Part 6 – The importance of saving money and engaging in additional businesses

October 2023

Today, I want to share my experience and learning about Saving Meetings and business training. Our Saving Meeting takes place every third week of the month. During the training, Sangita taught us how to conduct and attend the meeting. During the Saving Meeting, we actively participate and learn to calculate ourselves. However, due to most of us being illiterate, the task takes longer to complete.

Sangita encourages everyone in the group to boost optional and child savings for easier utilization of group loans. Following the collection and saving meeting, Sangita delved into marketing and stressed the importance of additional businesses. She demonstrated roles of a rude and soft businesswoman during the training, imparting valuable lessons on becoming successful entrepreneurs.

We gained valuable insights on expanding and sustaining our business, leading to an improvement of our overall living standards. Sangita emphasized the importance of expanding our business portfolio by adding new ventures, especially when our existing business is profitable and generating a stable income. It is important to have multiple sources of income to avoid being overly reliant on a single source. This method allows us to diversify income sources and reduce the impact of any unprofitable. As we expand our business portfolio and continue to grow, we can rely on our other sources of income to ensure financial stability.

During a discussion, she emphasized that it is important not to spend sales revenue on personal expenses when running a business. Personal expenses should only be covered by profits generated from the business. If sales revenue is used for personal needs, the business will suffer. In order to maintain a good quality of life, it is necessary to work hard and generate significant profits. She referred to this principle as the Business Entity concept.

These trainings are so effective and learning practical skills is nice. I am so happy that I managed to become a member of the WAWCAS group.