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Team-Based Savings Software Helps Users Avoid Impulse Purchases

piggymojo combines mobile and social technology to reinforce smart financial decisions

Jackie Rangel
Jackie Rangel on August 16, 2010.

In a departure from other mobile-based budgeting services that track spending habits, piggymojo captures the moments when impulse purchases are actually avoided. The text-based service allows users to sign up with a partner, with each declaring an individual savings target. When one person saves (and ‘checks in’), the other is notified via text, providing an opportunity for positive affirmation for overcoming the temptation to spend. The amount of the potential purchase is then logged into the system and applied toward the overall goal. As opposed to ‘checking in’ at a specific venue or event, this form of social notification uses friendly competition as a motivational tool for achieving a predetermined goal.

piggymojo

[via Springwise]

Image by Veer.

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