Saving money in tough economic times

My husband and I talk about saving money all the time. A Rainy Day Fund. A New Roof Fund. A Mexico or Bust Fund. But we never do it. Saving money is hard. It’s like losing weight. It’s the type of thing that would be so much easier if you did it with a friend. But saving money with a friend? Preposterous! I’ve learned over the years it’s not a good idea to mix money with friends or family. Don’t go into business. Avoid giving out loans that you will inevitably need to ask for back. Money is the great evil monster that tramples friendships.I think, however, that I’ve been proven wrong. My babysitter told me that she and nine friends each save a $100 a week together — for a payoff of a $1,000 a week. My babysitter is from Guyana and her nine friends are from Trinidad. They are all female care-takers who met in my neighborhood, at the park, while tending to someone else’s children. One person is in charge of collecting $100, cash, each week from every woman participating. The $1,000 collected goes to a different woman each week. And every tenth week my babysitter gets her share. OMG. I flood her with questions… Are you kidding? You trust these women? What if you are short one week and simply don’t have $100 to contribute? Is there a contract? How do you know the woman in charge won’t run off with your money? My babysitter looks at me like I am the crazy one! This is something common in her world; both her mother and her grandmother did this in their time, back in Guyana. Yes, she trusts these women; they work on the honor system. If someone is short one week then they pay in an extra $100 the following week. If they don’t have the money the following week then they are shamed for not doing their part and possibly kicked out of the circle. And the person whose turn it was to receive the $1,000 gets only $900 — because even if she’d always been on time with her money, she has to take the brunt of the person who didn’t keep her end of the bargain. More shame to that person. This is all so un-American — trust and faith in other people. Well, do you know nine people you trust enough to do this with each week? At the end of our conversation my babysitter thought it was important to note that none of their husbands know. For all ten women this is a secret savings fund for when they fall on hard economic times, or find a really nice new pair of shoes they must have.

See more posts by Amy Boshnack at www.whenfallsthecoliseum.com