What is Tomo?

How it works is one person starts a partner with his or her close network of folks. They can all save towards a specific goal or their own individual goals. Let’s say they all want to save $100 bucks. They all put in 20 bucks, if there are five of them, and one member of the group gets the “pot” or the 100 bucks the first time around after they’ve all paid. This happens again and again until all members of the group have gotten the pot and they’ve all saved the set amount of money – or the 100 bucks in this example. This is already being done in communities all over, and it’s helpful because it gives people access to money much more quickly since they are doing it with their close supporters. There is no interest involved and there is a sort of positive peer reinforcement that encourages everyone in the group to depend on each other which in-turn cuts down on fraud because everyone knows each other. People are much stronger as a group than individually and that’s especially true with money. We are providing a structure which facilitates this process by keeping track of everyone’s savings goals, setting up reminders, and providing charts based on progress and goals. We also plan to enhance the savings experience by partnering with like-minded business for further savings for our clients.

 

My Stand:

Just under half or around [i]45% of Americans who work don’t save anything. What this means is that there are many people who don’t have anything put aside for an emergency, for a comfortable vacation or even simply purchase something they really want. This strategy of saving money has been around for a while and it works. My goal is to make sure that more Americans are saving more money and developing positive habits and relationship with their money so that these families are more comfortable knowing they have something set aside. If this resonates with you provide your email and we’ll keep in touch with updates on the “Partner Project.”

 

Thanks and stay tuned for more info!

 

[i] http://www.statista.com/statistics/246212/families-that-saved-in-the-united-states-by-work-status-of-head/