The Time Key - Money Box (Canceled)
The Time Key - Money Box (Canceled)
The Time Key money box - The personal savings device that will help you reach your saving goals by removing the need for willpower.
The Time Key money box - The personal savings device that will help you reach your saving goals by removing the need for willpower. Read more
The Time Key is a brand new tool that will change the way you save money. It aids you in successfully reaching your saving goals by not allowing you access to your accumulated funds and, with the addition of The Time Key app, you can be kept up-to-date with your savings.
There are, of course, already many existing saving devices available on the market, but none of these will allow you to reach your saving goals in the same way as The Time Key. It has the power to aid you in reaching several goals, with its reusability and by eliminating the need for your money box to be broken to retrieve what is inside. Additionally, with existing products, accumulated funds are far too easily accessed and those with little to no willpower are unable to reach any saving goals at all.
No willpower? No problem!
We all know that saving money can be one of the hardest goals to reach, but research has proven that a certain level of willpower is required to achieve what we originally set out to. By removing the need for willpower, The Time Key will give you a much greater chance of reaching your set target. Putting money aside does not require willpower, keeping it aside, however, does!
So, by inserting 'X' amount of money a day, a week or a month into The Time Key, your savings will be locked away, with no override facility, until the date you have set the box to release the your funds.
The importance of setting goals - We are sure you have seen this statement referenced quite a lot in recent times and it is probably becoming a little bit of a cliché , but it is so true and it is one of the key aspects as to why we decided to create The Time Key.
Sure, it is just a moneybox that locks for a set period of time, but that is why we have also designed an app to complement the moneybox. The app will give you reminders and encouragement to insert money into the box on a regular basis, ensuring your success in reaching your set goal.
With the current prices rising fr almost everything in today's climate, it is important that we put any spare money aside to treat ourselves, rather than getting into debt to fund our indulgences. So, have your target in sight, set your goals and start saving with the peace-of-mind that The Time Key will not give up, even if you do.
Teach children the importance of saving money
During our initial market research, we spoke to numerous banks regarding our product and they explained that they are currently sending representatives into schools countrywide to try and teach children the importance of saving money.
The Time Key will be an excellent way to teach children how to save, demonstrating that accumulating money their money can lead to being able to purchase that most sought-after product or experience. Whether they are saving for a new toy, games console, holiday spending or a present for a friend or relative, The Time Key will be able to make sure they cannot access their saved funds until they need it.
Further, The Time Key can help children develop their financial skills for future years. Children do not have the knowledge of how to manage money automatically. So, it could be a great idea to use the moneybox to teach your children about the benefits of saving. You can set a goal for them, ensuring it is achievable and after several months of saving, once they have inserted their hard-earned pocket money into The Time Key, they can access the funds and receive their reward.
Very simple to use
Innovating the way we save money
From our research, we found that the current use of money boxes varies from ceramic pots, tins and the original porcelain "piggy banks". All of the people that we have spoken with said that they are unable to saving using these tools as it is too easy to access the money within. Whether it is from taking a rubber bung out of the bottom, smashing them or using a tin opener, almost all of our market research showed that people would find it easier to save if they did not have access to the cash that they were trying so hard to save. Ipso Facto, The Time Key was born.
As mentioned previously, we have designed an app to complement The Time Key. It has been designed to help you reach those saving goals.
- Start off by crunching all of your numbers into the Budget section to calculate how much you can actually afford to save.
- Set your goal - How much to save, how long to save and what to save for.
- Once the box has been locked, start the run-down timer on your app. This will give you a countdown to when the box will open and to the event you are saving for.
- When you insert money into the box, manually enter the same figure into the app so that you have an accurate account of your savings.
- Set yourself reminders daily, weekly or monthly of how much you need to insert into the money box to meet your target - A good tip would be to set a reminder for "pay day" so that you do not spend all of your money in one weekend.
- Once the time has passed, you will receive a notification via the app to alert you the box has unlocked.
Backed by research, built with design
We have two different designs to choose from, each having three different colours. We like to think that the first of our design is only for the brave. The translucent box, which is available with a pink, blue or green lid, will give you a clear view of your accumulated savings, meaning that you will be able to see all that you have saved without having access to it. The second design is opaque and is the more stylish of our range. These are available in red, white and black and we are sure they will complement any room in your home, with the exception, perhaps, of the bathroom, but that is your choice.
The Time Key is powered by two AA batteries and will last up to 365 days on one set of new batteries. We have installed a DC jack as backup, as the box has been designed so that the batteries are situated on the underside of the lid, to stop you from tampering with the box.
When the box is running low on power, a low battery indicator will sound from the box and, when in this state, the box will unlock so you can change the batteries....so no cheating! If the batteries completely run out of power, just plug the box into the mains, the box will power back up in its unlocked state for you to change the batteries.
We have also installed a micro-switch within the lid. This means that the lid will not lock without being securely fastened to the base. These features have been considered and included to improve the possibility of you reaching your goals in a secure, stylish and superior tool.
Design and development
The Time Key's co-founder, Dan Kelly, first considered the concept of The Time Key to solve a problem in his own life. Whilst saving for his wedding, he realised that the only way to restrict access to his saved money was to buy a porcelain-type money box, and then smash it open once the time had come to retrieve his funds.
Having smashed three money boxes, and spending £24 on the pleasure of doing so, he had a 'light bulb moment'. This is when The Time Key was born. After two months of market research with fellow co-founder (and brother) Adam Kelly, they initiated creation of The Time Key money box. Having no real experience in circuit design, they took their plans and idea to a company called Cubik Innovations.
After three months working alongside Cubik, and the newly recruited Rhys West and Will Nicklin, The Time Key's main functions were down on paper and ready to bring to a physical format.
Once we had the initial designs, we began searching for funding to help finance the project. Subsequently, we applied for an innovation grant from a company called Innovate UK, a company devoted to assisting 'start-ups' in bringing their ideas to life. We were successful in our application and received a £5,000 innovation grant that helped us create Prototype 1.
As is the case with most prototypes, the first design did not turn out exactly as planned. We worked closely with Cubik and our plastics suppliers, Amalgam, to design Prototype-2. As you can see, we did not change too much, but we made appropriate alterations to make the box easier to assemble during manufacturing, removed the undesirable red button from the lid and of course introduced the translucent style box with additional colours.
Thank you for taking the time out to visit our Kickstarter campaign, we can not wait to have you on board and to start helping you reach those saving goals.
Risks and challenges
Like most projects, there are risks and challenges. The biggest risk with this product is getting it to our backers on time. We are relying on our suppliers to provide the materials and products to a timescale as you are reling on us to provide the finalised product.
We have sourced the highest quality materials and worked with experienced companies to get the materials and products we require to complete our first batch of Time Key money boxes.
We are not expecting any delay, however, circumstances can change. If this was the case, we would inform our backers straight away.
The reason we are using Kickstarter is because we have finalised our 2nd prototype and are 100% happy with how it functions and works. The Time Key has been through testing by various companies and experts in the field of PCB manufacture, tooling manufacture and plastic production companies.
We have looked into and thought about other outlets, however, we feel as a team, that Kickstarter will help us get the backing we need to turn our idea into reality.Learn about accountability on Kickstarter
- (30 days)