With the holiday and festive season almost here, it is likely that many people will begin to feel overwhelmed while trying to plan out all their purchases and travels,
Whether you are travelling for a holiday as a group, need to shop for your loved ones, or are planning a family reunion- to coordinate everything, you will surely need budgeting and pooling of resources. The Money Pool feature by LOOP App is the exact feature, introduced as an innovative way to collaborate on finances, with simplicity, transparency, and peace of mind.
In this article, we explore how you can make the most out of the LOOP Apps’ Money Pool feature to ensure your festive season plans come to life perfectly.
- Organize group or family contributions
With the Money Pool feature, you can coordinate a pool into which many people pay for a common cause. For instance, you are planning a little Christmas or New Year’s party or pooling money for gifts. It saves you from the headache of chasing people for payments since everything is in one place, plus you can track payments from everyone.
Or you could be planning a family Christmas lunch? Then set up a money pool on the LOOP App and add all your family members who are supposed to contribute their share for food, decorations, and venue hire. Everyone will be able to keep an eye on the pool, see how much has already been contributed and avoid duplication.
- Buying gifts made easy
It’s about two months to the festivities and buying presents for friends, family or even co-workers can be expensive.
Whether you are taking part in a group gift exchange which has become very common these days, or planning to purchase one larger gift individually, coordinating payments can be a bit of a headache. With LOOP App Money Pool, you can set up a special fund for gift buying, to which each member can pre-contribute his share.
Your office team, for example, is pooling money for a big holiday gift for your boss. The Money Pool feature allows each person to contribute their portion, and you can keep a log of who has contributed and how much more you need to reach your target.
- Transparency in event planning
The most striking thing about Loop’s Money Pool is that it is very transparent. Since all members can view the progress of the pool and the total contributions, there is no ambiguity about the amount collected or who still has to contribute. This makes it perfect for very open events in financial planning, like weddings, family reunions, or New Year’s Eve.
For example, suppose you’re planning a large family reunion during the holidays. In that case, you can implement a pool that the attendees can contribute to the budget and make sure everybody sees how the fund is growing.
- Flexible Fundraising for Festive Charity Initiatives
Of course, during the holiday season, many people are involved in charity drives or community initiatives. This is always one of my favourite things about this season.
If you are looking to raise funds for a cause, be it for underprivileged families, a local children’s home, or a local school project, then the Money Pool feature is an easy way to collect contributions from friends, colleagues, and family members.
You can set up a pool for charity (buying supplies for a children’s home) as early as today and invite your social circle to contribute. Each member can track how much has been raised and how much more is needed until the target goal is reached.
How to Set Up a Money Pool on LOOP App
Setting up a Money Pool is easy:
- Open the LOOP App and navigate to the Grow tab or download the app if you haven’t. (The LOOP app is available for download for Android devices on the PlayStore and IOS devices on the Apple Store.)
- Under Grow, scroll down to Money Pool.
- Create a new pool and set the total target amount. Either public or private
- Then select the reason/LOOP Pot for example ’’ Gateway’’ the create
- Then customize your LOOP Pot by giving it a name, the target amount, start and end date
- Add participants by inviting them directly from your contact list or via email.
- Share the pool details with your group, and monitor progress in real time.
Well, we’re all looking forward to the festive season which should be a time for joy. It should not be associated with stress on one’s pockets. The LOOP App Money Pool feature can help you streamline your group financial planning so that the arrangement of events, travel funding, gifting, and charity fund contributions becomes much easier. Efficient pooling of resources ensures that everyone is on board with the plan and no one is left overwhelmed.
You can make use of this tool to ease your financial burdens during this season.
The LOOP app is available for download for Android devices on the PlayStore and IOS devices on the Apple Store.
Follow us on WhatsApp, Telegram, Twitter, and Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to editorial@techtrendsmedia.co.ke
