tanda social savings app

Tanda is a new social savings app that was unveiled by Yahoo just recently. I call it a “new old way” of saving money. The reason l call is that is because the concept is an old one. One which l participated in with co-workers and friends for years. In the Hispanic world, this is known as “Condina”. Tanda is basically the same thing,  just updated for the online and tech savvy world. Here is how Tanda works:

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How Tanda Social Savings App Works:

A social circle consists of roughly 9 people who pledge to deposit a specific amount monthly into the pot. For example, let’s say each person deposits $100. For 9 people, that would be $900 deposited in the pot monthly. One person gets the whole pot on a monthly basis and it rotates through till the cycle is completed. This means that if you are high up on the chain, for instance you get $900 ($800 plus your $100) the first month, but still continue to make your monthly payment. There is a small fee to pay for the first 2 people in the cycle that collect. This might be worth it though when you consider the alternative, which could be in the form of a higher interest fee on a credit card advance or payday loan, which we agree is not a good thing.

A situation where one would want to be one of the first ones to get the money pot is if you have upcoming bills that need to be paid quickly such as healthcare, high interest credit card or car repair. This is a way for you to basically give yourself a $900  zero interest rate loan. I know what you’re thinking. Why don’t you just set aside $100 monthly and achieve the same result? The answer is simple. First, most people don’t have the discipline to do that and secondly, it’s a big chunk of money that can get you out a jam the easier way.

Here is a video that might explain it more clearly:

At the other end of the spectrum, if you are a saving for something like a trip or maybe an engagement ring  and don’t need the money in a hurry, it would serve you to be the last person in the circle. You are rewarded with 2% cash bonus for your tenacity.

How do l know the money l contribute to Tanda is safe?

Yahoo is a solid company. If someone defaults on the Tanda payment, the company steps in and pays for the twat, so you are assured the money, all of it, will be there when your turn comes.

Where can l get Tanda social savings app?

It’s available on both Android and iOS devices so you’re good to go.

Is there a maximum dollar limit contribution with Tanda social savings app?

You have to crawl before you can walk 🙂 . In order to join Tanda, you need to submit an ID and a U.S bank account. Your Tanda score increases when you make your scheduled contribution and gains you access to higher value circles and earlier payout positions. The saving circles are up to $2,000.

My thoughts on the Tanda App?

I actually like this Tanda savings app idea. It is ideal for people who want an alternative to credit card spending or someone saving for a big ticket item. It requires a bit of discipline just like anything else, but once you get into the groove, you can make significant dents in your debt. The more debt you pay down, the more money is freed up, allowing you to save even more. When we did the condina at work, we kept our circles down to a maximum of 20 people, all trusted friends and co-workers. It wasn’t unusual for the pot to be in excess of $4,000. We used our payouts for things like car and mortgage down payments, trips, and Christmas spending (there was always a mad rush for Christmas payouts 🙂 ). Mine were for trips mostly.

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Do you think the Tanda social savings app sound good? Would you use it?