What is the importance of saving Money?
We save, basically, because we can't predict the future. Saving money can help you become financially secure and provide a safety net in case of an emergency. Here are a few reasons why we save:
- Emergency cushion - This could be any number of things: a new roof for your house, out-of-pocket medical expenses, or sudden loss of income. You will need money set aside for these emergencies to avoid going into debt to pay for your necessities.
- Retirement – If you intend to retire someday, you will probably need savings and/or investments to take the place of the income you'll no longer get from your job.
- Average Life Expectancy – With more advances in medicine and public health, people are now living longer and needing more money to get by.
- Volatility of Social Security – Social Security was never intended to be the primary source of income and should be treated as a supplement to income.
- Education - The costs for private and public education are rising every year and it's getting tougher to meet these demands.
Without money put away in savings and/or investments, you open yourself up to other risks as well. For example, not having enough money to pay for emergency dental care may force you into taking a loan that your savings might otherwise have covered.
What is the bebefit of saving deposit?
If you have $2, which purpose you can spend it? It is too low amount. Can you think, if a member can deposit daily $2, after one year it may be a large amout ($2*365 = $730). It is really a large amount wich you can use a necessary purpose. But nobody can save $2 daily in their own pocket because it is too hard. On the otherhand anybody can save daily $2 easily by using GCN platform. After some time a member can get return a large amout with profit and also a member can get a loan if needed. Remember, GCN is like a mini bank which help the member to deposit a little amount for building a large capital and cooperate when anybody unable to borrow money from others.
How much can you potentially save?
It’s important that you develop a budget using your net income as it reflects your take home pay after taxes and dedications. A common mistake people make is developing a budget off of their gross income. It’s a mistake because you're budgeting money you never possessed. Remember your potential savings is the difference between your net income and your expenses.
When developing a saving plan ask yourself these questions:
- Are there any variable expenses that you can reduce or eliminate?
- Is there anything you spend money on that you could eliminate and apply towards saving?
Global Cooperative Network Savings System:
Global Cooperative Network is a platform where anybody can deposit their small money to make a large capital for their future life and get a loan an easy way if needed. Savings play a friend's role in every human life. In this system, savings deposits, withdrawals and all other types of accounting are performed virtually automatically.
What is the saving deposit rule?
There is no special rule of saving deposit. Every member can deposit their savings on a daily / weekly / fortnightly / monthly basis at his convenience. However, the deposit amount should be a minimum of $2 or more at atime by using approved gateways.
How to Deposit?
Members will have to login to their account to deposit for savings. Then click on the Add Fund button on the member area and follow the procedure to make the deposit through the relevant gateway. Your account will automatically update within the maximum 12 hours of deposit.
Profit of savings:
Member can get 1% profit against their savings. However, if the deposit is less than $20 at the end of each month, or if the depositor withdraws the excess amount of a loan, then there will be no profit on the deposit untill is not adjusted the loan on that date.
What is signup bonus and referral bonus?
When anyone signup on GCN, the account will be automatically added $0.20 is called signup bonus. In addition, each member will be able to make a maximum of 10 referral members and for each referral member will get $0.20. Referral member must have to minimum deposit otherwise referral bonus is not applicable.
Withdraw savings money:
If any member does not have his account enlisted as a mortgagor against any other member's loan, the member will be able to withdraw the remaining balance by self payment gateway. However, if the account is enlisted on a mortgagor, no more than 50% of the deposit can be withdrawn untill repaid the loan.
Any member within the network can transfer balance as another member maximum of $100 at once. For each transaction, there will be a service charge of 2%.