My Savings Plain

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.
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