Is it really possible to get out of a tight spot, pay off debts, and have money to donate to good causes at the same time? It is now, with Money SweetSpot.
Money Sweetspot is a new kind of lender that exists for social good — helping people reset their loans and finances to get out of high-cost, harmful debt. Everyone who commits to their financial reset has the opportunity to give a hand up to their wider community too, with money to donate to charitable causes that they choose.
Every customer receives a $20 charity gift card from The Good Registry as soon as they begin their financial reset. If they stay the course, every three months they get another $20 Good Gift Card to spend — so every customer has the opportunity to donate $100 a year to charities that they choose. They have 65 causes they can choose from at The Good Registry and can donate to one, or donate to many.
Co-founder and CEO Sasha Lockey says it’s an opportunity for generosity that people wouldn’t normally associate with a loan. But generosity is 100% what Money Sweetspot is about.
“When we were setting up Money Sweetspot we knew we wanted to support charities, but it was really important that our customers decide where that money goes. It’s about flexibility and empowerment — each customer donating in a way that resonates for them, not just giving to cause Money Sweetspot chooses.”
It’s also about acknowledging and celebrating customers for the progress they are making in their financial reset in a way that reinforces empowerment, and creating good habits.
“For all people in New Zealand, especially at the moment, it takes work to stay on top of your finances and we wanted to acknowledge and celebrate people for committing to their own financial reset in a way that also creates a community outcome.”
“We are building the habit of staying on top of their financial reset, and over 3-4 years that they might be on their reset those habits become part of the way the whānau operates, even past the financial reset.”
Sasha says the feedback has been “epic”.
“People have been enjoying spending their gift cards and supporting causes that they choose, and it is something that they maybe don’t otherwise have the capacity to do at the moment.
“It’s building a capacity for generosity. As people become unburdened from high cost harmful debt their capacity for generosity will increase. And that contributes to building the ‘aroha economy’ — the capacity for people to be connected to their community, which has long term benefits for everyone.”
Already Money Sweetspot has their first 60 customers (with the opportunity to collectively donate $6000 for good causes this year) and they’re targeting 4,200 customers by mid 2024.
“Imagine the goodness that can be achieved in a really short time!”