Editor’s Note: Sponsored by Monday Properties and written by ARLnow.com, Startup Monday is a weekly column that profiles Arlington-based startups and their founders, plus other local technology happenings. The Ground Floor, Monday’s office space for young companies in Rosslyn, is now open. The Metro-accessible space features a 5,000-square-foot common area that includes a kitchen, lounge area, collaborative meeting spaces, and a stage for formal presentations.
A startup based out of Crystal City is looking to help people save up for items they want to buy online.
Forward Funded, a startup in Eastern Foundry’s acceleration program, helps people save money for items by creating a digital envelope system, said founder Brendan Snow.
“We have a website that makes it really easy for people to save up for something in our e-commerce store,” Snow said.
The goal of Forward Funded is to help people save for items instead of using credit and ultimately ending up in debt if they can’t pay when the bill arrives, he said.
The company, which is in its pre-launch phase, is a Walmart affiliate, meaning that all items in the e-commerce store can be found at Walmart.com. Essentially, customers will go to Forward Funded and select items that they want to purchase. When they get to checkout, instead of buying it right away, they have the choice to save money in the digital envelope.
The digital envelope is based off of the envelope system, where people would divide their paychecks into different envelopes in order to make sure they had enough money to pay bills or buy items, Snow said.
With Forward Funded, people are able to store money in the digital envelope based off a payment plan of four months or six weeks, with the option to set up a custom plan. Forward Funded then draws money from the user’s checking account to the digital envelope every weeks to make sure they have enough to buy the item by the time the plan is done.
Users have the option to change plans or cancel them at any time. The website will keep users updated with availability and price of the objects they have saved up in their envelope.
“So we’re giving people the option of bringing the price down and saving for items,” Snow said.
While the website won’t launch for another few months, Forward Funded may be used to help people plan for their holiday shopping next year.
“You can do all of your shopping early,” Snow said. “And you can get everything you want for your family — and even some aspirational items — without going into debt or needing incredible discipline.”