How to Encourage Kids to Budget Money
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In the intersection of Charity and art, Zameel Foundation will organize a Digital Art Auction. Renowned artists, both local and international, will contribute their works to be auctioned digitally. The proceeds from this unique event will go directly towards funding projects that address the immediate needs of the impoverished communities in Malappuram.
These innovative projects represent Zameel Foundation’s unwavering commitment to pushing boundaries and exploring new avenues for fundraising. By embracing technology, sustainability, and creative collaborations, we believe these initiatives will not only raise vital funds but also inspire positive change for a brighter future in Malappuram, Kerala.
A chit fund is a traditional financial arrangement where a group of individuals come together to contribute a fixed amount regularly. The total contribution forms a fund, and each period, one member is selected through a lottery or bidding system to receive the entire sum. This continues until each member receives the total amount once during the tenure of the chit fund.
Members contribute a fixed amount regularly to create a fund. The total fund is then given to one member in each instalment through a predetermined process.This process repeats until all members have received the total fund once.
In addition to the regular chit fund payouts, you’re introducing expensive bumper prizes. The selected members, often referred to as “Winners(Luckers)” will receive these special prizes.
For the remaining members who do not win the lottery in a given instalment, their deposited amount is guaranteed. This means that if a member does not win a particular round, they will receive back the amount they have deposited.
The chit fund operates for an agreed-upon number of tenures, with each tenure completing when all members have received the total fund once.