May 26th, 2010
REVIEW: PiggyMojo makes saving money social and fun
PiggyMojo sets itself apart from other personal finance sites with a money-saving philosophy that teaches you to pass up impulse buys for “an impulse save” towards a greater financial goal.
Every time you decide not to buy something, like a latte here or a new outfit there, you text or Twitter its name and dollar value to PiggyMojo to keep track of what you are giving up to go towards the savings goal you set for yourself. It’s like taking the money you would’ve spent on these purchases and mentally piggybanking it towards your big goal.The best part is that you can have a joint savings goal partner, and you both get text notifications every time one of you saves money toward your joint savings goal. Like dieting, saving money is more effective and fun when you can keep it up with a buddy.
Here’s a quick step by step rundown of the PiggyMojo experience:
- Sign up for free and create a savings goal– such as a cruise vacation or an emergency fund– by yourself or a joint savings goal with a buddy, and set weekly savings goals. For example, my buddy and I have to save a manageable amount of $32.50 each for the next 32 weeks to meet our $2,000 Costa Rican vacation joint savings goal by next January.
- Every time I skip buying something—a haircut or fancy dinner—I text or Tweet it to PiggyMojo about how much I am saving. PiggyMojo monitors these messages so you can track your weekly savings goal. At the end of the week, you’ll get a PiggyMojo reminder to deposit this amount to your actual bank’s savings account to make your “mental piggybanking” a reality.
- The fun part is that when you or your buddy texts PiggyMojo for what they saved on, like a $10 movie ticket, you are both notified. Sharing your non-spending victories, big and small, helps build momentum towards saving!
PiggyMojo can be a great way for couples to save towards a common goal, parents to teach their kids to save, and individuals to learn how some spending self-control goes a long way. You can even invite friends and family to be part of your “Cheering Section” so they can watch your progress towards your goal on your PiggyMojo page and post messages and comments.
What’s great about PiggyMojo is that it makes saving money, even a few dollars, fun and instantly gratifying as you move closer to your savings goal with every impulse buy you skip. But remember, PiggyMojo is a system of accountability, not an actual savings account; it doesn’t actually handle your money or account and its on your onus to actually deposit that unspent money to a savings account. If you have the willpower to follow through with not spending and like the idea of a buddy system for your savings goal, PiggyMojo is a fun, free way to fill up your own piggybank for your financial goals.
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