Sarasota inventor believes he can revolutionize saving habits - WFLA News Channel 8

Sarasota inventor believes he can revolutionize saving habits

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Dr. Bert Burke shows his MeMoneys app Dr. Bert Burke shows his MeMoneys app

A Sarasota inventor has a new product that he believes will revolutionize the way we spend and save money. And he certainly knows a thing or two.

He invented that popular thing that millions of Americans use on a daily basis: a gift card. Now, 78-year-old Dr. Bert Burke is showing News Channel 8 what he's up to next.

Burke, a longtime therapist, was standing in line at a checkout counter one day decades ago when he had an idea.

"I got change, a couple of coins. And I'm saying, 'What am I going to do with this change?'" Burke explains.

He thought, why not collect that money on some sort of card and spend it at the store later? Which led to his invention of the gift card.

And, if your bank rounds up your purchases to the next dollar and deposits some change into your savings, you can thank Burke for that too. He invented it.

But now, Burke has a new product that can change the way Americans save and budget. It's called MeMoneys.

"It's so easy,” Burke says. “However you want to save, you can save."

It's a website and an app. MeMoneys uses a secure system to track your spending, then you can control how much you can save.

Users can choose to round up your purchases to the next dollar, or by four dollars, if you wish.

Users can also ask MeMoneys to take a certain amount of money each week to put into your savings.

Or you can also put in a goal. Let's say you want to save up for a cruise. Just tell MeMoneys how much you want to save.

"[MeMoneys] will tell you exactly how much money you need to save every week and they will automatically take that out for you,” said Burke’s wife and business partner, Michaela Burke.

At the end of each week, MeMoneys will send you an email, telling you how much you saved. But you have to give them permission to extract that money from your checking account.

The money can then go to your savings, a retirement account, or even a debit card that you can spend however you wish.

None of your sensitive information is stored.

"The only thing we will know is [how much] Joe saved in a year. But we don't know if he spent that money, we don't know if he still has that money," Michaela Burke said.

"We don't even know your checking account number. We don't know anything, we don't want to know anything, it’s your money. You do with it, and we aid you to do things with it," Burke says.

MeMoneys is free, ready for use, and ready to help you save for whatever you wish.

Burke says he also has a few more inventions up his sleeve, so stay tuned.

Check out MeMoneys here.

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