Tim Lukomski is a 33-year-old Chief Financial and Information Technology Officer with Heritage Federal Credit Union ($350M) in Newburgh, Indiana.
Synopsis: My Virtual Money Makeover is an update of the old envelope budgeting system. The member would set up their virtual envelopes through online banking and determine which merchant categories will be authorized from each account. When the member swipes their card at the merchant, the authorization would be based on the balance of their virtual envelope for that merchant category. The virtual envelope could be funded through direct deposits or simple transfers. The envelope and its merchant categories can be reassigned at any point and would take affect immediately.