Rotating Savings

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Rotating Savings

How it works?

A rotating savings(RS) uses a common fund that individuals contribute a set amount to on a regular basis(usually monthly), while one member withdrawals the funds at each meeting.
Definition of rotating savings(RS)
- An organizer gather N-1 other trustworthy individuals, that is in total of N people.
- The organizer establish a RS for the amount of fund, F * N, where everyone contribute F at the beginning.
- At the beginning of each of the following month, each member except the previous recipients will bid to become the fund recipient.
- Member with the highest bid would take home the F * previous recipients + (F - highest bid) * (N - self - previous recipients).
- At the end of the first month, the organizer(first recipient) would take home a lump sum of F * 0 + (F - 0) * (N - 1 - 0) = F * (N - 1)
Rule of rotating savings(RS)
- If we have a tie on bid or nobody bid, we will draw lots to decide.
- Organizer will be in charge of collecting money.
- Each member should pay the organizer in 3 days.
- Convo will take 5% service fee from each bid.
- Bid winner of the month must submit their UMID picture and a promise note to the organizer.
Example of rotating savings(RS)
- An organizer gather 4 other trustworthy individuals, that is in total of 5 people.
- The organizer establish a RS for the amount of fund, 200 * 5 = 1000, where everyone contribute 200 at the beginning.
- At the end of the first month, the organizer(first recipient) would take home a lump sum of $200 * 0 + ($200 - $0) * (5 - 1 - 0) = 200 * 0 + 200 * 4 = $800.
- At the beginning of the second month, assuming the highest bid is $50 by A, A would take home $200 * 1 + ($200 - $50) * (5 - 1 - 1) = 200 + 150 * 3 = $650.
- At the beginning of the third month, assuming the highest bid is $30 by B, B would take home $200 * 2 + ($200 - $30) * (5 - 1 - 2) = 200 * 2 + 170 * 2 = $740.
- At the beginning of the fourth month, assuming the highest bid is $10 by C, C would take home $200 * 3 + ($200 - $10) * (5 - 1 - 3) = 200 * 3 + 190 * 1 = $790.
- At the beginning of the last month, D would take home $200 * 4 + ($200 - No bid) * (5 - 1 - 4) = 200 * 4 + No bid * 0 = $800.