How to Start a Social Savings Club

Determine the members of your social savings club. Ten to 15 members is a manageable number. This is a big enough group for people to help and encourage each other without being so big that people feel overwhelmed. Members should have similar savings goals.

Choose a monthly savings amount and number of meetings. The number of meetings you host and the total monthly contribution should be based on what everyone is capable of contributing. Individuals are required to bring their savings contributions to meetings as determined by the group.

Set a schedule for payouts based on the group's common goal. For example, if the members of your group are saving $600 for Christmas, each individual will pay $50 at each monthly meeting. The money will be paid out to all members at the end of the year.

Choose a bank. Your group's funds should be deposited into an FDIC insured bank account. You can choose to set up one account or multiple accounts depending on your group's goals. If the individuals in your group are going to contribute varying amounts each month, set up separate accounts, or keep very careful records of contributions.

Select a committee. Your social savings club should determine a voting process for any controversy that might arise. Assign a president, a treasurer and a secretary to keep everyone on track and honest. Careful record keeping is important.

Schedule meetings. Meetings can be held at members' homes or local restaurants and coffee shops. Establish a system for contributing if a member is unable to attend the meeting.

Sign a membership agreement. The agreement should be specific, listing a member's name, address and the agreed-upon savings amount and payout date.