Remember my last article about
savings click here
if you miss it, now here’s the part two. I may not be the right person to ask
what is cooperative (because honestly I don’t know) however I will try to
put definition from the internet as so we can move on to more important things.
Cooperative
ADJ. working or acting
together willingly for a common purpose or benefit.
N. a jointly owned
enterprise engaging in the production or distribution of goods or the supplying
of services, operated by its members for their mutual benefit, typically
organized by consumers or farmers.
Source is from Dictionary.com
So now moving on I will lists
down positive notes on why I save my money in a cooperative; hopefully this
will give you an idea or a motivation to save up until we gain the so called ‘financial
freedom’ we are yearning to achieve.
1. Saving
in a cooperative gains interest, just like regular bank offers.
2. Unlike
banks the minimum deposit is P10,000.00 , but cooperative is less than
P6,000.00 (hence even we are on the low income scale we are able to do it instantly).
3. You
can easily access loan with lowest interest rates.
4. If
you are active enough to join in their meetings it is likely to build networks
with small scale entrepreneurs (a possible opportunity to support local businesses or get
advice from their different endeavours)
5. I
am motivated to pay back my loan. (If I save it in a regular bank I wouldn’t have a
strong initiative to return the money, would you?)
6. The
more I loan I gain dividends in which adds up to my savings. So whenever I need
money for anything, maybe personal or business I don’t have to worry, getting a
loan is a one day process.
7. Not
to mention other benefits they offer; you can learn more about it upon inquiry
on their branches or visit their website click here and their Facebook Page.
Hopefully I inspire you to
save in different platforms. I think saving my money in a cooperative is better
with banks as I listed up and this one answers to my need for ‘urgent’
purposes. Lastly, remember not to settle with your savings, find ways to gain
income from different sources other than your 9 to 5 jobs (as told by
financial speakers like ie. Francis Kong etc, Chinkee Tan).
Hope this helps. J
Like my Facebook page Beauty Food Life
Logo used in the photo are owned by their
respective company in this case Facebook
