What do you think of weekly thrift contributions as savings?

[Etini]

There is a kind of savings scheme in my place called contributions. It involves people coming together in a specified number to contribute a particular sum of money into a central purse within a specified period. It could be weekly or monthly.

A member of the group takes the whole contribution every round that contribution is made, after which another member takes same too, till it goes round for every member.

It has the unique advantage of helping the members of the group save money and provide bulk funds for members to use for capital projects. Do you have thrift contributions in your country? How is it run? Have you ever been part of one?

 

[Holicent]

This is a very good way of saving and empowering members of a group. This form of contribution will motivate and push you to keep up with savings because if you don't meet up the due date, you would be fined. For someone looking forward to startup a business or invest on something, at the time you are to get paid, you will have all the contributions from each members, you know how much that will be, you can use it to sort out things while you still contribute other member's.