Got a savings goal? Consider forming a savings circle

By HAL M. BUNDRICK of NerdWallet

Many people find it difficult to save money. But across the world, in tiny, close-knit communities, people often form savings circles. Members pitch in small amounts to a pool of money that is eventually distributed to those who contribute. Now, this empowering social money tool — known in some parts of the world as a sou-sou or tanda — is morphing into a modern savings option for those working to lift themselves up financially. A mobile app aims to help users save toward group or personal goals — such as reunions, trips or emergency funds — by inviting friends and family members to start saving together.