What is a Susu (aka SuSou?)? How does it work?

Is it possible to grow your savings with a Susu? Sometimes building and growing your savings can seem like an impossible task. And it can be difficult to strive to achieve the goals you have set for yourself.

Saving can be tedious. Sometimes you need a different approach. Do you have trouble saving in the traditional way? If you are looking for a better approach to reach your savings goals or need more responsibility when saving, Susu savings is an option you should explore.

How to start a Susu? This article explains what Susu is, its origins and how you can start one.

What exactly is a Susu, you may ask?

Now let’s talk about Susu. A Susu, also known as Sou-Sou and su-su, is a savings method that involves a group of people. A Susu is a community of people who help each other achieve their savings goals by pooling their resources.

It is a popular way to save money in African, Caribbean and Asian cultures.A Susu is a friend and family member who encourages wealth creation together.

Each member makes a contribution equal to the amount for a set period of time. They then receive the lump sum amount of each contribution at least once. As one of the oldest types of savings clubs, the Susu savings approach helps fund each person's financial goals over time.

Susu: the story

Although the term Susu may sound strange, it is common in many cultures. Originating in West Africa, the practice is derived from the Yoruba term “esusu”.

Esusu describes traditional forms of community contribution in African societiesA group where friends and family come together to save money and achieve common goals.

Susu comes in many forms and is often called Sou-Sou or asue. This approach to saving money has been used in many countries, including the Caribbean and Asia.

This practice has its origin in Many countries do not have access to savings accounts or traditional banks.. Susu is an ancient tradition that many people still practice. It fosters trust, community, discipline, responsibility and a spirit of cooperation.

What is the Susu savings method?

A Susu is a rotating savings practice in which a group of family members or friends contribute an equal amount of money, popularly known as a “mano,” on a weekly, biweekly, or monthly basis for a period of time.

Thus, one member of the group will receive the total sum at a time until everyone has a turn to disperse, which is called a “draw.” As a group, we agree on the conditions and duration of the contributions, as well as the timing of the dispersion of the money.

Imagine a five-member Susu. Each week, the five families contribute $100 each. One family member receives $500 each week, while everyone else contributes $100 until the last week. Each person contributes equally, and each receives the full amount only once.

A Susu savings plan: advantages and disadvantages

Like everything, this way of saving money has its pros and cons. Let's start with the pros.

Save with a Susu

Susu is a savings method that encourages responsibility during your savings journey. You can practice saving and help others by being part of a trusted group.

The program brings communities together to increase savings and wealth. The entire group benefits from contributing to each other's individual goals at the same time.

Susu's savings is a scam

While Susu can help you save for your financial goals by being practical and concrete, the savings process requires group trust and clear expectations for it to work.

For Susu to be successful, you have to choose the right group. You have to have confidence in each member's ability to save.

Being a member of a Susu requires patience. Each member has to wait his turn. The disadvantages are finding trustworthy people and waiting for your money to arrive.

How to make Susu's savings strategy work for you

Susu remains a popular community savings method that has worked for thousands of people. You can find out if Susu savings is right for you by following these tips.

1. Think about your savings goal and determine a schedule that is most effective.

Before you decide to join a Susu, decide what savings schedule you are comfortable with and what goal you want to achieve. Susu's can help you save money over a period of time by trusting others.

A plan can be a good way to find out if the Susu savings method is right for you.

2. Start by forming a group of friends who trust you and support you. A

Success and the reliability of a Susu depends on its members. Think about who you choose to participate in a Susu. A Susu tradition is usually made up of family and close friends. However, you are free to include whoever you like.

You need to make sure that you have a trusted group that you can give to regularly. You should consider joining one if you are looking for support, reliability and trust.

3. Decide together the amount of the contribution and the term

The details of the Susu will need to be worked out by the group. Each person's contribution and how often each person contributes should be decided together.

The group will have to identify the person responsible for collecting the money and distributing it according to the schedule. All decisions regarding Susu must be made jointly.

4. Stay true to your Susu goals and save as much money as possible

A Susu is a commitment to you and others to save as a team for the good of all. Throughout the Susu, you must follow the rule of saving by contributing punctually and at all times.

Don’t forget your overall savings goal and your “why.” It could be to consolidate your savings or to pay off some debts. This will allow you to continue saving and stay focused.

Susu Savings is worth a try!

Knowing “What is a Susu?” is an important step in understanding the concept. Now you can decide if this is the best method for you. Susu is a great way to encourage others and help them save.

Promotes wealth creation and community savings that benefit all members.

Everyone contributes equally and receives a fair share of the savings they use to achieve their financial goals. Susu Savings is an effective way to save money.