Saving is the best form of keeping our money for future use. Everyone has its own way of saving money for depending how best it suit them. I could remember during the time when I was very young, Mom and Dad taught us how to save our money in money box. This method of saving helped us a lot to accumulate some substantial amount. Since saving at Banks in those days was popular or common, especially when young people at our age wanted to save some coins. We were passionate see our "Susu box" ( a box molded to keep money inside) behind our pirrow when sleeping. It boosted our appetite to save money. We thought saving at Banks are for big men or big time investors. So we never ventured or bothered to send our moneys to Banks. Much knowledge hasn't developed for keeping money at Banks.
One funny 🤣 think that I still remember of this kind of saving is that, you never recall the exact amount being saved not untill the money "Susu box" is damaged lol! Surprisingly, the kind of amount of money you didn't expect could be recoded. It would be like you're in Heaven 🤣! The design of that "Susu box" is just 4 square box that have been nailed together. Very small hole is being perforated on one for you to push the coins or paper money through. That's why don't have any option to get access to your money not untill the box is being dismantled. One obvious disadvantage about this for of saving is that if not keep secretly from the neighbors in the house, some theft can steal the box with the money and that ends your toil for saving that money. The experts theft could even use a pair of scissors to pierce through the hole and pick up paper money inside the box. Before you become aware, you had made zero savings. Unlike Banks that use our saved money to work for the attraction of interest, "Susu savings" method has no interest gain, since the money is just kept in your room for future use.
Another outmoded form of saving by our rich people in villages is "wrapping the money in polythene bags and burying underground soil." It could be buried in farm beside palm tree for easy location. One good thing about this form of keeping money is that it's highly difficult for one to locate and steal the money. I could remember that was the way our forefathers used to keep Gold, the precious metal in the Earth, especially the dust and even real Gold bars. They rapped in pots and dug the ground to bury them. The kind person normally does this is the elderly among the family or the head of the family. One disadvantage is that if the person dies, no one can trace where the money was buried unless he showed it some member of the family that he has untrusted. This brings the story of how people from nowhere could get a pot of Gold when they purchase land or uprooting palm tree to tap for palm wine. Buried paper moneys could be destroyed by termites if they aren't wrapped well with polythene bags. Decomposition by bacteria, oxygen and moisture could fade out the quality of the money and this is another disadvantage.
People also choose to save their money with "Susu collectors" who would be going round the small business people and individuals to collect any amount they wish to save for the day. Everyone can take part in as much as you wish to save some amount. Mostly those small scale businesses like sellers at the market, food vendors and other individuals like cooperative association and church organization do save with "Susu collectors." Commission is levied on any amount you save for the week or months. And this commission varies depending on the amount of money you save for the week or months. The method doesn't attract any lucrative interest, but something meagre might be added to those who are able to save large amount. The "Susu collector linked up with some trusted Banks locally to deposit the money in savings account so that any time you in need of your money he can cash out for you. One disadvantage is that your savings can be run away by the "Susu collector" if he finds out that he has gotten huge amount from the contributors. Who knows? He can maybe run away with it for greener pastures. This way of savings still exist in our communities here in Ghana, in spite of some of these consequences many people face.
The mistakes that most traders at market do is that, they don't have the chance to take their moneys to Banks daily. Since her time is scheduled in such a way that at every day she has some place to go for trading around the towns at her locality. So she doesn't have time going to Banks to make deposits.
Saving at Banks is becoming more modern and formal way of saving our money. At first that we thought that Banks are purposely made for Business Gurus, and those rich individuals, that mindset has been eradicated from the system. Lately, there are established local Banks in our various Communities like micro finance, Rural Banks, Credit unions and National Banks and other financial institutions which have been accredited by Bank of Ghana to operate in monetory affairs. The Banks have details of information of everyone who save their moneys at the Banks; passbooks, account numbers and few credentials like Identity card bearing your name and house addresses. Having all these information make it secured to track records of the individuals who save their moneys at the Bank in case of emergency.
One advantage is that money saved at Banks sometimes attract some amount of additional interests since the Banks use them to work and bring back returns of profit made which is split between the Banks and the contributors. The Banks are liable to pay your money back in case of any disasters like fire outbreaks or rubbery which caused the Bank to lose excess money. This is possible since accredited Banks insure their Banks covering any unforseen circumstances like disasters of fires and theft. For any Bank who fails to pay your savings back to you incase there is disasters means that the Bank isn't accredited by Bank of Ghana or World Bank. I think that saving at Banks is the most convenient and ideal way of keeping our moneys in the secured way.
Posted Using LeoFinance Alpha