LAY DOWN THE RULES

You’ll need to agree on a few rules, such as how much you’ll be saving and what happens if a member skips a contribution or leaves. You also need to appoint someone to keep track of the contributions, as well as decide where you’ll be saving (bank account, investment and so forth) and when or how often you’ll be meeting. ◗ Contributions Firstly, you need to decide how much each member contributes monthly. If everyone contributes the same amount, for example R250 or R1 000 a month, it’s easier to equally divide the capital and interest at the end of the savings period. You need to set a monthly payment date, as well as a date on which the total savings will be paid out.

◗ Members leaving or not paying Noluthando suggests fining members for nonpayment. They can either pay the fine the following month, or the amount can be subtracted from their savings amount at the end of the period. The fines will be added to the overall savings and divided between the members. And it should be agreed on that anyone who withdraws from the club will only get their money at the end of the year. ◗ Bookkeeping Depending on the club’s size, you need to appoint one or more members to take care of the bookkeeping and to ensure everyone pays their share. For example, if you have 10 members, choose three to pursue nonpayers and invest the money. If your investment is in a bank savings account, the treasurer and at least two other members should have signing rights. Because you’re