As of last year, I was totally against the idea of saving money with a group.
Hold on, let me explain this first.
The process involves joining a group where everyone contributes a specific amount of money on a stipulated day of the week, month, or year, as the case may be. At the end of each round, the total amount contributed is given to one person in the group, and the process continues until everyone has received their turn. It's a means of saving money, accumulating a substantial amount over time, and using it for something tangible.
Before this year, I was completely against this because I believed I could save money by myself, such as by converting my money into crypto and saving it in USDT. However, I struggled to maintain that because I lacked the discipline to stay consistent. Sometimes, I would run out of money to deposit into the account I normally used for saving, and since there was no external pressure or commitment, I wouldn't be motivated to find a way to make the deposit.
Earlier this year, however, I took the bold step of setting aside my doubts about the system and decided to join one of these groups. I must say, it has been one of the best financial decisions I have made this year.
I won't lie, keeping up with the weekly deposits has been rough and tough, I have managed to maintain my streak. One of the reasons for that is that anyone who misses a deposit has to pay a fine. This is something that I couldn't implement in my personal discipline when I was saving in crypto. That extra level of accountability has encouraged me to remain consistent.
So far, it has been working out well. I've been able to save money consistently, and at the end of each cycle, I receive my money as a lump sum, which I can then use for something tangible or to settle a financial obligation that requires a significant amount of money.
Although the amount of money I've been saving hasn't been much, it has helped me develop the habit of saving and using the money for something meaningful. Unlike before, when I struggled to save because I would deposit money into my savings account and, before long, find myself withdrawing it whenever a need arose, this system has given me the discipline and commitment that I previously lacked.
Thanks for reading.
This is my entry to Indiaunited contest
The photo used is mine
