Friday, April 30, 2010

Pooled Susus: C'mon in! The water's fine

Just in time for summer, is proud to offer Pooled Susus. The latest way to save is great for any large purchase or trip a group plans to make together – family reunions, vacations or even real estate. Members contribute and instead of someone receiving the Susu funds each week, the funds are pooled into one participant-designated account. The Susu Administrator can distribute payouts as needed at any point during the cycle or just continue to let the pool of money grow.

For example, let's say a family of four consisting of two parents and two college students plans to go on vacation over winter break. The parents are willing to pay for the bulk of the vacation, but want the students to contribute as well. The parents set up the Susu and agree that combined they will put away $500 a month if each of their kids will contribute $125 a month. The Susu will begin in May and end in September, giving them plenty of time to purchase plane tickets and book hotel rooms.
The parents end up contributing $2500 ($500 x 5 months). The students' savings total $1250 ($125 x 5 months x 2 students). Grand total = $3750.
Everyone in the family contributed but at different levels due to their varying incomes. This is one of the benefits of doing a Pooled Susu. Members of each Susu will decide the terms. Not everyone has to contribute the same amount. Not everyone has to participate for the duration. To keep everyone in the loop, all members of the group will know what has been contributed at all times.

Other ways Pooled Susus could be used:
• Birthday Clubs
• Christmas Clubs
• Bachelor/Bachelorette parties

Summer hasn't officially begun, but Labor Day always arrives sooner than we think. How do you plan to pay for that last trip of summer?

Wednesday, April 21, 2010

End of an Emergency but the Beginning of Better Saving Practices

Note: This is the final entry from Emergency Fund Susu participants.

Now that our first Emergency Fund Susu has ended, I have never been more sure that providing this service is the right thing to do. About 90% of the participants in the Emergency Fund Susu were first-time Susu participants and have made a commitment to continue saving money using Our Susu!

One thing we heard over and over again from participants is that they weren’t “missing” the money they put towards savings. That's exactly what saving should be about and why I started Our Susu. I wanted people to see how easy it is to save money without affecting your day-to-day activities. Whether that saving is for purchasing "Man Stuff,” relieving your Costco addiction, small business saving for a rainy day, or for the savvy investor who values dollar cost averaging, Our Susu has the mechanism to achieve those goals. Join in the party and see how Our Susu can help you save without missing a beat!

Founder, Our Susu & Emergency Fund Susu member

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Tuesday, April 13, 2010

Ready for a Bigger Badder Susu

Note: This is the latest entry from members participating in Our Susu's Emergency Fund Susu.

Well, Friday was my payout day. The two months went really quickly, and it's nice to wake up with extra money in my account. With all the trips and events coming up in the next couple of months, the money will come in handy. The Susu process was easy and the money taken automatically every week was hardly missed. I look forward to participating in another Susu immediately. After going through this "trial" run, I think I would be interested in participating in an interest-bearing Susu and/or a Susu with larger weekly contributions. I've always been a saver, and I find that dollar cost averaging and automatic withdrawal into my IRA and varying investments are very effective. I now see the same can be said with creating savings and an emergency fund.

Emergency Fund Susu Member

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