Save Money Fast | What Is A Susu???
What is a Susu??
Susu is also known as a merry-go-round
A susu is a informal savings club arrangement between a small group of people.
Every person takes turns by “throwing hand”
The name susu is used in Africa and the Caribbean.
So how does this work?
#1. You need to do this with people you trust. No ifs ands or buts about it.
#2 You need to choose one person to be the banker. This person is organized, trustworthy, but firm.
The banker collects all the money from the people in the su su on a specific day.
Our day was Friday and the person who’s turn it was, got their money on Monday.
So you have from Friday-Sunday to pay the banker. Now if the person doesn’t pay, then the banker has to use their own money.
So that’s why I said you need to do this with reliable, trustworthy people.
Each person gets a number, For example, we had 15 people, and you really don’t want more than 20, but you can do this part however you like.
So on Friday, each person gives $100 dollars and on Monday, the person in the number 1 spot will get $1450, you pay the banker $50 and the rest is yours.
The next friday, the banker collects $100 from each person again and the number 2 person gets $1450.
And it continues until 15 weeks are over and you can start again.
It’s basically a loan on your money,
But, it’s also good if you have an issue saving money. And it also creates accountability because other people are depending on you. So now you have a lump sum of money, to invest, pay bills, trade forex 🙂 Whatever you need to do.
You can do this with cash, cash app, zelle, paypal, vemo, whatever the banker chooses to use.
So that is how you do a Su Su, let me know in the comments if this is something you and your family or friends could adopt. Is this something you could do? Questions? Leave them below.
Shonetell L Blackburn
If I have 15 people and I want everyone to get $4,000 a month how do I make this happen?
Everyone would give $266 a week for 15 weeks
How do i get started?
find people that want to participate or already doing a traditional susu
Why do you pay the banker 50$ do you know I’m just curious. I’m trying to explain the concept to my mom, also what do you do if people that get their lump sum just stop paying and quit? Is that a part of why u said you have to do this with people you can trust?
you pay the banker because they are organizing the susu. if someone quits, the banker has to pay. so it’s a big responsibility.
that is why most only do it with family, no outsiders.