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What i have learned about group savings, loans and group interests. 

By on December 29, 2016

Heey beautiful people, today i would like to share with you something about business  i learnt last night at our cousins’ meeting.
In a business set-up especially partnership, there will always be those members who are active in the group and those who are Joy-riders, that is they don’t attend meetings, they don’t take part in contributions and are always fine with every decision that the group says.
Regardless of how related or close you are, it is advisable to keep proper accounts both in terms of membership and contributions. Quarterly revision of the money is vital and that is the work of the treasurer. I also learned that presence of an audit in the group is important. The auditor will review the work of the treasurer and the group as well depending on the group’s objectives and budgets.
Something else i learnt was on investment. Investing does not mean that you have to come up with something very big that might be difficult to attain in future. An mpesa can function as well, in that the group can decide to withdraw some of their savings, say kshs 20,000 and give it to one person in the group who might be venturing into the mpesa process so that so that the money comes back with interest, maybe kshs 3,000 more after a certain financial period, and the process continues.(this can take place with any type of suitable business idea).
We argued about the lei man’s meaning on the difference between investment and savings.We argued a lot which was good for brainstorming people’s minds (i loved that). It was at 3 am which was okay for keeping people awake and expand their minds on the issue of investing and savings for the entire group. Finally we came up with the right meaning which was ;a sum of money that an individual or group comes together with the intention of investing on a particular project, either short-term or long-term for financial gains. For example ;I come up with a business idea to start a restaurant, so i will invest using my bank account and savings, and when the money is enough i withdraw it from the bank, build a hotel where the same hotel will give some income through the clients that will be attended to.
About loans, a group can decide to have some guidelines on loaning.that anyone who requests for a loan must have cleared their contributions and payment should come with some interest in it.
I hope you have learned something from this too. You are free for any clarifications.

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  1. The FinanceGirl

    December 29, 2016

    Reblogged this on The FinanceGirl.

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DORCUS JOY OBURA
Nairobi, Kenya

Hello World, my name is Dorcus Joy Obura(Mpeggyjoy) welcome to the world of financialistas where i impact people's lives with personal/lifestyle finances,world/trends in finances,how to account and manage finances. We all have our financial vision to be wealthy and rich and to be confidence on the decisions we make with our finances. I'm a twenty-two year old lady with the passion for personal finance,world finance and wealth building.i honestly believe that my purpose is to help and serve to their satisfaction,hence helping them grow and develop towards their financial freedom.As a teenager my purpose is to read necessary financial stories and trends and get acquainted to world's finance.I believe this will help me grow and you as well.See the 'About' tab above for additional details.

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