There are many methods in todays technological age to help with your financial stability. Whether it’s trading apps, investing in stocks, or even apps to keep money in a savings account. However, there is a new method that is still a bit unfamiliar to the masses, but if done correctly can be a legitimate way to save and grow your finances amongst family and close friends.
A susu, sou-sou, or a rotating savings club, is an informal savings money arrangement within a small group of people. How this works is that people within this group put in an equal amount of money either weekly, bi-weekly, and even monthly. The money pool, also sometimes referred to as “total hand” is then paid to one member in the group at a scheduled time, and that process rotates until each person is paid. So, for example, if ten members are contributing 300 dollars a week for ten weeks, each week one member will receive 3000 dollars. There is usually a designated person in each group that handles the groups contributions and distributes it back to them accordingly.
These money saving tactics are more practiced in smaller countries in Africa and the Caribbean. As the times evolved, this method remained the same amongst many women in those countries as a tactic to save. According to Essence, in the past, housewives in African, Caribbean, and even some Latino and Asian communities would use this tactic as a…