Saving · Module 5 of 9
Running a tanda
How savings circles like tandas work, what your turn in line is worth, and what to check before you join one.
Key terms in Running a tanda
- Financial inclusion
Financial inclusion means that individuals and businesses have access to affordable financial products such as payments, savings, credit and insurance. The World Bank treats it as important for reducing poverty and supporting economic growth. Large numbers of adults worldwide still lack formal accounts, and digital services are widely seen as a way to extend access when they are supplied responsibly.
Source: World Bank, Financial Inclusion
- Unbanked household
An unbanked household is one in which no member has a checking or savings account at a bank or credit union. The Federal Deposit Insurance Corporation measures the share of U.S. households in this situation through a national survey conducted roughly every two years. Such households rely on cash and nonbank services for transactions, bill payment and saving.
- Underbanked household
An underbanked household holds an account at a bank or credit union but also uses nonbank products to meet core financial needs. The FDIC survey counts services such as money orders, check cashing, remittances, payday loans and rent-to-own agreements. The category separates households with an account who still depend on alternative providers from those fully served by mainstream institutions.
Every term on Lever is in the money glossary.
About this module
Running a tanda is part of Saving, one of 15 subjects in Lever. It’s a short run of 8 lessons, about 20 minutes in all, so you can finish it in one sitting.
Every lesson takes one idea at a time. You read it with the math worked out step by step, answer a question that puts it to use, then see why the right answer is right and why the others aren’t.
It’s for anyone who was never taught this, and you don’t need to know anything first. Every lesson is free. Lever works out what you already know, so you can start here or let your path bring you to it.
More in Saving
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1
The fund that catches you
Build a small emergency fund first, know what really counts as an emergency, and refill it after you use it.
5 lessons -
2
Money with a name on it
Give your savings a job, plan for more than one goal at a time, and work backward from a date to a monthly amount.
9 lessons -
3
So it doesn't depend on a good month
Keep saving even when your income goes up and down, with an honest average and a plan that runs on its own.
5 lessons -
4
Three ways to divide a month
Three popular ways to budget, including 50/30/20 and envelopes, and how to pick the one you’ll actually stick with.
6 lessons -
6
Money sent home
The hidden costs of sending money abroad, and how to get more of it to the people who need it.
6 lessons -
7
The money that shows up all at once
Make the most of a bonus or refund: decide what it’s for before it arrives, and when paying off debt is the better move.
5 lessons -
8
When your own money buys less each month
Why money that just sits loses value when prices rise, and the one comparison your bank’s ads never show you.
5 lessons -
9
What the app does with your spare change
How round-up saving apps really work, who is holding your money, and the fee that can wipe out what you saved.
5 lessons
Try this module
It’s part of Saving. Lever will bring it to you when you’re ready, or you can go straight there.