A way to save money in a unique sense

@SomeCowgirl (32271)
United States
March 24, 2012 11:44am CST
I was responding to a discussion here that actually sparked this one. There are ways to save money that some have utilized and it's quite unique. I USED to have a friend to whom's bf would take his money and cycle it. That is to say he'd go amongst a large group of trusted people, one of which would save everyone's money individually and safely. They would hand out numbers and would meet once per month, or maybe it was every two weeks. Either way, if your number was called you would get your money back at that time, if not you'd have to wait until the next meeting. Your money did not grow, but it was not spent either. You were able to save it instead of spending it and it could come in handy for when or if you needed it. I think if you wished to, you could re-cycle the money by getting another number when yours was called. What do you think of that idea?
1 person likes this
19 responses
@writersedge (22579)
• United States
25 Mar 12
I think that's why we have savings accounts. What if you really needed money and you coulnd't get ahold of that person? There are also safes where you can loose the key every once in a while, I'm great at that.
1 person likes this
@tonyllenium (6266)
• Italy
24 Mar 12
in my opinion it sounds strange..so you must trust someone to save your own money?mmh...probably it is better you should control yourself of your daily expenses and all will come much more simple and you cna save the same!!
1 person likes this
@SomeCowgirl (32271)
• United States
25 Mar 12
You write this as if you are saying I am the one to whom can't save my money. You'll forgive me if I find that to be offensive and an insult to me. I am not saying I can't save my money, I just thought of this after being told it months and months go.
@maezee (31510)
• United States
24 Mar 12
Ha ha, that sounds interesting. You could also just open a savings account like a CD that you aren't allowed to touch. I think the hardest thing is controlling our impulses to spend. I guess if you have to give your money to someone else to hold on to for months at a time, you probably have bad spending habits and can't control them. *shrugs*.
1 person likes this
@SomeCowgirl (32271)
• United States
24 Mar 12
It's funny you should say that about the bad spending habits. The people that I learned about this from, the woman was prone to spend her bf's money, and on things they didn't need. He kept on letting her though. Now a CD is not a bad idea, and one I've thought about doing myself.
@WakeUpKitty (8707)
• Netherlands
24 Mar 12
I think it's a stupid idea and you need to trust someone to take care of your money. If you don't earn more money you can also safe it in a banksafe or some other way. A large group of trusted people? With this economic crises?
1 person likes this
@SomeCowgirl (32271)
• United States
24 Mar 12
If you have it in the bank you have access to it. It's not a stupid idea, only if you do it with someone you can't trust. If someone else holds it you have to ask them for it, if the bank has it you can just go withdrawal it.
@lynboobsy11 (11346)
• Philippines
24 Mar 12
We also have that kind of saving here but the system is quite different. It's like a group of member who wants to join, let say 5 members, each members will have to deposit an equally amount of money every week or everyday to a certain person whom they trusted enough to keep their money and also who counts and put everything on record. And then after a month of keeping all the money that deposited in every week one must draw a name and she will have all the money that are kept. And then they will start all over again for the next month draw for other members. So on and so forth after all the members receive their savings. It's been a practice here in my country most of the friends are doing it just to save money, but sometimes there are problems too when someone whom they trust steal their money and their all gone.
@SomeCowgirl (32271)
• United States
24 Mar 12
That sounds about what I said above, but with a little bit of variation. It may actually be the way it is done here, I don't really remember what I was told about it for sure, so i just improvised what I couldn't remember. It is a good idea, but as you said only if one isn't scammed out of their hard earned money.
• Indonesia
25 Mar 12
i think you should go to a bank. and save there. instead trusting to someone else. it saver.
@SomeCowgirl (32271)
• United States
25 Mar 12
I did not do this at all. This is an example of what an old friend did.
@bounce58 (17524)
• Canada
30 Mar 12
That was a pretty common from where I grew up. I know my mom had been doing this when we were young (I don't know if she still does this with her friends). The only difference was, they'd know in time when they will have their share. They would draw lots one time, so they would know when they'll get all the cash. In the mean time, they'd continue putting in money regularly. I know it helped a few people back then who really needed the cash.
@JenInTN (27565)
• United States
30 Mar 12
That is an interesting idea. Does the group add a little to the funds every meeting or is it strictly what you put in to it to begin with? With my luck..my number would never be called but I guess that way I would never be broke either
@Cutie18f (9564)
• Philippines
25 Mar 12
I think a similar practice is being done in our place in many different offices. Every pay day, that is every 15th and 30th of the month, workers who join this sort of scheme would give a certain amount to the assigned cashier. Every pay day, someone receives the entire amount. It's like the participants contribute a certain amount of money for someone to get the entire amount every pay day. You pay the same number of payments as the other members and you also receive the same amount as the others. Yes, it is a fine way of saving.
@dogsnme (1266)
• United States
25 Mar 12
It's a unique idea I've never heard of before but I'd rather put mine in a savings account for one reason...it would earn interest. Also, the only people I would trust to do it like you said are my own family and you know what they would tell me to do with it? They would tell me to put it in a savings account. So, there you go.
@cruride (66)
• United States
25 Mar 12
There is a program at my mothers job call the susu. So there are 10 numbers and each number represents a payweek. There would be 10 numbers so 10 people would put in lets say a 100 dollars a payweek and when its your number you would get 900. It isnt exactly saving, but it helps indiviudals set aside a 100 a pay week so that they can get the lump sum to pay something off.
@alberello (4755)
• Italy
25 Mar 12
You see, from my point of view, I must tell you that this seems to me a a bit original idea. In the sense that I had never heard of before, in all ways, I have not fiduciate people with whom I could implement a similar strategy, but can not deny that I have a method of my own to put aside some money. This is to deposit the money "in excess" in a prepaid credit card (Already enrolled in the Paypal payment system). There also put also the extra cents, everything does! This system has led me to save considerable sums of money. However always available in case of necessity.
@scheng1 (24813)
• Singapore
25 Mar 12
Hi Somecowgirl, I would not trust this method of saving money. i would rather have the money in the bank, or in the form of gold bar/coin or silver bar and coin. I think if we stop taking credit card with us when we go out, and when we stop bringing more than enough cash for shopping, we will naturally save the money. There is no need to entrust our money to anyone.
@atwilson (540)
• Indonesia
25 Mar 12
its a good idea. thanks for sharing friend. i like it.
• Indonesia
25 Mar 12
Hello SomeCowgirl, in my country this way of saving money is exist and we called it as "arisan" I try to check on the Indonesian - English dictionary about the translation of 'arisan' but it is only says arisan = social gathering. but the description of Arisan is actually the same as how you described it in your post about cycling money with a group of people, and each 2 weeks or a month they would gather a meeting. the amount of money that they collect is depend on the deal between the group of the people, let's say $$5/meeting and if there are 10 people in the group then we would cycle $50. so in every meeting we would bring $5 and a person will collect $5 from each member, then they will withdraw a number/name, the person whose name was called will get $50. they will repeat this action every meeting until everyone got their money back . it is a nice way of saving money, not only we do not realize that we actually will save $50 instead of spending it but also we will have a great time bonding with the group of people. In the gathering we sometime have discussion about business or simply just chit chat with the other, to share experience and just refreshing our mind. my mother and neighbors has practice this methode since years ago, sometime it is not about the money but the time bonding between friend is totally priceless.
@bird123 (10481)
• United States
24 Mar 12
Can I be the one holding everyone's money??? I can get a rate of return parking the money even in a local bank. I'll end up with free money with the interest that the bank pays. Hmmmm??? Couldn't each individual do the very same thing??? Oh yes, there is that problem that people can't control their spending. Perhaps,that is what really needs to be worked on instead of trying to get around solving the real problem. OK, I'll give you a tip: When you find that item you must have, go ahead put it in your cart. Don't check out. Walk around the store and think. Ask yourself. Do I really need to buy this??? You will discover that the longer you walk around that store;the greater the odds are you will never buy that item. Managing money takes a bit of practice and work, however the results are always better.
@mensab (4208)
• Philippines
24 Mar 12
there are many variations to this idea. it is good for those who can't control their spending habits or those who need money in the near future. but for savings, i do not think that this is a good idea. saving per se carries a certain disposition to put aside a money for future use, and at the same time, allowing that money to grow. that, for me, is saving. suspending spending and using the money set aside looks like saving, but not for me.
• United States
24 Mar 12
That is a great idea. I am hoping to be able to do this once I start making friends out here. I like the idea of saving money and am trying so haard not to spend money on stuff I do not need especially since Randy and I are not working right now. Randy has a foot condition that is preventing him from working and I have chosen to take care of him instead of putting him in a nursing home or hiring a nurse. Are you able to do this yourself since your friends live far away?
@lowyder (282)
• Canada
24 Mar 12
sounds good i guess .. just confusing and i would just not EVER gibe anyone else my money i trusgt no one any more ive been outted to many times id say get a safe thro it in there or invest would be smart get some gold like a bar . or get a safe or throw into a bank account i just couldnt feel safe if something ever happened ur circle would be $%^&!ED ..lol but if it works keep it up i just find money so hard to hold onto so i know ppl around my area and there even worse wtih money so i just dont have enough realll freidns i could trust someone