Start a Money Club: Frequently Asked Questions

1. Who will I invite to join the Money Club?

You can invite friends, family members, or acquaintances to join the Money Club. Your friends, co-workers, business associates, and neighbors are perfect candidates for The Money Club. If you belong to any kind of group: a bunco group, hobby club, investment club, or simply a group of friends, you can bring the group together to improve each member’s financial life.

2. What kind of people make good Money Club members?

Choose people who truly want to make changes in their financial lives and are willing to make an effort to learn and grow. Choose people who will support others’ dreams and goals. Avoid naysayers and negative people. Choose people who want to work together toward financial independence, not gossips or backstabbers.

3. How often will the Club meet?

Money Clubs seem to work best when meeting every other week-but you can set any schedule you like. Some Clubs meet once each week, while others meet once a month.

4. When will the Club meet?

The Money Club can meet at any time-as a brown bag lunch meeting at work, during the evening, during the weekend, or during the day-whatever works best for your members. Most meetings last an hour to a hour and a half.

5. How many people will be in the club, and where will it meet?

Where the Money Club meets will influence the number of members in the club and vice versa. Most clubs have between six and ten members.

If it’s in your home, you might want to keep it to eight or fewer members. Ideally, no one member will have to host every meeting of the Club. Members are usually eager to host a meeting of the Club at their houses.

If your library, local bookstore, church, community center, YMCA, or local restaurant has a meeting room available, this can also work well. Any place that’s clean and dry will work just fine.

6. Do I have to know a lot about money to start a Money Club?

It doesn’t matter whether you know a lot or a little, as long as you are motivated to learn and grow, and to help others do the same. Understand that to LEARN is the goal of each individual member, and it is not your responsibility to teach. Your responsibility is to provide a forum where everyone can TALK openly and supportively using the discussion questions offered for each Money Zone and to be a cheerleader to each other.

7. Are Money Clubs just for women? I was thinking of staring one with my husband and my siblings and their spouses.

Anyone can benefit from being in a Money Club. Although the concept was originally intended for women helping other women, men can form their own clubs or join co-educational clubs. With adult supervision, teens also can benefit from joining a Money Club. And a family club is a great idea.

8. I started a club, but several people dropped out and I became discouraged. Any advice?

That’s easy – invite more people. Keep adding people to your Money Club until you find a core group of people who truly want to make changes in their financial lives and are willing to make an effort to learn and grow. You may want to have five other people, in your club, but remember that it only takes two people to be a club. Be open to changes in your club. People come and people go, but you always remain – true to your commitment to become financially savvy.

9. My problem is just the opposite. Lots of people want to join my Club, and there’s just not enough room.

You may find that more people want to join your Club than can comfortably fit in your meeting area. Perhaps you can help them start their own Club at another location or time. As a Money Club mentor, you will experience great rewards from encouraging them along their journey.

10. I’m having trouble thinking of a name for my Money Club. Can you help?

Your club should choose a name that suits your personalities. Perhaps “Crouching Tiger, Hidden Saver”, “Hot Money Mamas”, or simply “The Financials”. Think: movie names, clever sayings, popular songs, and plays on words.

11. I’ve sent out invitations to the first meeting of my Money Club, and now I’m experiencing jitters. Any suggestions?

No need to be nervous. Your job is to welcome the members and make them feel comfortable in the group. Once you do that, you’ll find the rest will just flow. Here are some tips to help the group come together:

  • Provide refreshments. Food is always good way break the ice. Just remember, you don’t have to be a French pastry chef to buy a box of cookies and provide coffee, tea, soda, or water. If you want to make a light meal, go for it.
  • Make sure the room is comfortable. Adjust the lighting, the seating, and so forth to make sure everyone can see and hear everyone else and no one is leaning over the edge of her chair, trying to figure out what’s going on.
  • Introduce everyone. Ask each group member to share a bit about herself and why she decided to join the Money Club.

12. Any other tips for our first meeting?

Here are four ways that you can provide a framework to encourage and motivate:

  • Provide real leadership. In most groups, you will not always be the head honcho and dictatorette of the Money Club. Group leadership will rotate from meeting to meeting, giving each member a chance to lead the group. If your group prefers that you lead every week, be a steward of the group and ensure that everyone gets a chance to hear and be heard.
  • It’s all about attendance. Emphasize participation. If members attend and participate, their money skills naturally will start to improve. No elaborate preparation or study is required. Just trust in the process of learning. Money Clubs are not like a recipe for Minute Rice: don’t expect results in ten minutes or less.
  • Don’t dominate. Allow everyone to speak without dominating the conversation. There are no wrong or silly questions. It is up to all members to make sure that everyone feels comfortable and included. Don’t try to steal the limelight. Provide an opportunity for every member of the group to be heard.
  • Have a blast. While you’re learning about money, don’t forget to have fun!