The idea of group saving

[Carpon]

There are so many organisations that have a scheme where all their benefiting workers will on a monthly basis, remit a particular amount which will be kept safe for them and given back at an agreed period of time.

This comes in many ways and other organisations do not give their beneficiaries their savings in cash but rather they give back in kind by purchasing some important items and this is mostly seen among workers who are married.

I see it as a good way to save without struggling with yourself since it is like a contract you signed which cannot be backed out from at any time unless the agreed period has elapsed. Usually, people involved in this make remittance at the point of salary collection and there are some groups that will take turns to give the money to each contributor per month. Others gather and invest such money and every contributor will have a share of the realised profit.

 

[Heartstrings]

It is a good idea and my brotherwas once part of such group, most people that engage in this group savings are those that has so much bills to pay and families to take care of. It is actually a good thing because it decipline ones in terms of financial aspect. It is a good way to save and the beautiful thing there is that you have no access to it till the agreed time. When it comes to saving,one has to be determined to save,else you will always feel reluctant at first,you will feel there is no need since the money is there.

Savings once saved one of my cousin. She was very down with malaria and typhoid and by then, salary was yet to be paid,my uncle has to immediately go to his savings and take care of her with it. This is what always motivate me to save,no matter how little because you will appreciate and applaud yourself for what you did someday.

 

[Richee84]

Savings should be a habit that should be encourage among every individual be it a business person or employee. Savings gives hope to individual in the future or gives one confidence when unforeseen circumstances happen that require the use of money.

We have individual savings and we also have group savings, all do have their advantages and disadvantages. Group savings is usually done by people who are closely related by blood, work, religion environment etc. Coming together of these people to save together in a joint pool gives them advantage to have good amount of savings at the end of the saving year.

Group savings usually use to have rules and regulations that bind every members to together. These help members to maintain the law and order they bind them together. Members enjoy higher money compare to individual saving. The member who's turn is to collect savings higher than what he or she alone has contributed so cause the person will receive all the total contribution by all members.

Group savings help to control financial indiscipline by members who can not control their spending. Each member must wait for his or her turn before he or she can be given his or her savings.

 

[sincerem]

The idea is quite good, but when it comes to saving money as a group and given it to someone amongst you, isn't that safe even if their is a legal contract or agreement between the group. Some persons are just unpredictable, you can't predict their next move, they can move away with anyone hard earned money without trace. That's why I prefer saving up money in the bank, at least it is a legal entity or enterprise. They bank wouldn't just move away overnight like someone who you gave money to save for you. I have series of micro finance banks on my end, if I truly want to do a long term savings, I'll simply lock my funds up to the extent I want to save it, when it is that time, my funds will be automatically unlocked for me to use and no stories at all.

 

[Etini]

I don't like group saving. It tends to put you under lots of pressure. You have to meet up with the agreed target whether it favors you or not. I prefer that people save money on their own a that they can don't at their own pace and convenience. I once was part of group savings and to tell you the truth, the pressure was too much.

I had to starve and deny myself of many things to meet up with the amount meant to be saved by members weekly. And they don't give room for any eventualities. As far as others are meeting up, you should also meet up. I prefer saving my money personally at the level I can at a particular time. It can be good for some people but it is definitely not my thing. I had to opt out and breathe as soon as I got the slightest chance.