Shaf
Verified member
This is one method of saving money that is very popular over here. A number of people come together to create a group simply for the purpose of saving money. Some of them register the group as an official organization.
Every month end, or every quarter, each member contributes a fixed amount of money as agreed upon. This money can be used to finance a business, or it is all given to one person. The cycle continues till each member receives the same amount.
Some people may choose to contribute varying amounts of money. You can then request for the money after a period of one year and above. There are charges on this strategy. With this type of savings, you can also request for loans from them too to finance a project.
Saving money as a group has its advantages. It makes it easier to discipline yourself to save. You also don't have access to the money so you can't use it anyhow.
Every month end, or every quarter, each member contributes a fixed amount of money as agreed upon. This money can be used to finance a business, or it is all given to one person. The cycle continues till each member receives the same amount.
Some people may choose to contribute varying amounts of money. You can then request for the money after a period of one year and above. There are charges on this strategy. With this type of savings, you can also request for loans from them too to finance a project.
Saving money as a group has its advantages. It makes it easier to discipline yourself to save. You also don't have access to the money so you can't use it anyhow.