What is ZigZig?
ZigZig is an application designed to help you achieve your personal financial goals. By rewarding good financial behavior and keeping you on track with your goals, ZigZig is a fun and useful tool both for consistent savers and for those who need a little push.
How does it work?
You can get started by creating a ZigZig. A ZigZig is customizable savings plan built around the item you're saving for. You choose your savings goal, the length of time you'll be saving, whether you'll make payments weekly or monthly, and then you can choose your social options--whether you'd like to save individually or in a group, and whether or not you'd like your ZigZig to be viewable by other people. Set aside a special savings account with your bank just for ZigZig, and whenever your payment is due, move that amount into your savings account, and you'll report to ZigZig that you've made a payment.
What is a "Saving Circle?"
A Saving Circle is a way to connect with other people who share similar savings goals. You can add your ZigZig to a Saving Circle to be a part of a group. For example, if you are saving for a house with your fiance, you can link your ZigZig with a "First Time Homebuyer" Saving Circle.
Does this cost anything?
ZigZig is free to use, unless you have elected to use penalties as a savings incentive.
Can my friends see how much money I save?
Using ZigZig's privacy settings, you can determine how much or how little the outside world can see of your behavior on ZigZig. If you don't want them to see how much you're saving, we'll keep that information secure.
How do penalties work?
Penalties are an option for ZigZig users who want to give themselves an extra layer of accountability for saving for their goals. If you choose to give yourself a penalty, you'll enter in a payment method, choose the amount, and then every time you miss a payment date, you'll be automatically charged. So for example: Joe starts a ZigZig to save for a new car. He selects a monthly payment frequency in the amount of $400, with a payment date on the 17th of every month, and a penalty of $10. For every month he hasn't reported that he's made a payment, he'll be charged $10. Once again, penalties are optional.
What is the "ZigZig Credit Score"?
The ZigZig Credit Score is a measure of your performance as a saver on ZigZig. To improve your ZigZig Credit Score, make your payments on time, achieve your savings targets, and remain active on the site.
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