EDITORIAL: Save your money wisely
MANY younger Barbadians may have never heard the phrase “Meeting turn” or “Su Su” until the last few months. The name of the process also varies throughout the region. It is referred to as Su Su, Sou Sou, Box Hand, Kasmoni or Pardner.
The meeting turn is a process by which a reliable person sets up a group loan system. Each participant will deposit a sum of money periodically, each week or month. When it is a person’s turn, they will receive the lump sum of money deposited; it can be used for anything the person chooses, from paying bills to buying a home or vehicle. Each person must continue to make their deposit until each member of the meeting has had their turn and the process is completed.
The term has again become popular due to the chaos surrounding a 19-year-old meeting which has fallen upon difficult times. In that case, the meeting fell apart when rumours spread that the organiser was having difficulty collecting deposits and paying out the turns. Some persons were frantically seeking solutions as they had invested large sums into the meeting and were now uncertain if they would be able to recover their money.
In essence, a meeting turn is a risky investment as there is rarely any documentation supporting the process and therefore, money deposited may not always be returned if others do not fulfil their roles. It requires a high level of trust between a group of persons. For this reason, it is a surprise that meeting turns are still prevalent in modern society as persons seem to be less trustworthy as society advances. There are now several better and safer options open to persons who want to save money or get a loan.
The process is traditional and appears to be derived from African ancestors brought to our region by the Transatlantic slave trade, but just because a practice is historical does not mean that it is sensible. Times have changed and it is no longer safe to trust unknown persons to be upright citizens and pay their deposits on time.
The only benefits of the process are the lack of interest on the loan and that it is often easier to become a member of a meeting than to go to a bank or other financial institution requesting a loan.
It is necessary to consider whether the reward is worth the risk. Very little benefit would be derived by those persons who are at the end of the list for turns. The money could have easily been saved in a safe place at home. Some persons might need structure in management of their finances, so that entrusting the money to someone else would prevent them from spending frivolously, but it is safer to do this with a trusted friend or family member.
If one person takes their turn and then does not continue to pay, the delicate balance of the meeting will be thrown off and sometimes none of the money deposited by members can be recovered.
It may therefore be a better option for some persons, especially if they are not familiar with everyone else in the meeting group, to find a financial institution with low interest rates for the type of loan required.
No matter which option is chosen for saving money, persons must ensure that they pay close attention to their savings and keep records every step of the way, while ensuring that their hard-earned money is in a safe place and can be readily used to attain their financial goals.