Piggymojo uses goal visualization, social commitments, and mobile and online technology to help consumers quantify and enjoy the act of not buying. Research shows that impulse buying provides momentary satisfaction, but hinders savings efforts and contributes to debt. The goal of the Piggymojo project is to help low-income earners increase their savings by motivating and enabling them to make ‘impulse saves’ that retain the satisfaction element of impulse buying without the financial costs. This project will integrate the Piggymojo solution with a financial institution so that the impulse save results in money actually moving from the user’s checking account into a savings account. Evaluation partner Center for Community Capital at University of North Carolina-Chapel Hill will study how Piggymojo promotes financial capability.
Piggymojo’s mission is to help people save money by quantifying opportunities to avoid spending and to strengthen the connection between spending avoidance and savings. Piggymojo is a self-funded startup project whose co-founders have invested both their own capital and effort into developing the product, accompanying website, and service (Piggymojo.com).