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Tomo - New App That Encourages Saving with the Power of Community

Tomo is an app that facilitates positive saving behavior based on the community created by the users. With this community, positive encouragement and feedback keeps users honest with their savings goals. Not only that, but the community benefits as well.

Brooklyn, NY, October 09, 2014 --( What is Tomo?

Tomo is a way of saving communally with your core network of close friends and family. The basic principles behind saving money with Tomo are accountability and encouragement. Users create a savings instance called a “Partner” with a monetary goal in mind and then invite their close friends and/or family to contribute. Once everyone’s agreed on what the total savings will be and what order everyone will receive the money in the Partner can start. It’s not just friends throwing money at you that they may never see again. The way it works is users pool their money into a “pot” over a set amount of time. Each user gets to withdraw the entire amount of communal funds from the pot based on his or her turn in line until everyone has had a turn, thereby saving the set amount of money agreed upon. Users earlier in line get the money a little faster than user later in line. That’s not to say users at the end of the line lose out as will be explained in the Perks area.

How is Tomo Different?

Tomo is different than other savings apps for three main reasons:

1. Tomo emphasizes community over rugged individualism. Users count on their friends to hold them accountable for saving the money they said they would save. Those users also provided a constant source of encouragement since these other users are saving as well and have “skin” in the game!

2. Users save actual money. Tomo goes beyond the presentation of metrics. It alerts you when you need to save the money and can even auto – deduct savings if the user prefers to ensure success of the savings goal.

3. Tomo provides in-app merit based on app behavior. The better a user does, the higher levels attained.

In-app merit is based on in-app behavior. As the user exhibits ideal behavior such as saving money on time, recruiting new users, etc… the user gains levels. The user then has access to coupons and discounts with participating partners based on the user’s levels. Users can gain more merit by being the last in line for payment, or just by being a good friend and encouraging other users.

More information can be found on the FAQ page here:

Kickstarter is found here:
Contact Information
Courtenay Escoffery

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