Tomo - How to Save Money | NewsWatch Review

Published on December 19, 2014

AppWatch Review

Tomo is a unique system whereby you can set up a network of friends who put their money into a pot and help each other save or build up money to make a purchase.

Here's how it works. Let's say you set up 5 friends who each need $100, including yourself. You each start by putting in $20. That makes up $100. The person selected to have first draw of the pot, usually the one who set up the project, can now take that $100 and the cycle starts again where each of the 5 put in $20 and the next person gets the pot of $100. This continues until everyone has their $100. Simple as that. A quick, safe way for each person to build up to their goal with a network of close friends that they can trust. There's no interest involved. You can name the project something like “Andrew's camera fund” and upload photos. You can categorize the project as something like, “travel”, “personal”, “gift” or “charity”. You can even message each other through the app for positive peer reinforcement.

The app is available through Android phones and online for free. Just head to the appstore and type in "Tomo" or visit tomo-app.com.