Savings cycles

A collector-thrift circle runs in cycles: a fixed run of days (for example, 30) in which every saver saves the same amount each time. At the end, each saver chooses to withdraw (their savings are paid to them, less the collector's fee) or continue into the next cycle. This page covers how a cycle works and how to run the end of one.

Before you startCopy Anchor Link

• This page is for collector thrift. A rotating pot has one cycle, its rounds.
• You need the approve payouts permission to start the next cycle. Officers with manage can see the page and record a choice for a saver.

How a cycle worksCopy Anchor Link

• Each saver has their own amount. It must be at least the circle's minimum, and the saver (or an officer for them) sets it before the cycle begins. It then cannot change within the cycle, which is what makes a saver's schedule and their final payout certain.
• A late joiner's cycle ends with everyone else's. If someone joins on day 10, they save for the days that remain, and their cycle ends on the same day.
• The collector's fee is set when the circle is created (for example, one day's contribution). It comes out of each saver's savings when the cycle ends.
• Cash is counted day by day. See Handovers and counting cash.

See where the cycle standsCopy Anchor Link

The page shows the cycle's dates, how many savers are Continuing, Withdrawing and Have not answered, and for each saver: Saves each time, Saved so far, At the end (their choice), and Next cycle.

The end of a cycleCopy Anchor Link

Savers are asked three days before the cycle ends whether to withdraw or continue. In the demo above, the cycle ends on 17 November, so savers are asked from 14 November.

• Withdraw. The saver's savings, less the collector's fee, are paid to their payout account. They need a verified payout account before then.
• Continue. The saver stays in the circle for the next cycle, and chooses what to save each time. Any money that has not been paid out is brought forward.
• No answer means withdraw. If a saver does not answer, their savings are paid out to them. This is the safe default: nobody's money is held longer than they asked.
• An officer can record a choice for someone who has no login, and the page shows "(recorded by an officer)".

Savers who withdraw are paid like any payout: an officer prepares it, an admin approves it, and it is recorded as paid.

Start the next cycleCopy Anchor Link

You can start the next cycle only when:

• the current cycle is over, and
• every saver who is withdrawing has been paid (their payout is recorded as paid).

If a withdrawing saver has not been paid yet, SocietyLedger says who, and will not start the next cycle until they have been.

What happens nextCopy Anchor Link

Savers see their new cycle on their own page, with their calendar of payments. Past cycles stay under My record, with their totals. Nothing from an earlier cycle is erased.