What is a Saving Circle?

Every time, we think about friends we generally think about going out or hanging out together. Most activities revolve around spending money. We rarely talked about savings together. That is because we are very protective when it comes to our personal finances. In addition, trusting people with our money is challenging. Nevertheless, co-saving is a powerful tool to reach our goals, whether we want to buy a house, or even to pay for college. Also, it helps people reach common group goals such as birthday gift, or any major collective projects.

Takeaways: What is a Saving Circle?

Saving circles also known as co-saving is a century old mechanism. It is a  common practice in societies without easy access to banking. Researchers and scholars called it rotating savings and credit associations.

Takeaways: How does it work?

This a collective mechanism to save with a group without having a bank account or getting into more debts. The total amount collected belongs to the entire group members.

Typically, a group of people will come together and decides to improve their lives.

 Steps guide to set up a saving circle: Before

a. Find like-minded people

There is no required number. The key here is like minded people make sure you are all on the same page with the same vision, the same values, and objective in life. Also verify the financial aspect to make sure they can afford the monthly, quarterly, or weekly contribution.

As a recommendation, I will keep it under 12 and set weekly or monthly contributions.

b. Draft a constitution

A constitution is a set of rule that everyone abides by. This is a critical component because you are not just juxtaposing people but you are setting up a lifestyle. Those rules will govern how you guys operate it includes meeting time, contribution amount, meeting period, the profile of members, how to set up contribution, how to distribute money, what to do with the money, how the account will be managed, etc…

As a recommendation, set a steering committee of 3 can draft the initial paper that will be presented to all for collective editing and finalization.  Then a legal advice to ink everything.

c. Legal framework

It is important to acknowledge that a saving circle is an agreement between a group of people to execute certain operations. Consequently, it has to be enforced with a legal framework. That is why all members have to assert and accept the rules and regulations that govern the activities. If any member Fail to meet its obligations they will be sanction.

Always get assistance from a lawyer or an experienced person to avoid any disputes. The legal professional will review the constitution to make sure its meet local, state and federal requirements.

Steps guide to set up a saving circle: During

d. Meeting period

You have to set up a time when you all come together for meeting and to discuss all issues related to the organizations. You can share ideas on what to do with the fund or share your current issues. The quality of the encounter is enhanced by making it enjoyable with some social activities. In addition, if the entire saving period is 12 months, everything ends after 12 months. Thus the entire fund plus the interest generated is shared equally among all members.

I will recommend meeting once a month. Then you will have more to share and talk about. The meeting is rotative and hosted by each member.

e. Contribution

The contribution aspect of is the reason why you came together. Every time you meet everybody chips in his contribution. One person can contribute twice if their wish. as an illustration, if you decide to meet every month then every month be prepared to contribute the amount predefined. Then the host gets a chance to take all the money contributed that day minus a retained amount of maybe 1% to 5%. Or you can decide to just keep contributing and to divide the money equally at the end of the circle.

Steps guide to set up a saving circle: After

f. Dissolution

Actually, a saving circle is set for a specific period of time. A dissolution is recommended after you reach the set time. Equally, that leads to interest distribution among all members. However, you can decide to continue as a common agreement.

Before starting the dissolution process, you have to make sure everyone is on board and that’s the direction the majority of members are comfortable. Some saving circles are so well managed that the amount generated as interest made the members millionaires.

Advantages of a Saving Circle

  • Provide monetary access for people with no access to the traditional banking system.

All circles help a lot of people by providing them access to financial security and stability. The money they make can easily be stored in the organization bank account. Typically there is a person that walks around to request for contributions.

  • Access to cheap money

Being part of a saving circle is a great way to save money for any goal. In addition, the money saves if well managed could be placed by all members toward a high-interest rate yielding account.

  • Goals

Usually because of this method members can plan ahead and project them in the future with goals. It could be short term, mid-term and even long term. It is all about planning and joining the right organization. More importantly setting yourself specific goals to achieve, sharing with members so they can keep you on track.

  • Accountability

It is probably the most critical attribute of any circle. In fact, during the evaluation process, the assertion always starts with a thorough accountability assessment. Consequently, they will check every important aspect of your life. To confirm you have a high level of accountability. Most likely the only way to join an organization is by referrals,

In conclusion

Saving circles might not be for everyone, but it is certainly one of the most effective to reach your financial goal. Today with modern technology more online options are available to ease the process. Apps like https://twine.com or https://www.tandasavings.com are the latest way to save together with partners, family, friends or even strangers.

 

 

Save Money on Groceries : Grow your own food

To save money on grocery is not an easy task. Especially if we want to maintain a healthy diet lifestyle. Nevertheless If you breakdown your grocery budget, you will notice fresh vegetable especially organic veggies represents a huge part of the budget. As a consequent, by leveraging the space you can substantially reduce your fresh vegetable budget. There are probably many options available but this article will illustrate how you can save money by growing your own veggies.

Takeaways: Save Money on Groceries

This article focuses on the most common veggies used while cooking. Like basil, green onions, tomatoes, carrots, and bell peppers. Even better if you have a garden you really save big. Image how much money you can save every week if you grow these veggies. Below find how you can grow them.

  1. Basil leaf (0.75oz) from $2.49 at a grocery store

Growing basil indoor can be challenging because it should be planted an in well-drained, nutrient-rich soil and it requires good lighting. A plant of basil yields about 9 0z or 7 cups of leaves. That is approximately $30 savings with one plant. You can buy a plant in a pot for approximately $6 and utilize your window sunlight.

     2. A bunch of green onion (4.5oz) from $1.29 at a grocery store

Green onions are the easiest veggies to grow and it grows very fast.  All you need is a container and water. Place the roots down in a jar or glass with enough water to cover the roots. Place the jar on a sunny windowsill and change the water every few days. That is it. You will have an endless supply of green onions all year round. You save anywhere between $5 to $10 per month. Moreover, the quantity will depend on the size of your jar. But you can expect to harvest at least 2-3 times per week

    3. Romaine Lettuce (22 oz) from $2.69

Chances are you are buying a head once a week. Actually, you can regrow it from the stem. Simply place the stem in a bowl and fill it with water. You should see the result within days and complete full lettuce within  2 weeks. But unlike green onion regrowing romaine lettuce won’t provide you with an endless supply. Depending on the size of your bowl you can expect to save good money between $10 to $50 per month. In addition, you are safe to grow your own romaine lettuce.

    4. Organic bell peppers ( red) from $1.59 each

Bell peppers can be extremely expensive depending on the variety and on where you buy them. But to grow them you will need the appropriate soil, space, and light. However, you can leverage always your porch or your garden. You can save a substantial amount of money if you grow your own peppers. Your total saving could reach $50 per month.

In conclusion, growing your own food or regrowing  food will:

  • Trim the grocery bill you can expect to save from hundreds of dollars to even thousands per year.
  • Supply you with fresh, healthy organic food.
  • Build a healthy life.
  • Possibility of having a zero dollar spend on grocery if you push the idea further.

If you can utilize your kitchen, porch, garden. You can always check community gardens around you.

 

 

 

How to Make Money Online

How to Make Money Online

To make money online is pretty easy nowadays. Indeed, internet penetration has helped people make a lot of money. Typically, you can either take home income passively or actively. In this article, we will explore those options.

Passive income:

Passive income requires an initial effort. You have to put in the work first in building a product or service normally 15 days to 90 days. Revenue generating through passive income takes time, the rewards come in later. The video below explains and details how you can make it works. This video from Nate O’Brien illustrates these perfectly with more than 1million views and counting. The video is well edited.

Active income:

Active income requires permanent and constant work. If you don’t put in the effort by working you can’t get money. You can do it during your free time or dedicate maybe 1 to 2 hour per day and you can to take home a substantial income.

Summary: Make Money Online

This video practical wisdom summarizes both ways. It brings together the best ways. In my opinion, it is important to mix both. You can have an active income and a passive income. By doing that you can definitely improve your life for good.

ORIGINALS

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How To Save Money On Groceries : Group Shopping

How To Save Money On Groceries

Saving money on groceries is a top priority every time we receive our paycheck. That is because it is an uncompressible expense. Even though they are many strategies to reduce your grocery budget. We felt empowered to share with you the below strategy that revolves around building a strong community. Indeed group grocery shopping if well though with reliable people can be a win.

How does it work?

  1. Find a reliable person or group of people. It could be your roommate, your neighbor, your co-worker or your family member.
  2. Agree on a routine shopping date
  3. Set an individual shopping list
  4. Analyze the list and check common products such as toilet papers, fresh produce, rice, meat, etc…
  5. Make a separate list of common products.
  6. Determine the quantity each need and prorate the budget accordingly. For example, you can buy a box of paper towel then proceed with various allocations.
  7. Choose a leader who will do the purchase on behalf of the group
  8. The bill is split according to the group agreement
  9. After the purchase, you can start sharing with due respect to each person’s requirement and needs.
  10. Evaluate how much you have saved yet the tradeoff is higher because you put in the time and energy.

Takeaways: Saving Money On Groceries

  1. The strategy will enable at least 10% savings on grocery shopping. Nevertheless, it would be extremely hard to convince people to join. By showing upfront all savings they can make, chances are the mindset will shift. It is all about value.
  2. You will save money and the environment because it will eliminate or reduce waste as an unintended strategy.
  3. You will be exposed to additional options and more products possibilities because of the saving realize.
  4. An increase in your disposable income.

How to Fill Out a Postal Money Order : 10 things to remember

How to Fill Out a Postal Money Order

Postal helps people move packages and it also provides a vast variety of financial services including Postal money order. If you are looking to fill out a Postal money order for the first time? Master these things to avoid any mistakes. Indeed it is important to make sure everything is filled out correctly and properly.

10 things to remember

  1. The amount you paid matches the amount printed on the money order.
  2. Keep track of the location where the money order was purchased in case of any disputes or issues.
  3. Write the  Payee Name: the name has to be an exact match with the recipient government issued ID. Typically, the line starts with “pay to the order of”.
  4. Write the account number if you’re paying a bill. It’s very common to find money orders that have a “payment for/account number” field.
  5. Fill out your information as the purchaser/remitter/sender in the respective field. In addition, use your full legal name and your current mailing address.
  6. Sign the front of the Postal Money Order: This makes the money order official. The back is to be signed by the recipient before collecting the money.
  7. Keep the Money Order receipt: As proof of purchase, it has tracking information for monitoring. Also in case the money order is stolen, misplaced or lost you can use the receipt as a reference. Store the money order in a safe place. Usually, the detachable part should be your receipt.
  8. Where to find Money Orders?  Money orders are only available at banks, credit unions, financial institutions, post offices, delis, and some retail chain stores.
  9. How to purchase a Money Order? You can purchase a Money Order with cash, traveler’s checks or your debit card. However, you can take advantage of the cash advance perks of your credit card. But it would generate high-interest rate and fees.
  10. Amount limit: in general Money Orders are limited to less than $1000.

 

How to Fill Out a MoneyGram Money Order : 10 things to remember

How to Fill Out a MoneyGram Money Order

MoneyGram helps people move money abroad and it also provides a vast variety of financial services including a MoneyGram money order. If you are looking to fill out a MoneyGram money order for the first time? Master these things to avoid any mistakes. Indeed it is important to make sure the form comes out correctly and properly written.

 

 

10 things to remember

 

1. The amount you paid matches the amount printed on the money order.

The last thing you will want to avoid any mistakes or discrepancies between what is written on your money order and the amount you need to send.

2. Keep track of the location where the money order was purchased in case of any disputes or issues.

Money order services are available in many locations around your city of residences. However, each has a unique identifier. Hence, going back to the exact location where the operation was performed is often recommendable for any fix. Even though, you can take advantage of the 24/7 online customer service.

3. Write the  Payee Name: the name has to be an exact match with the recipient government-issued ID. Typically, the line starts with “pay to the order of”.

This is a very critical step. I will suggest before writing the payee’s name. You request a picture of the person’s government-issued ID. As a consequence, you will know the proper spelling and the name order of the recipient. Because if there are any mistakes either in the name orders, or spelling the payment will not be processed.

4. Write the account number if you’re paying a bill. It’s very common to find money orders that have a “payment for/account number” field.

Before you write the account number make sure you double-check the account information properly.

5. Fill out your information as the purchaser/remitter/sender in the respective field. In addition, use your full legal name and your current mailing address.

10 things to remember: Continued

 

6. Sign the front of the MoneyGram Money Order: This makes the money order official. The back is to be signed by the recipient before collecting the money.

MoneyGram Money Order is just like checks. You have to have to sign the front to make it valid. In addition, the recipient have to endorse it by signing the back.

7. Keep the Money Order receipt

As proof of purchase, it has tracking information for monitoring. Also in case the money order is stolen, misplaced or lost you can use the receipt as a reference. Store the money order in a safe place. Usually, the detachable part should be your receipt.

8. Where to find Money Orders? 

MoneyGram orders are only available at banks, credit unions, financial institutions, post offices, delis, and some retail chain stores.

9. How to purchase a Money Order?

You can purchase a Money Order with cash, traveler’s checks or your debit card. However, you can take advantage of the cash advance perks of your credit card. But it would generate high-interest rates and fees.

10. Amount limit: in general Money Orders are limited to less than $1000.

 


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How To Send Money Abroad With MoneyGram

How to send money abroad accurately and completely

Sending money abroad to a person or an entity in a different state, city, country or continent can be daunting. Even though nowadays we have multiple options available. However, one of the most popular companies to send money abroad is MoneyGram. This self-explanatory video will enlighten you with a step by step process.

Takeaways: How to send money abroad with MoneyGram

This service addresses one of the challenges of financially underserved communities. Indeed all the recipient just needs a simple government issued ID and the sending number. Plus, immigrants appreciate the service as it is an easy means to send money home. Consequently, helping their loved ones stayed at back in their country by providing financial reliefs. Furthermore, the service has the advantage of representation as it can be found pretty much everywhere.

The service is affordable but it has its limits. Actually, some countries set limits on how much money can be received. Thus it is important to ask that information before sending. Moreover, there is a transfer limit that applies when you use the service to send money. The transfer limit depends on many factors.

5 things to remember

A. Make sure the name of the recipient reflects what is on his government-issued ID.

B. Check the availability of a local agent where you are sending the money.

C. Check the currency rate to adjust the money you are sending.

D. Check country limits restriction

E. Find out if you have any limits restriction.

How to Fill Out a Western Union Money Order : 10 things to remember

How to Fill Out a Western Union Money Order

Western Union helps people move money abroad and it also provides a vast variety of financial services including a western union money order. If you are looking to fill out a western union money order for the first time? Master these things to avoid any mistakes. Indeed it is important to make sure everything is filled out correctly and properly.

7 things to remember when filling Out a Western Union Money Order

  1. The amount you paid matches the amount printed on the money order.
  2. Keep track of the location where the money order was purchased in case of any disputes or issues.  Indeed, you can always go back to file a claim and it would be easily check in the record.
  3. Write the  Payee Name: the name has to be an exact match with the recipient government issued ID. Typically, the line starts with “pay to the order of”.
  4. Write the account number if you’re paying a bill. It’s very common to find money orders that have a “payment for/account number” field. Typically you will find this useful option in some countries.
  5. Fill out your information as the purchaser/remitter/sender in the respective field. In addition, use your full legal name and your current mailing address.
  6. Sign the front of the Western Union Money Order: This makes the money order official. The back is to be signed by the recipient before collecting the money. This is a very important attribute, make sure to emphasize it to the attribute.
  7. Keep the Money Order receipt: As proof of purchase, it has tracking information for monitoring. Also in case the money order is stolen, misplaced or lost you can use the receipt as a reference. Store the money order in a safe place. Usually, the detachable part should be your receipt.

3 things to remember when buying a Western Union Money Order

  1. Where to find Money Orders?  Money orders are only available at banks, credit unions, financial institutions, post offices, delis, and some retail chain stores. Every single neighborhood has a location or just follow the yellow and black logo.
  2. How to purchase a Money Order? You can purchase a Money Order with cash, traveler’s checks or your debit card. However, you can take advantage of the cash advance perks of your credit card. But it would generate high-interest rate and fees.
  3. Amount limit: in general Money Orders are limited to less than $1000.

 Conclusion

Western Union, money order is pretty simple and easy to fill out. Chances are you will find extra help if you are stuck in the process. Moreover, don’t hesitate to ask for assistance if needed. In addition, the service is widely popular and they have done a good job of expanding their offerings. Consequently, don’t be surprised if you see multiple options at any of their locations including online services. Always remember to send pick up references to the recipient. Be as specific as you can to make sure the recipient gets all the details. Make sure the receiver has received the amount.

 

 

How To Send Money Abroad With Western Union

How to send money abroad accurately and completely

Sending money abroad to a person or an entity in a different state, city, country or continent can be daunting. Even though nowadays we have multiple options available. However, one of the most popular companies to send money abroad is Western Union. This self-explanatory video will enlighten you with a step by step process.

Takeaways:

This service addresses one of the challenges of financially underserved communities. Indeed all the recipient just needs a simple government issued ID and the sending number. Plus, immigrants appreciate the service as it is an easy means to send money home. Consequently, helping their loved ones stayed at back in their country by providing financial reliefs. Furthermore, the service has the advantage of representation as it can be found pretty much everywhere.

The service is affordable but it has its limits. Actually, some countries set limits on how much money can be received. Thus it is important to ask that information before sending. Moreover, there is a transfer limit that applies when you use the service to send money. The transfer limit depends on many factors.

5 things to remember

A. Make sure the name of the recipient reflects what is on his government-issued ID.

B. Check the availability of a local agent where you are sending the money.

C. Check the currency rate to adjust the money you are sending.

D. Check country limits restriction

E. Find out if you have any limits restriction.

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