MoneyBuddies – Online Social Saving With Friends Interest Free

By Staff Writer,

The 2008 financial crash had implications across the globe. These ripples added woes to many people’s personal finances and even devastated some businesses. Therefore the concept of money management is crucial in being able to live a successful and fulfilled life. Being able to control spending and manage finances is an idea that existed for thousands of years. Particularly in environments such as towns and villages many people often banded together to save money and build resources. This can be showcased in the contemporary cooperative movements worldwide as an example.

As time has passed and modern day technology immerses the lives of people, the advancement and the ushering in of the digital age has affected how people deal with financial literacy and managing money. In recent years we have seen the varied launches of crowd funding platforms and online money saving tools and strategies. For the millennial young Muslim traversing this online world in relation to money management can be difficult. This is often due to the fact that the majority of financial platforms are riddled with interest and riba (usury). Borrowing, entering money saving schemes and lending money based upon interest is not permissible in the Islamic faith. Being able to avoid such financial systems can be difficult and many young Muslims may struggle with this area of their lives.

However MoneyBuddies is a platform created to help individuals navigate the online world by assisting them through social saving with friends and families in the digital space.  MoneyBuddies launches the next generation of money management technology and goal-based social banking. Social saving helps people gain control of finances, makes saving money easy, interactive and enjoyable. Studies have found that social lending circles are a proven tool for credit improvement and can help to drastically reduce outstanding debt.

This then allows the freedom to manage money the way you want with the people you trust.

Social saving is a powerful psychological method to help save money and maintain wealth. When people come together who may already have a bond of trust built through existing relationships and invest their financial resources in order to encourage each other to save increases the chances of prosperity and the ability to manage ones finances. MoneyBuddies is an interest free platform which is ethically and religiously suitable for young Muslims in particular amongst others to use and benefit from. The online platform is 100% FREE to use and sign up to.

How it works?

Connect with family and friends, join or create money pools, contribute to the goals of others, reach saving goals! MoneyBuddies provides a core facility of banking with friends to help you manage your money but without gimmicks, interest and debt inducing facilities.

MoneyBuddies believes that it is possible to revolutionize saving circles (ROSCA) known as Rotating Savings and Credit Associations used by over a billion people around the globe today.

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