Yahoo Finance launches social savings app Tanda, an alternative to credit cards


Yahoo Finance today launched a new app called Tanda that allows small groups of either five or nine people to save money together for short-term goals. The app uses the concept of a “money pool” – that is, everyone participating in one Tanda’s collaborative savings circles will pay a fixed amount to the group’s savings pot every month. And every month, one member gets to take home the full pot.

But Tanda is not a gambling app. That is, users are not contributing in the hopes of “winning” the pot of money – everyone in the savings circle gets a chance to take home the full pot at some point.

The app is based on the age-old “rotating savings and credit associations” (ROSCA) concept, which pushes people to save through the use of collective pressure.

In other words, while it’s true that you could just set aside a set a fixed amount of money on your own, Tanda’s makes saving a more collaborative and social construct.

The other difference between saving in…

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