Showing evidence for informal savings
in our country people save money in informal, interest-free savings circles called ballot committees. these are run by housewives, students, office workers, shopkeepers, even high-society ladies. Each member of a group of trusted friends or relatives contributes the same sum daily or monthly to a pool for a predetermined length of time, usually one year. Through a ballot, each participant is allotted a number indicating his or her turn. Every month, one participant gets the pool total. Everyone on the committee keeps contributing until each member gets a pot of cash.
If I have been saving money using such means how can i show its evidence....each month a specific amount has been withdrawn from my account and after 6 months has been transferred in the form of a huge amount....how can i show the evidence of this huge amount coming from the commitee?
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What are the three elements of savings?
The theme for Saves Week focuses on these three key components of savings: Set a Goal, Make a Plan, Save Automatically. Today let's focus on the first part of Successful Saving\u2013Set a Goal.What are the reason for low level of savings?
Income distribution Typically households on low income will have very low saving levels. They need to buy necessities and do not have the 'luxury' of being able to save. As incomes rise, households tend to have a higher marginal propensity to save.What is a saving instrument?
Savings Instrument means an interest bearing deposit in the Custodian's banking department of a type made available by the Custodian from time to time for investment hereunder.The subtlety of informal savings mechanisms
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