So I met some very interesting people this past week, while working for a bit in Canada. The conversation of money came up and I discovered a new {well, new to me} way to save money. It is called a sou-sou. It is popular with Caribbean and African cultures. Let me explain my understanding of how this works...... A group of friends and/or family get together and contribute the same amount of money into a "savings account" every month, week, bi-weekly, whatever works for the group. Then each member picks a month that they get to draw from the sou-sou. For example, if there are 10 people contributing a total of $100 per month. That would mean the sou-sou would have $1,200 each month for a person to draw. Each person then picks a month either by mutual agreement or by drawing a month out of a hat. If you draw October, then in October you get the $1,200 for that month to with what you wish.
This tradition started as a means for people to get the down payment for their houses or other large expenses, when credit from a bank was not available. The sou-sou has been around for generations and is still very active in Caribbean and African communities today. There are different amounts that are contributed as well as different time frames for saving the money, but everyone benefits.
What are some different ways you save? What would you do with your sou-sou draw?
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