Good afternoon to my lovely families on this group
My means of saving this year will be through special savings.
There are many means of saving, and I've tried a few but they didn't work out well for me, because whenever I have an emergency, I rush to it quickly. I've tried using ('kolo') kolo, which is a local cash box in Nigeria that's made of wood, clay, or iron. it's called a "Piggy Bank". In English and now modernized. But it didn't work for me because I break it easily whenever needs arises.
And secondly, with mobile apps, this even worst, whenever an emergency occurred, I forced a withdrawal even though my money would be deducted because I didn't meet my target date. So that has failed me as well. So, I'm trying credit and thrift co-operative society this year with what is called special savings.😊
Special Savings is a type of savings scheme offered by co-operative groups or society, where members can make special deposits that are not used in calculating interest or loans until three months after the deposit is made.
Co-operative groups offer a special savings scheme that allows members to save money and access loans at favorable interest rates. Here's how it works.
Benefits of Special Savings
Higher Interest Rates: my co-operative society offer higher interest rates on special savings deposits,with an interest rate of 10% per annum
Access to Loans: Members can access loans using their special savings deposits as collateral, with 2 members from the group as guarantor often at lower interest rates, as low as 1% monthly than traditional banks.
Flexibility: Members can usually withdraw their special savings deposits after a specified period, often with a notice or awareness of 2 months ahead.
Meetings are usually held once a month, but I've collected the bank account and explained my plan to the excos that whenever I have money at hand, I'll do the transfer and keep the receipt till the next meeting, then they'll enter or collate it to the month's total together.
I think with this year's plan, I should be able to save properly and even receive interest on it. So here's my plan.
@indiaunited/indiaunited-new-contest-and-last-88df8c4d4f3a7
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