There are many highs and lows in life, and no two moments are ever the same. Life is like a roller coaster. Uncertainties always arrive suddenly, cause significant emotional and financial disruption, and they always appear suddenly!
Even though it is impossible to completely prepare for the worst, it is helpful to have measures in place to secure a safety net that can assist in minimizing any damage.
The most important thing is our health. In order to deal with anything that comes our way, we need to be financially prepared.
The sad thing is that most middle-class people don’t have health insurance. Neither every doctor nor every clinic will waive fees. What happens next in the event of an unfortunate accident or a medical condition that necessitates expensive treatment? They don’t go to the best clinics, hospitals, or surgeries, and they don’t get the best care from the best people. What kinds of dangers are associated with situations like that? If you can’t get your sick child the best care, can you handle it? A common man encounters this every day.
Read: How Saving Money Becomes Easy With The Help of Community?
Medical Emergency? Join The Community Of Friends Who Help In Crisis
How to handle such a medical emergency?
Out-of-pocket spending for health care is a common unexpected expense that can be a substantial hardship for those without a financial cushion. So, what should you do in this situation?
The best strategy is to regularly save a certain amount for such unforeseen circumstances. Saving a set amount from your earnings every month can help you accumulate enough funds that can be useful on a rainy day. Even if it means cutting back on your monthly expenses, you will be glad you saved this money in case of an emergency.
When you focus on saving, life’s unexpected events become less disruptive. You won’t have to be as concerned about paying for a hospital or getting the medicines you need to treat an acute illness. The money will be there for you to use as needed. So the best way to handle a medical emergency is to save. Now the next question arises how?
Save with Money Club an Online Committee System
What if you have a community of social network who can help you in a crisis? Doesn’t it sound nice? This is what exactly Money Club does.
Money club is an online committee platform which has created the first ever social network of money. It helps you save money with the help of verified peers.
Committees are a tried and tested financial tool that has been used in India for ages. Committee investments are a monthly investing strategy that let you put your extra cash in a safe and convenient place. In a committee system, members agree to come together and deposit a pre-determined amount of money in a pot. The member who bids the lowest amount for the pot will later receive the money from this pot. In times of need, you can also borrow money which is in multiples of what you have invested.
With technology advancements and digitalization even these age old form of committees have gone online. The Money Club is one such online committee system.
The Money Club uses high-end technology to be able to bring basic financial services (saving, borrowing and investing) to a segment of the Bharat that has not yet had access to a bank. For millions of customers, we provide a safety net in times of crisis. It provides you a group of verified members with whom you can pool up money.
Suppose Abhay earns 30,000 per month. He barely manages to save Rs 2000 per month. He puts that money in a recurring deposit. After 2 months his mother falls ill and needs 20000 for her treatment. The maximum that Abhay can borrow from the recurring account is Rs 3000. Had he invested in a committee of Rs 20,000 he would have the option of borrowing in multiples of what he had invested. He could have bid for the whole pot of 20000.
Read: How Does The Money Club Mobile App Work? – The Money Club
Download the Money Club App to save for all your financial needs.
How Does The Online Committee System Work?
The concept of the committee system is the same but with modification on our Money Club App. The very first difference is that we are not acting as the cashier. That means you don’t have to deposit any money with us. After the bidding you directly transfer your contribution to the winner. In return, you have to confirm your transaction id on the Money Club app so that we have proof of your payment. The second difference is bidding takes place online so you don’t have to go anywhere. Bidding runs for 15 minutes only and at the end of 15 minutes whoever has placed the highest bid will be the winner and everyone else will be seeing his name and bank details on their screens. This way you can directly transfer your funds to the concerned person.
Read: Need Money Urgently? 10 Ways to Get Instant Cash for Emergencies
Committee system can be beneficial to you in the following ways:
Low Interest Rate: When you need to borrow money, you pay lower interest rates when compared to banks, moneylenders and other financial intermediaries. Till date the interest paid by the net borrowers on The Money club is only 1/3rd to 1/4th of what they would have paid to the banks.
High Dividend: Investors receive a dividend about 15%-20% which is higher than the interest earned on savings in multiple deposit schemes.
Urgent Cash: You can get instant cash if you have a financial emergency or a sudden expense. You can also borrow the pot (a lump sum amount) after paying your first installment. After placing the bid you get the money in your bank account within 6-8 hours.
Collateral-free: Unlike moneylenders, in a committee system you can borrow money without pledging any assets as collateral.
Other Ways You Can Earn: a. If you refer the Money Club app you earn Rs 200 per referral. b. If you become a Money Club agent and refer 20 members in 60 days period you can earn up to Rs 18000.
Read: Money Club Referral Program
How To Increase Your Income to Improve your Financial Health?
Why your financial issues do not end even with more income?