‘Look, I’ve bought this gold bracelet with my committee money. ,’
‘But, I’ll get an automatic washing machine when it’ll be my turn of collecting committee money and the rest I’ll save for my daughter’s wedding expenses. ,’
We’re passing by an era where desires are far above our convenience and income. Inflation (Mehangai) leaves our pockets empty by grabbing out our hard-earned fixed income at the indispensable chaos of life. A constant buzz of saving money for appalling times or to keep few pennies asides for buying something valuable bothers the folks 24/7 especially at the middle and lower-middle class.
Due to lack of education and lower-income, people in India and Pakistan stumble to hook with banks and to get a hold of any benefit from saving schemes of banks. Most people look to pool a committee with their close mates to get a big smart amount all at one time.
BENEFITS OF COMMITTEE MONEY
1. Committee money is interest-free borrowing.
2. Committee money provides you the choice of bid according to your income.
3. The time or turn of collecting the committee money can be exchanged as per conformity of any member in ones hour of need.
USES OF COMMITTEE MONEY
1. For buying a plot
2. For constructing a house
3. Committee money is put aside to be used at wedding expenses of brood
4. Committee money is widely used to buy gold items
HOW TO PUT A COMMITTEE/ COMMITTEE DALNA
A group of persons deposits a portion of their money (bid) with a responsible associate to let it accumulate in a bigger amount, which is now called committee money. The associate head ballots first and distribute committee money to members at their turns. The business of committee
Let five persons bid for monthly committee with an amount of Rs 10,000. One of five members will get Rs 50,000 as committee money each month until all five receive their money back. In another way, the committee is borrowing money from more than one person at one time and pays back the loan in installments bearing no interest.
WHY COMMITTEE MONEY IS POPULAR AMONG WOMEN OF PAKISTAN AND INDIA/ KITTY PARTIES
Women mostly stay at home gender to take care of the daily tasks of home in Pakistan and India. They can easily manage and follow committee money by arranging committee parties in their social groups. "Kitty parties" is a term used to arrange a party by a group of women, where the number of members, bid and balloting is done for committee money. Kitty party is arranged in one of the member's house turns by turn or at near society club which is feasted with snacks and gossips. Pool a committee is a traditional but effective way of saving shifting from one generation to another for centuries. Women feel the committee money independently and solely their own, no matter the share of money came out of men’s pocket.
TYPES OF COMMITTEE MONEY
DAILY
This committee is mostly done by shopkeepers who take out a portion of their income to pool a committee. In this way, they keep a record of their profits and at time of need, the shopkeeper has enough money to refill his shop.
WEEKLY
This committee is popular among college and university students. At the weekend, all guys collect their pocket money-saving in one place and one among them, cherish the whole amount of committee until next week when he/she has to pay back borrowed money of buddies.
MONTHLY
As in Pakistan and India wages are given at the start of every month, so the monthly committee is the most popular and convenient way of saving the money.
HOW MANY MEMBERS CAN PARTICIPATE IN COMMITTEE POOL
There is no limit. More members, more money, but a stretched committee is sometimes hassling to manage. A convenient committee can be 12 months to 18 months long.
HOW MUCH MONEY IS NEEDED TO POOL A COMMITTEE
An appealing benefit of pooling committee money is the flexibility of amount. A person can show his bid as low as from Rs 100 to Rs 50,000 to the pool committee.
Conclusion
Committee system is a trusted and convenient way of saving the money as it stuck your money with you through thick and thin.