Christmas 2011

larking

We ar a small Company of about 15 people and have decided to save for a christmas thrift so we have more money next christmas. What account would anyone recommend.

We will collect the money once a week and put it into an account. I need to find someway of keeping track of all the money. Want people to sign so we are all safe. Need some cards to give to people so they can keep track and also a spreadsheet of some kind.

Has anyone set up a similar system? Help appreciated

:T

tcr_3

First, make sure you've got your employer's permission to do this. Then set up a bank account to keep the money in, but ensure it requires two signatories to withdraw the cash later in the year. You don't need spreadsheets, just a simple ledger. Easiest to collect the money as people get their wages. So you can do it weekly, 4 weekly or monthly. Keep a page for each week/4 wks/month & record how much the participants have paid in that period, with a running total of their payments to date. And give them a receipt for each payment made, with their running total on it. And lock the ledger up in your safe or in a cabinet.

And make it clear to them right at the beginning that it's for Christmas ... it's not a bank they can withdraw from to pay their Summer holidays or when they're skint. Also be very clear as to when the money will be paid out & how it will be paid.

emiff6

tcr wrote: »

And make it clear to them right at the beginning that it's for Christmas ... it's not a bank they can withdraw from to pay their Summer holidays or when they're skint. Also be very clear as to when the money will be paid out & how it will be paid.

The thing is, as it's their money, if they want it back before Christmas, I believe you are legally required to give it. And there's always someone who wants to dip in, promising they'll replace it again later. More hassle than it's worth if you ask me - better for everyone to save their own.