Time It

Inspiration

I was inspired by a friend who was always struggling to find that extra $100 every six months to take any kind of break or splurge on herself. Despite paying the same bills repeatedly, they just couldn’t seem to get ahead. It wasn’t about earning more—it was about being smarter with the timing of their payments. I wanted to help people like them optimize their finances, giving them the chance to save a little more by managing their payment schedules better

What it does

Time It is an algorithm designed to optimize the timing of bill payments by considering factors like late fees, interest earned on account balances, and potential savings from delaying payments. The core functionality of the system evaluates whether it is more beneficial to pay bills on time or delay them by a few days, based on the associated costs and benefits. For each bill, the algorithm calculates the impact of different payment timings and selects the one that maximizes savings (e.g., from interest or minimal late fees).

How we built it

We built the algorithm using educated generalizations to create a proof of concept. By focusing on late fees, we could see how small changes in payment timing could make a significant impact. We started by considering only late fees, but the algorithm is designed to be extensible for future factors such as overdraft fees and interest accumulation. The key was to manually research the impacts and iteratively build the algorithm for handling timing decisions.

Challenges we ran into

The biggest challenge was incorporating multiple factors and understanding all the dependencies involved. Each factor (such as late fees, account interest, overdraft fees) could have a different effect depending on the context. It was difficult to account for all possibilities at once, so we focused on solving one factor at a time. We found that it was more manageable to isolate variables and test the system with a single influence before expanding it to other factors.

Accomplishments that we're proud of

We’re proud of discovering the different impacts between factors in real finance and how much timing decisions can affect one’s financial situation. The algorithm proved that delaying payments for the right reasons (and within the maximum allowed late days) could lead to better savings. The proof of concept was validated through manual research, which showed the algorithm's potential to make a meaningful difference.

What we learned

We learned a great deal about how multiple financial factors interact and how timing decisions can have complex outcomes. The process of creating the algorithm revealed the importance of optimizing for factors like late fees, interest rates, and savings, and how each of these elements requires careful consideration. We also realized that focusing on a single factor at a time can lead to more manageable and accurate solutions before scaling up to more complex scenarios.

What's next for Time It

Currently, the algorithm only excels in accounting for late fees, but we recognize that other factors—such as overdraft fees, account balance fluctuations, and interest accumulation—can also influence the optimal timing of bill payments. We plan to expand the model to include these additional factors and further refine the decision-making process. This will allow for a more comprehensive approach to managing personal finances, making the algorithm more useful in real-world applications.

Built With

• figma
• python
• react