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THE CULTURE OF SAVING

womensavingWhen the community members launched the saving scheme in 2012, it was such an uneasy thing to do as most poor people like our community members were living from hand to mouth but we do encourage the members to do some little savings from their earnings as the saying goes…….the one cent saved today is better than a million one plans to save tomorrow. This is the second year the LIA members of Acholi quarter have been saving.

Every Monday the minimum a member can save is 5,000/= and the maximum is 20,000/= and 200/= as fine for whoever comes late. The secretary does the recording of all the money collected and gives to the treasure who keeps in safe box. Members are allowed to borrow just 20% of their own saving   to avoid difficulty in paying and to uphold the purpose of the scheme. A little interest is charged for late paying and borrowing stops just on the 11th month of the year and the cash box is opened on every 22nd of December.

Last year the least amount one member saved was 235,000/= and the maximum was 940,000/=

At the end of the year, members realized the significance of saving because they received their saving as a surprise. Other were able to buy new cloths for their children, paid first term fees for the children, others renovated their houses and bought households like chair. One of the top savers including the interest earned, walked away with 1,300,000/=.     It looks little but to a person living on a half a dollar a day, it means a lot to them.

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