where it is as economic numbers present mixed results.
In time of a potential financial storm, it is certainly extremely important to get one’s financial house in order. The Allo app may be one way to do so.
What is the Allo App?
Allo is a financial app that helps users create a mindful money practice. It does this by providing users with tools to track their spending, set financial goals, and learn about financial concepts. Allo also offers a virtual space for users to connect and to support each other on their financial journey.
Allo is an interesting concept because it seeks to tackle finance from a psychological standpoint, this is seen with words such as “mindfulness” and ‘well-being” displayed on its website. But what does that mean? What is the story behind the app and how does it work?
The psychology aspect is very critical in Allo, it starts with your why and what is important to you. The assumed thinking here is that if you are conscious about what matters to you, you will then prioritize those aspects and allocate your money accordingly. For instance, if you think that family, healthy eating, and working out are important in your life, then this is where you should be spending your money all while thinking about saving for a rainy day.
How Does Allo Work?
Allo works by designing a practice that helps you focus on better money habits. This design is not something that will change your life overnight. But setting the right foundation and sticking to it can certainly have an impact on your life.
Ok, that sounds great but what does that look like?
Well, first you would get the app and input your respective financial information, your bank accounts, credit cards, and loan accounts. This overview lets you have comprehensive review of what your financial picture looks like on a regular basis. That holistic picture lets you know your current situation and lets you see the progress you are making.
The app can start you off with a course on mindful money practice that lets you get started on your journey. The app has guided exercises that help you as you progress on your journey. You choose the values you want to prioritize and the app helps you to check in on those values regularly.
Through tagging and flagging, you are able to see where your money is going, set to-do’s and organize your financial life. The app also has check-ins on your emotions. The assumption with the emotions is that these help to drive your spending habits and financial life. As you select your emotions and are intentional about what you want to focus on over a select timeframe, it helps you to regularly see your progress.
The app does note that it uses bank level security and does not share your information with others.
Will Allo Change Your Life?
Allo may have an impact on your life but it certainly will take time, patience, and effort. The creators of the application realize that there are a wide variety of ways to find yourself distracted as you go through life.
One way to combat the different lures of merchants, financing options, and other mechanisms or ways to lose your focus is to be more mindful of what matters. If the app is able to provide that effective design that helps you to continue to stay in the right direction, it can definitely be quite beneficial.
Let’s review a few more important questions.
Is Allo Free?
Allo is not free. It does have a free trial. If you are interested in the application and cannot afford it, you can see if you qualify for a scholarship.
How Much Does Allo Cost?
Allo costs $49.99 per year. If you are not able to bear that cost at the present moment, contact the Allo team and they may accommodate your needs.
Are you interested in trying out Allo? Check it out here.