Definition

Noun: A slate club is a type of informal savings association or group. Its members regularly contribute a fixed amount of money into a shared fund. The primary purpose is to save collectively for a specific goal, most traditionally to have a lump sum of money distributed among members at Christmas time for holiday expenses.

Usage

A slate club functions as a collective savings plan. One person, often called the treasurer or "slate keeper," is responsible for collecting the contributions and safeguarding the money. The fund is not for investment or profit but for disciplined saving towards a shared target.

Examples

• Many factory workers in the past joined a slate club to ensure they had extra money for their families at Christmas.
• She runs the office slate club, collecting a few dollars from everyone each week.
• The slate club will pay out its savings to all members on the first of December.

Advanced Usage

• The term slate club is historically associated with industrial and working-class communities in the UK, where it served as an important financial tool before the widespread availability of Christmas savings accounts.
• The "slate" in the name traditionally refers to a physical slate board or notebook used to record members' names and their contributions.

Variants and Related Words

• Christmas club: A very similar concept, often offered by banks or credit unions, specifically for saving for Christmas. A slate club is typically more informal and member-run.
• Savings club: A more general term for any informal group that pools money for savings purposes.
• Partnerhand / Sou-sou: These are terms for similar rotating savings and credit associations (ROSCAs) found in other cultures.

Synonyms

• Savings association
• Christmas savings club
• Pool (in the context of money)

Related Idioms and Phrases

• To run a slate: To be the organizer or treasurer of a slate club.
  • My grandfather used to run a slate for all the men on his street.

Noun

1. a group of people who save money in a common fund for a specific purpose (usually distributed at Christmas)