How to use the committee calculator
- Enter the number of members.
- Enter the contribution per member for each period and choose the frequency.
- Press Calculate committee to see the pool, the number of turns and total contributions.
How it works
In a rotating savings committee every member contributes the same amount each period, and one member receives the whole pool in turn. The pool each period is the number of members multiplied by the contribution. The number of payout periods equals the number of members, so each member receives the pool once per cycle.
Over a full cycle a member pays in the same total they eventually receive, because no interest is charged. The benefit is disciplined saving and early access to a lump sum for members who receive it sooner.
Example
With 10 members each contributing 500 per month, the pool is 5,000 per month and the cycle lasts 10 months. Each member contributes 5,000 in total and receives 5,000 once.