FAQs

1.Traditional Rotating Fund

Communities all around the world use rotating funds. Rotating funds often enable group members to save for amounts that can be hard to manage on their own; they can create a sense of security and a positive outlook towards the future, good saving habits, and stronger connections between the group members. 

How it works: every week or month everyone in the group contributes to the common fund and every week or month one person takes the whole pot. This continues until everyone has received the whole amount once. The allocation of the pot is decided by lottery or negotiation, for example if someone in the group needs money suddenly, they may ask to have their turn first. 

In some variations, members can pay in double, triple or multiples of the regular amount, sometimes called "hands". For example, if there is a monthly group with 12 "hands" total, each person will receive once for every hand they put in. Someone paying in 4 "hands" worth every month will receive 4 times in the year and someone putting in 1 hand per month will receive once in the year. 
 

2.Traditional Accumulating Fund

Accumulating funds are also common all over the world. They often enable group members to save for evel larger amounts or for communities to buy something together. For example, you may be working with your neighbours, friends or family to purchase something together or to support a common cause. Kin groups can be a way for you to manage contributions and keep track of your goal. Think of putting a new roof on the community centre or putting solar panels on the local car park or starting your own coop but getting started on kin before you incorporate. 

How it works: everyone in the group contributes to the common fund. It can be every day, week or month, it can be the same amount for all the members or different amounts depending on what you are building the funds up for together. The group decides together how the money will be used; whether it is for the members to request individually or to reach a goal to make a common purchase. 

Variations include solidarity or hardship funds, which members pay into when times are good on the basis that they can call on it when they need. 

3.Food Cooperative

Food cooperatives are a great way to make savings and to build community locally. Kin Cooperative is working with Cooperation Town to support neighbourhood food cooperatives across the UK. 

How it works: members pay a weekly amount (often around £5) and every month one member requests the money to pay for the food purchase. The food is delivered and divided among the members. If there is money left over, this can build up towards a bigger order later on or a community party. 

Got ideas? 

There are thousands of reasons to engage in financial mutual aid. You can also use a kin group for more than one thing at the same time because kin allows you to track how much everyone in your group has contributed and received.

If you want to discuss an idea with us, WhatsApp Kin (faster) or contact Kin. We're always excited to work with you!

 

The short answer is no. 

Kin is not a crowdfunder but you can set up a group because you need something right now and a lot of traditional rotating funds begin this way. Remember Kin Cooperative is for mutual aid, that means saving together should benefit everyone in your group over time in the way that you have all agreed together. 

It's fine to contact your friends and say I have an emergency that I can't afford but if we all chip in and keep putting in the same amount every month, then I'll have paid everyone back and we'll all have benefitted. For example: 

Tabi needs a new washing machine because her old one broke. She can't afford the £400 for a new one but she's got 7 friends and if all 8 of them together (Tabi + 7) put in £50, that's £400 (50x8). Tabi's friends agree to pay in £50 every month for 8 months. Tabi requests £400 the first month and buys her washing maching. Next month, they each pay in again and one of the friends requests £400. They repeat it every month until all of the friends have received £400. Tabi has now paid in £50 x 8 months = £400, the price of her washing machine. 


 

The money belongs to your group

It's not like putting money with a bank that holds it for you personally. When you contribute to your kin group it belongs to your group and your group makes the decisions about how to use it so it is important that you trust the people in your group and especially your group admin who is responsible for approving new members and withdrawals. 

Kin Cooperative is not responsible for the behaviour of people in your group. However, if a member breaks Kin Cooperative's rules or code of conduct, they will have their membership suspended or terminated. If you are worried about anyone in your group or you are unclear about how your group should work financially, you should contact the Kin Cooperative team immediately. 
 

Make a group agreement

Having a group agreement can increase trust and prevent against issues by making it clear that it doesn't benefit anyone to break the rules. In the UK, a written or even spoken agreement can be used as evidence in a civil court. 

Visit the group agreement page now. 

Make a group agreement

Having a group agreement can increase trust and prevent against issues by making it clear that it doesn't benefit anyone to break the rules. In the UK, a written or even spoken agreement can be used as evidence in a civil court. 

Example questions and answers

Here are some of the most important questions you might want to answer in your group agreement: 

1. What happens if you are unable to contribute? 

   Example answer: if you are unable to contribute within 14 days of the regular date, you must notify the group. If you fail to contribute without notifying the group, then you may be asked to settle the balance and to leave the group immediately and/or be expected to make an extra 10% payment. 

2. When can you leave the group? 

   Example answer: you cannot leave the group if you have received more than you have contributed except under special circumstances and only then by resolution of 75% of the whole group.  

3. Who can join the group? 

   Example answer: if a new person wishes to join the group, it must be agreed by everyone even if they are taking the place of a group member who is leaving. Alternative answer: the admin approves new members and guarantees their trustworthiness.

4. You may also want to specify:
   1. Contribution amounts;
   2. Contribution schedules;
   3. How decisions are made about money requests;

   4. How group agreements and other rules are made or changed. 

       

A group agreement can be the difference between a happy community and a broken one.

Having trouble with your group or thinking about your group agreement? WhatsApp Kin (faster) or contact Kin for support. 

Kin has been developed for financial mutual aid only

That means there are things you cannot use Kin for including but not limited to: 

1. You cannot use Kin to fund anything illegal.
2. You cannot use Kin for individual private profit.
3. You cannot use Kin for purposes of transacting business, trade, for supply of a service or anything liable for taxation as income or capital gain.
4. You cannot attempt to coerce someone to use Kin or contribute more, more often or request money in smaller amounts or less often against their will.
5. Admins cannot use their power to approve or deny requests for money for any reasons other than for the agreed, sustainable and equitable operation of the group. 

Anyone may report a group or member to your Kin Cooperative Team at any time. 

Any breach of these rules or any other Kin policy or the term of service may result in suspension of services or expulsion without prior notice. 

See Kin Cooperative's full code of conduct for more information.