Community Savings refers to a financial practice where individuals within a community pool their resources to save money collectively. This approach allows members to benefit from shared financial goals, such as saving for emergencies, education, or community projects. By working together, participants can often achieve better interest rates and lower fees than they would individually. These savings groups can take various forms, including credit unions, savings cooperatives, or informal savings clubs. Members typically contribute a set amount regularly, and the accumulated funds can be accessed by members in need or used for community development initiatives. This fosters a sense of solidarity and financial empowerment within the community.