Savings Group Update
The savings group, which was created by the artisans with support from DuHope staff in late 2019, was initially conceived to support their journey to become financially stable and independent. The artisans learned, through courses in personal finance, that saving is critical and budgeting will help make saving possible. The savings group, which allowed them to take loans out on money they had saved collectively, was meant to ensure the artisans had an emergency fund. The fund would be available for cohort members to use if they run into an unexpected situation or if they wanted to start their own business.
While implementing programs such as these, it is important to review what is working and what needs to be changed. Through their own initiative, the artisans took a critical look at the challenges and success of the program and came to the conclusion that the savings group committee should be revamped completely. Armed with their knowledge of personal finance and saving, they have discovered gaps in the original structure of the savings group and have suggested solutions to address those gaps. This level of self-awareness impressed DuHope staff, as it demonstrates that through the personal finance training, they are now able to recognize what a good saving program needs to have.
Among the changes to the program, they will be setting up a new committee with a set of consistent rules for all members. Another notable shift they will make is to elect someone on the committee to take responsibility for reminding those who have loans to pay.
In general, during this process of review and rebuilding the savings program, the DuHope staff have seen the artisans’ confidence in their decision-making grow along with their willingness to work hard to improve the savings group. We pray that the Lord continues to help guide them in this.