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Saving to get together

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Saving to get together

How to form a Saving Group

  1. Make a group together with 5 to 10 trustworthy people, probably they will be friends or family members.
  2. Decide who is to be the leader and who will be the record keeper.
  3. Make the rules for your savings group with your group members. Make sure everyone agrees with the rules.
  4. Every member will hand in the same amount to the leader for group savings. The record keeper writes down the money flow in a group ledger. A report should be made regularly.
  5. Group members get together regularly and discuss their problems together.
  6. When the money mounts up, group members can take loans from the savings, or the group can deposit some of the money in a bank.

Rules (Sample)

  • Members should attend the meeting regularly.
  • Each member hands in $10 to the leader at the meeting to be held on the 1st day of
    each month.
  • If a member misses handing in the savings, the member will be fined $1, which will
    be added to the total.
  • If a member does not hand in the savings for more than 5 months, the member will be
    automatically dismissed from the group.
  • When a member asks for money for an emergency or loans, the group discusses and
    decides if it is agreeable. The member has to return the money in 5 months.
  • Loans are available to 2 persons at a time.