The idea behind Looma is pretty simple. It helps balance how you spend and save money. For example, if you spend too much on clothing, with Looma you can do it guilt-free. How? Every time you buy that new pair of shoes, Looma will take an additional letâ€™s say 5% of what you have spent on those shoes and store the money in your Looma account. Itâ€™s like taxing yourself for your bad spending behavior.