The Women Merry Go Round Money Savings Investment
The money saving technique done by middle class and people living below the poverty level, for those who are not familiar with this system of saving money by women I would elaborate a little bit more of what happens but mostly this is where many women get to discuss their husbands, what he is does, I did this and he changed, your idea was good. It just a gossip breeding and nurturing grounds
How it works
Women of the same idea, age or neighbors get together with the aim of saving money, once the number reaches about 10 members; they elect the treasurer who will be keeping the money. But in most cases the person to keep the money is hand pick by members based on unknown criteria after electing the person to be in charge of keeping money they move to give themselves numbers randomly and this can be done by one member writing small pieces of papers from number 1 to 10 and then folding them for members to choose. Everybody picks her small paper unfolding it and telling others what her number is, the chosen money keeper then write down the members and their numbers for money distribution purpose.
Once every member has known who is number what and who is following whom, it’s time to get to the business of get together, the collection day of the money is set and the amount to be given to the keeper is agreed upon and mostly ranges between $1 - $5, each and every member will be giving the money keeper her money and mostly this is done on a weekend (Sunday). Once you have submitted the money the person who was number in the list is given the money for her use as the loop continues till the last person got her fair share.
The Questions is: Why open a saving account and be saving your money rather than giving somebody else to keep the money for some time and then gives it back to you
Why Women Like Merry Go Round Saving and Giving
During these meetings it’s all talk about so and so and what going on about the neighbors, it’s more of gossip than finding ways to uplift themselves financially and no learning never takes place for majority of women practicing the merry go round, they can do it for 5 consecutive years buts still will have the same financial problems. To some it’s just a gossip breeding ground.
Challenges facing the women merry go round saving and Giving
The so called treasurer can decided to escape with a week’s collection and everybody will lose her money. There is no guarantee that all members will contribute after receiving their share of saving. It thrives on good will of the members. There are no basic laws governing the membership. No vision and mission that each member wants to achieve for the get together. Most join as friends and end up as enemies and this about 20%of members will have some 80% enemies in the group
But some women with vision and ideas normally bring out a structure that helps some of this informal saving and giving scheme which is sometime a plus