Christmas Savings Clubs

[moomoo1967]

Does anyone run a Xmas Club, if so do you have any hints or tips ? Or what guidelines I should impose on the participants eg such as a date each month that they have to have paid their contribution by, once they start paying into the scheme they won't be able to withdraw their money until the end of the year etc

We have a large one here in our office, with about 50 members. Money collected each Fri morning, no limit on the amount anyone can lodge, and no problem if you lodge nothing some weeks! You sign a receipt each week you save money.

All the data is keyed in on an excel spreadsheet, its managed by 2 staff in the office. Money is then lodged to the bank each Friday afternoon.

Money can be withdrawn at any stage during the year, provided ample notice is given.

Christmas money then given out about the 8th of Dec each year - its hugely successful here and people are always delighted with the extra cash!! Hope thats of help!

Thanks SA I am taking over an existing Christmas Club, I was wondering about the second signatory I suppose it would be best to cover myself more than anything

Moomoo - Yes, agreed. Re the signatures, the people who run ours print off a list each week when they go around collecting the money, containing the names of all the members of the savings club, and as each person lodges their money they must initial the form, confirming the amount they've deposited. Its definitely the safest way, as then theres a record of the persons signature verifying the actual amount of money deposited.

Best of luck with your club!