Reach Your Dreams Faster: Saving with Chits

Blogs-Savings

Who doesn’t want a little more breathing room in their budget? A little extra cash chilling in the bank?

Saving up can help you achieve your dreams, whether it’s buying a new bike, or for wedding plans. Think of it like squirreling away nuts for the winter! It’s a smart way to be prepared for whatever life throws your way. Having a safety net of savings gives you peace of mind by helping you cover surprise bills. The more the savings, the less reliant you are on debt. This will empower you to manage your finances with confidence. Achieving financial goals and saving money go hand in hand. Reaching financial goals, big or small, unlocks a sense of accomplishment and control. Savings empower you to make your dreams a reality. Whether it’s retirement, or a comfortable lifestyle later in life, saving consistently allows you to plan for the long term. 

Begin by initiating these general steps:

  • Set Savings Goals: This will help you stay motivated and track your progress on saving. Think about short-term (a few months) and long-term (several years) savings goals. Some common savings goals include an emergency fund, a down payment on a car, a vacation, or retirement savings.
  • Monitor Your Expenditure: To build savings, it’s crucial to be aware of where your money is being spent. Numerous budgeting applications are available to aid in monitoring your spending habits. Or, you can simply keep a notebook or spreadsheet to record your income and expenses.
  • Create a Budget: Once you know where your money is going, you can create a budget to allocate your income towards your expenses and savings goals. 
  • Find Ways to Cut Back on Spending: There are always areas where you can cut back on spending and focus more on saving. Here are a few ideas: eat out less, brew your coffee at home instead of buying it, unsubscribe from unused subscriptions, shop around for better deals on insurance and cable, etc.
  • Automate your savings:  By arranging automatic transfers from your checking to your savings account you will be saving money effortlessly, without even having to think about it.

These steps can boost your savings and help you make your money work for you. Save efficiently and reach your financial goals with greater confidence. Remember, even small amounts saved consistently can lead to big results over time.

“The art is not in making money, but in keeping it.”

Reaching our financial goals can seem impossible in today’s whirlwind, but with planning, we can take control. However, with the right savings strategy, reaching those dreams can become a reality sooner than expected. But with so many options out there, from banks to stocks, choosing the right savings plan can be overwhelming. 

Traditional saving methods like bank accounts or fixed deposits may not always offer the best returns or flexibility. There is an alternative yet highly effective method of saving: chit funds.

Often overlooked or misunderstood, this savings scheme offers a unique way to save and grow your money, helping you reach your saving goals faster than you might think. While it may not be as flashy as stocks or as trendy as cryptocurrencies, these savings types have quietly been helping people build wealth for generations.

Chit funds are prevalent in India, especially in rural and semi-urban areas, as they provide a source of savings and credit for people who may not have access to formal banking services. This saving option is also used by individuals for various purposes like education expenses, or emergencies.  

So, whether you’re a budgeting ninja or just starting your financial journey, this blog is for you. We’ll break down saving strategies, and bust myths, explore the ins and outs of saving through chit funds, their advantages, and why they might be the perfect fit for your saving goals.

Let’s start with the basics. 

Chit funds, also known as chit schemes or chitty, are a form of savings and borrowing scheme practiced in India, and to some extent, in other parts of the world. The concept of this saving method is simple yet effective: a group of individuals pool their money together in regular installments, creating a fund that is then disbursed to one subscriber of the scheme through a bidding process. This continues until each member has received their share of the fund. 

Historically, chit funds have been a popular method of saving and borrowing money in many communities, especially in regions where access to formal banking services is limited or where cultural norms favor collective saving mechanisms.

“Prosperity is the fruit of labor. It begins with saving money.”

Why Save with Chit Funds? Let’s Break it Down!

So, why should you consider chit funds for your savings journey? 

Here are some compelling reasons:

  • Easy to join: Unlike banks, they typically have minimal joining requirements and paperwork.
  • Saving and borrowing in one: You can contribute to the fund regularly like a savings plan, but you can also bid to access a lump sum of money before the chit fund matures.
  • Potential for High Returns: Through the bidding process, members have the opportunity to receive a huge amount of money through dividends and bonuses that exceed their total contributions. This can result in significant returns on investment, making them an attractive option for those looking to grow their savings.
  • Flexibility: You can use the money you borrow from the chit fund for any purpose, unlike some bank loans that have restrictions.
  • Low risk (when managed properly): They are a relatively safe saving option if you participate in a reputable chit fund with a good track record. Additionally, chit fund companies are regulated by the government, providing an added layer of security and protection for investors.
  • No Interest Rates: Unlike loans or credit cards, they operate without charging interest rates. Instead, participants pay a predetermined monthly installment, ensuring transparency and fairness in the savings process.
  • Access to Funds: Unlike traditional savings accounts, where withdrawals are subject to restrictions and penalties, chit fund members have access to the total pool of funds through periodic biddings. This can be a game-changer for emergencies or planned purchases.
  • Discipline in Savings: One of the biggest advantages of these savings schemes is the discipline they instill in savers. With fixed monthly contributions, participants are forced to set aside a portion of their income, promoting a savings habit that can yield significant long-term benefits. No more impulsive spending – that money goes straight to the chit fund – for savings!
  • Steady Growth: They offer a steady and consistent way to grow your savings over time. By contributing a fixed amount each month, you can gradually build up a substantial sum that can be used for future expenses or investments.
  • Adaptable Savings Options: They come in various durations and contribution amounts. You can choose a plan that aligns with your saving goals and financial capacity. Plus, some allow premature exits, although this might come with penalty fees.
  • Diversification: They offer a unique opportunity to diversify your savings portfolio. Instead of putting all your eggs in one basket, you can spread your savings across multiple chit funds, minimizing risk and maximizing potential returns on your savings.
  • Community Aspect: Chit funds foster a sense of community among members. This can lead to networking opportunities and mutual support among participants and encourage savings habits.
  • No Need for Collateral: Unlike loans or credit cards that often require collateral or a good credit score, joining a chit fund requires no such prerequisites. This makes it accessible to a wider range of individuals, including those with limited financial resources or a poor credit history.
  • Benefit for the underbanked: In India, where many workers are informally employed, getting formal loans can be difficult. They address this issue by offering financial tools for saving and borrowing to those who might not have access otherwise.
  • Tax-exempt: When considering taxes, all your income is subject to income tax. However, the monthly dividends you receive are exempt from taxation and don’t qualify for tax deductions. On the other hand, any losses incurred can be claimed as business losses for tax purposes.

Chit funds help achieve various savings goals, short-term and long-term, due to their dual nature of savings and borrowing. Here’s how:

Short-term Savings Goals:

Short Term saving goals are crucial for achieving financial stability and meeting immediate needs. 

  1. Vacation Fund: Set aside money for upcoming trips or holidays to avoid dipping into your regular budget and enjoy your time away stress-free.
  2. Home or Car Repairs Fund: Allocate funds specifically for any unexpected repairs or maintenance needed for your home or vehicle to prevent financial strain when these expenses arise.
  3. Debt Repayment: Focus on paying off high-interest debts, such as credit cards or personal loans, to reduce interest payments and improve your financial health.
  4. Special Purchases: Save for specific items or experiences you want to purchase in the near future, such as a new gadget, furniture, or attending a special event.
  5. Education or Training Fund: Invest in yourself by saving for courses, workshops, or certifications that can enhance your skills and career prospects.
  6. Medical Expenses: Set aside money for co-pays, deductibles, or medical treatments not covered by insurance to ensure you can afford necessary healthcare without financial stress.
  7. Home Down Payment or Rent Deposit: If you’re planning to move or buy a home, saving for a down payment or rental deposit is essential for securing housing.

 

Remember to prioritize your short-term saving goals based on your current financial situation and needs, and regularly review and adjust them as circumstances change.

Fill the Form

We happy to assist you!

Job Description

Female Host

Experience: 2+ Years

Qualification: Any Degree 

Roles and Responsibilities

  • Host video programs or shows, presenting content in an engaging and entertaining manner.
  • Respond to viewer requests, dedications, and comments, and interact with the audience through social media or other online platforms. 
  • Collaborate with the production team to create and produce engaging video content, including special segments, interviews, or behind-the-scenes footage.
  • Adhere to channel guidelines and regulations regarding content, language, and broadcasting standards. 
  • Attend promotional events, live broadcasts, or public appearances to interact with viewers and promote the channel or program.

Desired Candidate Profile

  • Excellent verbal communication and presentation skills, with the ability to engage and captivate an audience. 
  • A confident and vibrant personality with a passion for entertaining and connecting with people. Comfort and ease in front of cameras, microphones, or live audiences. 
  • Strong knowledge and interest in music, popular culture, and entertainment trends. 
  • Ability to research and gather information quickly, organizing it into interesting and engaging content. 
  • Familiarity with broadcasting equipment and software, including audio/video editing tools (if applicable). 
  • Professionalism and the ability to handle sensitive or controversial topics with tact and sensitivity. 
  • Availability to work flexible hours, including early mornings, evenings, weekends, or holidays, depending on the nature of the role. High level of professionalism, integrity, and ethical conduct in all interactions.

Note: This job description is gender-specific as requested. However, it is important to ensure equal opportunity and non-discrimination in the hiring process.

Join our Team!

We always welcome talented minds as a part of our Family!!

Job Description

Video Editor

Experience: 2+ Years

Qualification: Any Degree 

Roles and Responsibilities

  • Ultimately, as a Video Editor, you should be able to bring sight and sound together in order to tell a cohesive story
  • very good at Premier Pro, after effects and other video editing tool.
  • Should have keen knowledge of social media trends to make videos more engaging and interesting.
  • knowing colour grading is additional perk.
  • Edits videos to targeted length and specifications
  • Handles and organizes raw and edited video files
  • Exports videos and facilitates mobile and web distribution
  • Shoots video and produces content as necessary
  • Explores different versions and directions
  • Ensures compliance with highest journalist standards
  • Adjusts formats and file sizes as needed

Desired Candidate Profile

  • Proven work experience as a Video Editor
  • Solid experience with digital technology and editing software packages (e.g. Avid Media Composer, Lightworks, Premiere, After Effects and Final Cut)
  • Demonstrable video editing ability with a strong portfolio
  • Thorough knowledge of timing, motivation and continuity
  • Familiarity with special effects, 3D and compositing
  • Creative mind and storytelling skills
  • BS degree in film studies, cinematography or related field

Join our Team!

We always welcome talented minds as a part of our Family!!

Job Description

Content writer

Experience: 1+ Years

Qualification: Any Degree 

Roles and Responsibilities+

  • Work with content strategists to build editorial calendars
  • Collaborate with team members to ensure alignment and consistency in branding, style, and messaging
  • Strong attention to detail
  • Ability to meet tight deadlines
  • Creative and strategic thinking skills

Desired Candidate Profile

  • Proven experience as a content writer 
  • Ability to collaborate with other writers and DM team
  • Compelling writing style, voice, and tone
  • Portfolio of relevant writing samples
  • Research industry-related topics (combining online sources and studies)
  • Write clear marketing copy to promote our products/services
  • Prepare well-structured drafts using Content Management Systems
  • Proofread and edit blog posts before publication
  • Promote content on social media
  • Identify customers’ needs and gaps in our content and recommend new topics
  • Ensure all-around consistency (style, fonts, images, and tone)
  • Should be able to write content in Tamil and English 

Join our Team!

We always welcome talented minds as a part of our Family!!

Powered by Kopuram Chits Private Limited

Job Description

Senior Software Engineer

Experience: 5 – 10+yrs

Qualification: Any Degree 

Roles and Responsibilities+

  • Design implement and support highly scalable applications and web services using Microsoft technologies (ASP.NET, MVC, C#, SQL Server, Windows Forms, Web API/Rest API)
  • Front-end development using Angular 8 or above
  • Candidates should have the ability to train and work along with development teams to ensure timelines and quality deliveries.
  • Participate and contribute to project estimations, system architecture and performance engineering of projects
  • Work with the quality assurance team to ensure that the software is fully unit tested, can be performance tested, and passes quality requirements

 

Desired Candidate Profile

  • Minimum 5+ years of experience in developing applications on the .NET platform using Angular as front-end.
  • Experience in Web application Architecture and Development with hands on expertise in delivering solutions based on/customizing ASP.Net 4.0 / MVC and above.
  • Strong understanding of OOPS fundamentals, Entity Framework, LINQ and REST APIs.
  • Good knowledge of SQL Server.
  • Experience in Azure
  • Good to have: .NET Core, ASP.NET Core MVC
  • Proficient understanding of code versioning tools (TFS/SVN/Git).
  • Proficient understanding of build/DEPLOYMENT/release management processes.
  • Must have experience of working in Agile/Scrum environment.
  • Must possess very good logical, analytical and communication skills.

Join our Team!

We always welcome talented minds as a part of our Family!!