[Money Monday] 5 simple ways to save money without going to the bank

People get together and contribute an equal amount of money into a fund

Susu

This is an informal rotating savings club where a group of people get together and contribute an equal amount of money into a fund. They do this weekly, every two weeks or every month. The total pool, that is the large sum is then paid to one member of the club on a schedule that has already been agreed on. The lump sum rotates until all members of the club have received their share. Susu which came from West Africa is practised in many African and Caribbean countries to start a business, go on vacation, make down payments on items, among others.