Financial Growth Through Merry Go Rounds

Wednesday, August 26, 2009 | comments

A journey of many miles begins with a step. This is true in every aspect of life. Saving up for the future is not easy and for this reason I would like to share an idea that I have seen to work well when saving.

When I was planning to furnish my house, I realized that I needed a lot of money which was not readily available. I did share my problem with my best friend who suggested that we get involved in a merry go round sort of contribution so as to sort out my problem.

At first, I undermined the idea but with time, I warmed up to the concept. To get started, my best friend and I called up a few friends and relatives who would be interested in the idea. We then agreed that we will be making monthly contributions and buying a household item for an individual in the team. Each person had their turn to buy an item and the schedule went round and round thus the term ‘merry go round’. Defaulting on payments as well as late contributions was penalized in monetary form thus encouraging every participant in the team to be committed to the agreed terms.

Within a span of two years, I had bought my favorite sofa set, a big music system, a guitar, lovely curtains as well as a beautiful coffee table.

The next time you would like to acquire an asset that costs a lot, consider combining efforts with others who have the same goals, save up and slowly see your dreams come true.

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