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?


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