Saving Money with a Little Help from Our Friends

Throughout the upcoming International Year of Cooperatives, we will be highlighting the money-saving benefits of pooling our resources to help each other, which is what cooperatives are all about.

To understand how this works, meet Joe. Joe wants to start a farm. He has a great truck, but he still needs a hefty chunk of change to buy the rest of stuff he needs to get started: land, tractor, tools, etc. In fact, the price tag is too high for him to handle on his own.

But let’s say Joe meets 3 other aspiring farmers. They realize that a lot of the stuff they need could be shared, lowering the upfront costs for each person. Each of the 4 members of this group contributes part of what is needed, so they can help one other’s business grow: One member buys the land, which can be divided 4 ways. Another member buys a tractor, and another contributes tools. A cooperative has been formed—a group of people helping each other succeed in their individual goals.

If they organize to deliver their products using the truck, while someone else is using the tractor and so on, they can use the power of people helping people. And, since they all have a vested interest in making their own business grow, they will help the others grow too. Isn’t this idea phenomenal?

Even better—cooperatives aren’t just about farms. There are co-ops for money matters (that’s your credit union), for child care, for groceries, funeral services, insurance, technology, small businesses and much more. You’re already reaping cooperative benefits by being a member of GCU!

Stay tuned—we’ll bring you even more ways to save the co-op way right here in Northern New Mexico as we continue to celebrate the International Year of Cooperatives.

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