Saving money in desi way

BC or committe is the most convenient  Desi way to save a certain amount on monthly basis. I have been using this for almost two decades now. I remember my first committee was of Rs 1000 per month for which I got a sum of 15000. Since then there’s no stopping. Whatever I earn, I started to put almost 20% of it into committe or Bee-Cee as they call it(don’t know what it stands for). Just Googled lol. It is Ballot committee aka BC. 

What is a Bee-Cee or Committe and how it works?

In case you’re not familiar with the concept, let me guide you. It is the most convenient Desi way of saving money by a group of people to get a decent amount after a certain time. Like suppose, 10 people(Friends or family coz with money trust is an issue) decides to have a BC. They will pick a leader or elder to collect money on monthly or weekly basis whatever is decided and he/she will be responsible to pay to everyone who is part of committee. 10 people decides to spare 1000 rupees a month means that every one will be getting 10,000 rupees once during 10months. To decide who gets it first, you either poll or decide verbally as per the needs.

Number of BC x Number of months = Total amount

10×10= 10000

Now,if you want to have the sum more than once in that duration you should be holding multiple committees in your name. Like if it is a 10 month long BC and you’re having 2,then you’ll pay 2000 per month and get 10000 rupees twice during those 10 months. For holding more than one BC it is safe to split the duration in half like in this case 5 months and get your first BC in first 5 months and second one in last 5 months. Totally flexible and completely upto you to decide mutually.

Do Try saving at least 20-25% of your earnings. BC is a profit free method to save and safe if you’re doing it with people you trust.

Happy savings! 

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